Nedap N.V. (NEDAP.AS) | Investment Case

1. Company Snapshot

1.a. Company Description

Nedap N.V., together with its subsidiaries, develops and supplies smart technological solutions worldwide.The company develops software services that allow healthcare professionals to interconnect; hardware and software solutions for vehicle identification systems; and technological solutions for the dairy farming and pig farming industries.It also provides lighting solutions and UV lamp driver technologies; develops and markets RFID solutions for retailers.

In addition, the company develops access control and security systems for public-sector institutions.Further, it focuses on workforce management software that facilitates timesheet processing, employee scheduling, and access control.Nedap N.V. was founded in 1929 and is headquartered in Groenlo, the Netherlands.

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1.b. Last Insights on NEDAP

Nedap N.V.'s recent performance has been driven by a significant 21% increase in stock value over the past three months. The company's partnership with Italian fashion brands Alcott and Gutteridge, part of Capri Group, for a full store estate RFID rollout is a key contributor to this growth. Nedap's iD Cloud will enable CAPRI GROUP's omnichannel strategy, enhancing the customer shopping experience. This strategic collaboration is expected to drive business expansion and revenue growth.

1.c. Company Highlights

Last Price	94.2
Change Percentage	2.84%
Open	92
Previous Close	91.6
Market Cap ( Millions)	621
Volume	4946
Year High	105.6
Year Low	52.6
M A 50	96.63
M A 200	79.09

FCF Yield	5.03%
Dividend Yield	3.40%
ROE	27.06%
Debt / Equity	26.03%
Net Debt / EBIDTA	42.11%
Price To Book	8.47
Price Earnings Ratio	29.27
Price To FCF	19.89
Price To sales	2.37
EV / EBITDA	16.33

2. Transcript Summary

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3. NewsRoom

Nedap and iLOQ announce strategic technology partnership for future-proof access solutions

Dec -03

Source:

Nedap partners with Aritzia to achieve item-level inventory visibility and power unified commerce

Nov -25

Source:

Undiscovered Gems In Europe Top Stocks To Explore This October 2025

Oct -20

Source:

Nedap strengthens presence in Italy to boost retail efficiency and support iD Cloud growth

Sep -19

Source:

Exploring Undiscovered European Stocks In September 2025

Sep -19

Source:

Nedap enables mobile credentials in Google Wallet

Sep -16

Source:

Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

Source:

Vaisala Corporation: Share Repurchase 9.9.2025

Sep -09

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.64%)

6. Segments

Products, Systems, and Installations

Expected Growth: 6%

Nedap N.V.'s 6% growth in Products, Systems, and Installations is driven by increasing demand for smart retail solutions, growing adoption of RFID technology, and rising need for inventory management and security systems. Additionally, expanding into new markets, strategic partnerships, and continuous innovation in product offerings also contribute to the growth.

Software Subscriptions (Licenses) and Services

Expected Growth: 8%

Nedap N.V.'s 8% growth in Software Subscriptions (Licenses) and Services is driven by increasing demand for smart retail and security solutions, expansion into new markets, and a growing need for digital transformation. Additionally, the company's focus on innovation, strategic partnerships, and customer retention also contribute to this growth.

7. Detailed Products

iD Cloud

A cloud-based software platform for managing and monitoring Nedap's RFID and IoT devices

iD Gate

An RFID-based gate system for detecting and tracking items at entrance and exit points

iD Cloud Labels

Smart labels that can be attached to items to track inventory and monitor stock levels

Nedap OS

An operating system for IoT devices that enables secure and efficient data processing

Sensormatic

An electronic article surveillance (EAS) system for detecting and preventing shoplifting

Nedap Security Management

A security management system for monitoring and controlling access to physical spaces

8. Nedap N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Nedap N.V. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the increasing competition in the smart parking and traffic management industry.

Bargaining Power Of Customers

Nedap N.V. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products and services are often customized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Nedap N.V. relies on a few key suppliers for its components and materials. While the company has some bargaining power due to its size and reputation, the suppliers still have some negotiating power.

Threat Of New Entrants

The smart parking and traffic management industry has high barriers to entry, including significant capital requirements and the need for specialized expertise. This makes it difficult for new entrants to enter the market.

Intensity Of Rivalry

The smart parking and traffic management industry is highly competitive, with several established players competing for market share. Nedap N.V. faces intense competition from companies such as Siemens, Kapsch, and others.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	14.91%
Debt Cost	6.01%
Equity Weight	85.09%
Equity Cost	7.20%
WACC	7.02%
Leverage	17.53%

11. Quality Control: Nedap N.V. passed 7 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Bouvet

A-Score: 6.8/10

Value: 4.4

Growth: 8.2

Quality: 6.7

Yield: 9.4

Momentum: 3.0

Volatility: 9.0

1-Year Total Return ->

Neurones

A-Score: 6.0/10

Value: 5.1

Growth: 6.6

Quality: 7.1

Yield: 6.9

Momentum: 2.5

Volatility: 8.0

1-Year Total Return ->

Nedap

A-Score: 6.0/10

Value: 2.0

Growth: 3.4

Quality: 7.0

Yield: 6.2

Momentum: 10.0

Volatility: 7.3

1-Year Total Return ->

Altia Consultores

A-Score: 5.8/10

Value: 2.6

Growth: 8.2

Quality: 6.9

Yield: 1.9

Momentum: 9.0

Volatility: 6.3

1-Year Total Return ->

Proact IT Group

A-Score: 4.9/10

Value: 7.0

Growth: 7.0

Quality: 5.3

Yield: 5.0

Momentum: 0.5

Volatility: 4.3

1-Year Total Return ->

Izertis

A-Score: 4.3/10

Value: 2.1

Growth: 8.8

Quality: 3.4

Yield: 0.0

Momentum: 2.0

Volatility: 9.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

6.01%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.02%

Nedap N.V. - NL0000371243

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on NEDAP

1.c. Company Highlights

Less Volatile

Higher Yield

Fairly Valued

Average Growth

Weak Momentum

Stable Momentum

Average Yield

Strong Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.64%)

6. Segments

Products, Systems, and Installations

Expected Growth: 6%

Software Subscriptions (Licenses) and Services

Expected Growth: 8%

7. Detailed Products

iD Cloud

iD Gate

iD Cloud Labels

Nedap OS

Sensormatic

Nedap Security Management

8. Nedap N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Nedap N.V. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

94.2$

Current Price

94.2$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA