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1. Company Snapshot

1.a. Company Description

Nordic Waterproofing Holding AB (publ) produces and supplies waterproofing products and services for buildings and infrastructure primarily in Sweden, Finland, Denmark, Norway, Belgium, the Netherlands, Poland, the United Kingdom, and Germany.The company operates in two segments, Products & Solutions, and Installation Services.It offers roofing products for various types of roofing and needs, including flat and pitched roofing waterproofing products, and roofing accessories; building products, such as underlayers, moisture and wind barriers, tarpaulins, geomembranes, and foundation panels; EPDM waterproofing membranes, pumps, filtering, control systems, and light and accessories; and prefabricated elements comprising prefabricated construction components, such as facade elements, floor elements, and walls and sandwich wall elements, as well as distributes pond systems and builds and renovates roofs.


The company also provides ethylene propylene diene monomer-based water and weather protection solutions for buildings and other types of constructions; insulation material and other building products; green roofing materials and products for moisture-effective buildings; bitumen roofing products; and lining applications as geomembrane for ponds and reservoirs, and tank liners for farming and industrial use, as well as landfill reservoirs and capping of waste.In addition, it offers installation and maintenance services for waterproofing products, as well as designs and installs solar cells.The company serves primarily installers, building contractors, builders' merchants, small installation firms, and private customers.


It provides its products under the Mataki, Trebolit, Phønix Tag Materialer, Kerabit, Byggpartner, Nortett, SealEco, Distri Pond, SPT-Painting, Taasinge Elementer, RVT, Urban Green and Veg Tech brands.Nordic Waterproofing Holding AB (publ) was founded in 1889 and is headquartered in Helsingborg, Sweden.

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1.b. Last Insights on NWG

Nordic Waterproofing Holding AB (publ) has been driven by strong fundamentals, with the company's undervalued status attracting investors. As a leading provider of waterproofing solutions, Nordic Waterproofing has benefited from the growing demand for infrastructure and construction projects. The company's recent earnings release highlighted its strong earnings growth, driven by increased sales and improved margins. Additionally, Nordic Waterproofing's solid financial position and history of share buybacks have likely contributed to its attractiveness, with analysts estimating the stock to be trading at a discount of up to 38.9% to its intrinsic value.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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3 European Stocks Estimated To Be Up To 49.5% Below Intrinsic Value

Mar -12

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3 Undervalued Stocks Estimated To Trade At Discounts Up To 38.9%

Feb -11

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Three Stocks Estimated To Be Undervalued In December 2024

Dec -17

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Three Stocks Priced Below Estimated Value In November 2024

Nov -18

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Nordic Waterproofing Holding AB (FRA:9ZQ) Q3 2024 Earnings Call Highlights: Profitability ...

Oct -27

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.29%)

6. Segments

Products & Solutions

Expected Growth: 2.5%

Nordic Waterproofing Holding AB's 2.5% growth in Products & Solutions is driven by increasing demand for waterproofing solutions in the Nordic region, expansion into new markets, and a growing focus on sustainable building practices. Additionally, the company's strategic acquisitions and investments in product development have enhanced its offerings, contributing to revenue growth.

Installation Services

Expected Growth: 1.8%

Nordic Waterproofing Holding AB's Installation Services segment growth of 1.8% is driven by increasing demand for waterproofing solutions in the Nordic region, fueled by government initiatives for infrastructure development and renovation. Additionally, the company's strategic acquisitions and expansion into new markets have contributed to the growth.

7. Detailed Products

Bitumen-based products

Nordic Waterproofing Holding AB (publ) offers a range of bitumen-based products, including roofing felts, underlays, and waterproofing membranes, designed for waterproofing and protection of buildings and infrastructure.

Polymer-based products

The company provides a variety of polymer-based products, including polymer-modified bitumen membranes, liquid waterproofing, and sealants, designed for waterproofing and protection of buildings and infrastructure.

Sealing and bonding products

Nordic Waterproofing Holding AB (publ) offers a range of sealing and bonding products, including sealants, adhesives, and tapes, designed for sealing and bonding of various materials and surfaces.

Roofing and waterproofing systems

The company provides comprehensive roofing and waterproofing systems, including roofing membranes, underlays, and accessories, designed for waterproofing and protection of buildings and infrastructure.

Technical solutions and services

Nordic Waterproofing Holding AB (publ) offers technical solutions and services, including design, installation, and maintenance of waterproofing systems, designed to provide comprehensive solutions for customers.

8. Nordic Waterproofing Holding AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Nordic Waterproofing 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 Nordic Waterproofing 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 Nordic Waterproofing 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 Nordic Waterproofing Holding AB (publ) is high due to the low barriers to entry in the market.

Intensity Of Rivalry

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

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 36.02%
Debt Cost 7.17%
Equity Weight 63.98%
Equity Cost 8.32%
WACC 7.91%
Leverage 56.30%

11. Quality Control: Nordic Waterproofing Holding AB (publ) passed 5 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

Stock-Card
Svedbergs i Dalstorp

A-Score: 6.1/10

Value: 4.9

Growth: 6.9

Quality: 6.6

Yield: 5.6

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Inwido

A-Score: 5.3/10

Value: 6.2

Growth: 4.7

Quality: 5.4

Yield: 6.9

Momentum: 4.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Sto

A-Score: 5.2/10

Value: 6.7

Growth: 5.2

Quality: 5.7

Yield: 5.0

Momentum: 4.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Volution

A-Score: 5.1/10

Value: 2.0

Growth: 7.6

Quality: 6.7

Yield: 2.5

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Nordic Waterproofing Holding

A-Score: 4.9/10

Value: 3.9

Growth: 3.3

Quality: 5.1

Yield: 5.0

Momentum: 6.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Tyman

A-Score: 4.5/10

Value: 6.2

Growth: 5.3

Quality: 5.6

Yield: 3.8

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

182.4$

Current Price

182.4$

Potential

-0.00%

Expected Cash-Flows