Nederman Holding stock: fair value
NMAN.STThe fair value of Nederman Holding under our model is $11.63, the price is 25% above.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Modestly overvaluedIn our model the price counts as cheap below $8.95 and expensive above $16.61 (uncertainty medium, based on the price swings of the past year).
The two parts of the fair value come to $8.00 (cash-flow model) and $15.26 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 7.8%. At 8.8% the fair value would be $11.03, at 6.8% it would be $12.48.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (23.8).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 2.2%. Discounted at 7.8% (government bond yield 2.2% plus beta 1.32 times a risk premium of 4.2%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $8.00 per share: free cash flow for the next ten years, each year discounted to today at 7.8%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 7.8%) |
|---|---|---|---|---|
| 2026 | $17.95M | extrapolated at −4.7% | 0.9279 | $16.66M |
| 2027 | $17.48M | extrapolated at −2.6% | 0.8609 | $15.05M |
| 2028 | $17.27M | extrapolated at −1.2% | 0.7988 | $13.8M |
| 2029 | $17.24M | extrapolated at −0.2% | 0.7412 | $12.78M |
| 2030 | $17.33M | extrapolated at 0.5% | 0.6877 | $11.92M |
| 2031 | $17.51M | extrapolated at 1.0% | 0.6381 | $11.17M |
| 2032 | $17.75M | extrapolated at 1.4% | 0.5921 | $10.51M |
| 2033 | $18.04M | extrapolated at 1.6% | 0.5494 | $9.91M |
| 2034 | $18.36M | extrapolated at 1.8% | 0.5097 | $9.36M |
| 2035 | $18.71M | extrapolated at 1.9% | 0.4730 | $8.85M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $120M |
| Terminal value: cash flow 2035 × (1 + 2.2%) / (7.8% − 2.2%) | $341.67M |
| Present value of terminal value (× 0.4730) | $161.6M |
| Equity value (sum plus present value of terminal value) | $281.6M |
| Shares (diluted) | 35.18M |
| Value per share (equity value divided by shares) | $8.00 |
| Earnings per share, last twelve months | $0.64 |
| × 23.8 (industry P/E) | $15.26 |
| Fair value (average of both parts) | $11.63 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = SEK 9.9729)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 31 Oct 2024)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.