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 market uncertainties and currency impacts. Despite strong organic growth, the company's recent performance was affected by these external factors. The Q4 2025 earnings call highlighted resilient growth, but also noted some headwinds. Additionally, there were no recent announcements on share buybacks or new product launches that could have boosted performance. According to recent reports, no major legal issues or acquisitions were mentioned as impacting the company's short-term performance.

1.c. Company Highlights

Last Price	131.2
Change Percentage	1.23%
Open	130.2
Previous Close	129.6
Market Cap ( Millions)	4607
Volume	2444
Year High	194.6
Year Low	126.8
M A 50	139.75
M A 200	157.17

FCF Yield	3.25%
Dividend Yield	3.05%
ROE	10.31%
Debt / Equity	95.55%
Net Debt / EBIDTA	249.66%
Price To Book	1.77
Price Earnings Ratio	17.78
Price To FCF	30.73
Price To sales	0.82
EV / EBITDA	8.47

2. Nederman Holds Steady Amid Market Turbulence

In Q1 2026, Nederman Holding reported sales of SEK 1.257 billion, a 2 % drop on a currency‑neutral basis and 5.5 % organic decline, matching the momentum from Q3 2025. EBITDA reached SEK 117 million, yielding a 9.3 % margin, while EPS fell to SEK 1.22 from SEK 1.69 in Q1 2025. The company trades at a P/E of 18.02, P/B of 1.79 and EV/EBITDA of 8.55, with a dividend yield of 3.01 % and a free‑cash‑flow yield of 3.21 %. Net debt/EBITDA sits at 2.5, indicating a solid balance sheet ready to absorb demand swings.

Publication Date: Apr -19

                                    📋 Highlights
                                    Overall Decline in Orders & Sales::
                                                Orders fell 6.7% (SEK 1.267B) and sales dropped 2% (SEK 1.257B) compared to Q1 2025, driven by volatile market conditions.
Divisional Resilience::
                                                E&FT division maintained 12.2% EBIT margin despite 8.6% order drop, while Process Tech saw 9.1% adjusted EBITDA growth despite sales decline.
Monitoring & Control Struggles::
                                                Orders fell 28.5% (SEK 163M) and adjusted EBIT margin dropped to 12.1% (SEK 20M), reflecting low sales volume and margin pressure.
Margin Stability in Duct & Filter::
                                                Despite lower orders and sales, division retained 18.9% margin, benefiting from efficient operations and non-FX sensitive sales.
Strategic Focus on Growth::
                                                Investments in energy efficiency, digitalization, and new markets (Food, Pharma) aim to position the company for recovery, supported by a stable balance sheet.

                                

E&FT Division: Margin Upswing Amid Order Dip

Orders in the Extraction and Filtration Technology arm fell 8.6 % currency‑neutral, yet sales held steady, enabling EBIT margin to climb to 12.2 %. The CFO noted that “our focus on energy‑efficient solutions continues to drive profitability.” This margin expansion, despite lower volume, showcases the division’s pricing power and the effectiveness of its cost‑control initiatives.

Process Technology: Order Growth, EBITDA Gains

Process Technology benefited from a surge in major orders and a robust aftermarket, which boosted adjusted EBITDA by 9.1 %. Sales dipped slightly, but the division’s disciplined cost base and service‑business expansion helped preserve profitability. The strategic push into Food, Pharma and Life Science markets is expected to lift volumes and margins further as these sectors recover.

Duct & Filter Technology: Solid Profitability Amid Volume Decline

Despite a decline in orders and sales, the Duct and Filter Technology division maintained a healthy 18.9 % margin, largely insulated from FX impacts due to its domestic sales mix. Factory efficiency gains and modest cost savings in APAC helped offset volume pressure, reinforcing the division’s resilience in a muted demand environment.

Monitoring & Control Technology: Volume‑Driven Margin Compression

Orders for Monitoring & Control Technology plunged 28.5 % currency‑neutral, with sales down 8.2 % to SEK 168 million. Adjusted EBIT slipped to 12.1 % from 18 % last year, reflecting volume‑driven margin compression. The division’s record‑level orders in Q1 2025 were hampered by geopolitical uncertainty, particularly in the Middle East, which delayed large contracts. Nonetheless, the company’s focus on after‑market capabilities in Energy and APAC is poised to stabilize the segment as demand normalizes.

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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: 5.4/10

Value: 7.9

Growth: 7.7

Quality: 6.4

Yield: 1.2

Momentum: 6.0

Volatility: 3.0

1-Year Total Return ->

Stabilus

A-Score: 4.7/10

Value: 8.7

Growth: 5.6

Quality: 3.7

Yield: 7.5

Momentum: 0.5

Volatility: 2.0

1-Year Total Return ->

Troax

A-Score: 4.4/10

Value: 6.5

Growth: 6.0

Quality: 4.8

Yield: 3.8

Momentum: 1.5

Volatility: 4.0

1-Year Total Return ->

Goodwin

A-Score: 4.4/10

Value: 0.4

Growth: 7.3

Quality: 7.5

Yield: 5.6

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

Nederman Holding

A-Score: 4.2/10

Value: 4.5

Growth: 6.3

Quality: 4.4

Yield: 3.1

Momentum: 1.0

Volatility: 5.7

1-Year Total Return ->

Biesse

A-Score: 3.0/10

Value: 6.9

Growth: 1.8

Quality: 2.7

Yield: 2.5

Momentum: 1.5

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

13.63%

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. Nederman Holds Steady Amid Market Turbulence

E&FT Division: Margin Upswing Amid Order Dip

Process Technology: Order Growth, EBITDA Gains

Duct & Filter Technology: Solid Profitability Amid Volume Decline

Monitoring & Control Technology: Volume‑Driven Margin Compression

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

131.2$

Current Price

131.2$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA