naapurikanavalta lainattuna tiivistelmä
Nekkar is an industrial technology holding company and central to our investment case are:
- A solid revenue base from Syncrolift (75% of LTM revenue), with EBITDA margins >20% over the past six years. The share of service revenues is growing (+170% from 2020 to 2024) and now represents ~20% of revenues. Furthermore, the company operates a capital-light model, with OpFCF margins of ~20% due to low capex needs. Additionally, Syncrolift effectively operates in a duopoly, with the company maintaining a ~60% market share over the last decade.
- You get the rest of the business for “free”: FiiZK, Globetech, Techano, and Intellilift — of which 3 out of 4 were profitable in 2024, with a blended EBITDA margin of ~10%.
- Nekkar is NOK154m net cash (14% of current market capitalization) and has an active M&A agenda which has been successful historically.
- our SOTP (sum-of-the-parts) yields NOK15/sh. If one assumes company guidance of NOK2bn in 2027e revenue and an EBITDA margin of 10–20%, the share currently trades at 3x EV/EBITDA and P/E of 6x.