Nederman Holding AB (publ) (NMAN.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

Nederman Holding AB (publ) operates as an environmental technology company in Sweden and internationally.The company operates through four segments: Nederman Extraction & Filtration Technology; Nederman Duct & Filter Technology; Nederman Process Technology; and Nederman Monitoring & Control Technology.It offers industrial air filtration products for heavy process industries, including metal fabrication, power generation, mineral processing, chemical, and other industries, as well as for fiber-based production, process industry operations, and auto industry aftermarket sectors.

The company also provides air filtration products, such as gas turbine inlet air filtration systems, and filters and related media products for the power generation and textile industries under the Nederman Pneumafil brand.In addition, it offers metal chip processing and ash handling systems to metal machining plants, metal recyclers, solid fuel-fired power plants, and others under the Nederman National Conveyors brand name; and designs and engineers components and systems, as well as provide manufacturing, assembling, installation, and after-sales services.Further, the company offers technologies for evaporation, drying, and filtration of liquids; and extrusion, spheronization, feeding, and pelleting in the chemical industry under the LCI brand name.

Additionally, it supplies gas and dust analyzers based on tuneable diode laser absorption spectroscopy; and provides particulate monitors and intelligent controls for filtration systems and related material flow processes.The company also develops, manufactures, and markets solutions for monitoring industrial emissions and portable instruments.It sells its products through its own sales organization, agents, and resellers.

The company was founded in 1944 and is headquartered in Helsingborg, Sweden.

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1.b. Last Insights on NMAN

Nederman Holding AB (publ) faced challenges due to intensifying competition in the industrial reels market, as highlighted in a recent evaluation report. The company's growth may be impacted by emerging industry trends and technological innovations from key players like Reelcraft and Hannay Reels. Additionally, global expansion efforts may be hindered by rising costs and potential supply chain disruptions. A recent earnings release showed mixed results, with certain metrics under scrutiny. According to a report by Industrial Reels Company Evaluation, Nederman is among the top 25 companies evaluated.

1.c. Company Highlights

Last Price	158.6
Change Percentage	0.76%
Open	157.8
Previous Close	157.4
Market Cap ( Millions)	5571
Volume	4133
Year High	241
Year Low	151
M A 50	161.02
M A 200	176.25

FCF Yield	2.88%
Dividend Yield	2.52%
ROE	11.56%
Debt / Equity	99.55%
Net Debt / EBIDTA	237.76%
Price To Book	2.22
Price Earnings Ratio	18.81
Price To FCF	34.67
Price To sales	0.94
EV / EBITDA	9.19

2. Transcript Summary

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3. NewsRoom

Nederman Holding (OM:NMAN) Margin Slide Challenges Quality Earnings Narrative This Quarter

Oct -24

Source:

Nederman Holding AB (FRA:5QR) Q3 2025 Earnings Call Highlights: Navigating Challenges with ...

Oct -23

Source:

Industrial Reels Company Evaluation Report 2025 | Reelcraft, Hannay Reels, and Nederman Lead with Durable Solutions, Safety Innovation, and Global Expansion

Sep -08

Source:

Nederman Holding AB (FRA:5QR) Q1 2025 Earnings Call Highlights: Navigating Volatility with ...

Apr -26

Source:

Nederman Holding AB (FRA:5QR) Q4 2024 Earnings Call Highlights: Record Net Profit and Strategic ...

Feb -14

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Jan -16

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.65%)

6. Segments

Extraction and Filtration Technology

Expected Growth: 2.5%

Nederman Holding AB's Extraction and Filtration Technology segment growth is driven by increasing demand for clean air solutions, stringent environmental regulations, and rising adoption of Industry 4.0 technologies. Additionally, growing awareness of workplace health and safety, and expansion into emerging markets contribute to the 2.5% growth rate.

Process Technology

Expected Growth: 2.8%

Nederman Holding AB's Process Technology segment growth of 2.8% is driven by increasing demand for air filtration systems in industrial applications, expansion into emerging markets, and strategic acquisitions. Additionally, growing concerns about environmental sustainability and occupational health are boosting adoption of Nederman's pollution control solutions.

Duct and Filter Technology

Expected Growth: 2.2%

Nederman Holding AB's Duct and Filter Technology segment growth of 2.2% is driven by increasing demand for air filtration systems in industrial applications, stringent environmental regulations, and rising awareness about workplace health and safety. Additionally, the segment benefits from the company's strong brand reputation, innovative product offerings, and expanding presence in emerging markets.

Monitoring and Control Technology

Expected Growth: 3.2%

Nederman Holding AB's Monitoring and Control Technology segment growth of 3.2% is driven by increasing demand for air filtration systems, expansion in emerging markets, and strategic acquisitions. Additionally, growing environmental regulations and industrial automation trends contribute to the segment's growth.

7. Detailed Products

Dust Collectors

Nederman's dust collectors are designed to capture and filter dust and other airborne contaminants in industrial processes, ensuring a cleaner and healthier work environment.

Fume Extraction Systems

Nederman's fume extraction systems are designed to capture and remove hazardous fumes and particles generated during welding, cutting, and other industrial processes.

Ventilation Systems

Nederman's ventilation systems are designed to provide a healthy and safe work environment by removing airborne contaminants and providing a constant flow of fresh air.

Air Cleaning Systems

Nederman's air cleaning systems are designed to remove airborne contaminants and pollutants, providing a cleaner and healthier indoor air quality.

Industrial Vacuum Cleaners

Nederman's industrial vacuum cleaners are designed to capture and remove dust, debris, and other contaminants from industrial floors and surfaces.

Central Vacuum Systems

Nederman's central vacuum systems are designed to provide a convenient and efficient way to clean large areas, such as factories, warehouses, and offices.

8. Nederman Holding AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Nederman Holding AB (publ) is medium due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for Nederman Holding AB (publ) is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Nederman Holding AB (publ) is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for Nederman Holding AB (publ) is high due to the low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for Nederman Holding AB (publ) is high due to the presence of several competitors in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	45.66%
Debt Cost	7.70%
Equity Weight	54.34%
Equity Cost	9.91%
WACC	8.90%
Leverage	84.04%

11. Quality Control: Nederman Holding AB (publ) passed 6 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

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

Aumann

A-Score: 5.6/10

Value: 8.7

Growth: 7.7

Quality: 6.5

Yield: 1.9

Momentum: 6.0

Volatility: 2.7

1-Year Total Return ->

Goodwin

A-Score: 5.0/10

Value: 1.2

Growth: 7.3

Quality: 7.2

Yield: 3.8

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

Stabilus

A-Score: 4.6/10

Value: 8.4

Growth: 5.6

Quality: 3.7

Yield: 6.9

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

Nederman Holding

A-Score: 4.2/10

Value: 4.8

Growth: 6.3

Quality: 4.3

Yield: 3.1

Momentum: 1.0

Volatility: 5.3

1-Year Total Return ->

Troax

A-Score: 3.9/10

Value: 2.7

Growth: 6.0

Quality: 6.5

Yield: 3.8

Momentum: 1.0

Volatility: 3.7

1-Year Total Return ->

Biesse

A-Score: 3.2/10

Value: 6.7

Growth: 1.8

Quality: 2.6

Yield: 2.5

Momentum: 3.0

Volatility: 2.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

9.22%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.90%

Nederman Holding AB (publ) - SE0011204510

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on NMAN

1.c. Company Highlights

Higher Growth

Fairly Valued

Stable Momentum

Earnings Beats

Revenues Miss

Medium Volatility

Revenues Beats

Average Growth

Earnings Miss

Average Yield

Average Quality

Weak 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 (2.65%)

6. Segments

Extraction and Filtration Technology

Expected Growth: 2.5%

Process Technology

Expected Growth: 2.8%

Duct and Filter Technology

Expected Growth: 2.2%

Monitoring and Control Technology

Expected Growth: 3.2%

7. Detailed Products

Dust Collectors

Fume Extraction Systems

Ventilation Systems

Air Cleaning Systems

Industrial Vacuum Cleaners

Central Vacuum Systems

8. Nederman Holding AB (publ)'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: Nederman Holding AB (publ) passed 6 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

158.6$

Current Price

158.6$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA