NKT A/S: Solid start de-risks 2026; focus turns to CMD

研报英文原文证据摘录

NKT A/S: Solid start de-risks 2026; focus turns to CMD

Equity Research

European Capital Goods

13 May 2026

NKT A/S

Solid start de-risks 2026; focus

turns to CMD

EBITDA ahead of expectations even adjusting for hedging NKT.CO/NKT DC EQUAL WEIGHT

benefit likely means consensus shifts to top-end of guidance. Unchanged

HV awards a clear positive with market activity in 1Q European Capital Goods UnchangedNEUTRAL

rebounding strongly. Stock valuation though looks 'full' set Price Target DKK 915.00

against high expectations for Sept CMD raised 13% from DKK 807.00

Price (12-May-26) DKK 984.50

Potential Upside/Downside -7.1%

A well executed 1Q, with strong commercial activity in HV enough to draw a positive Source: Bloomberg, Barclays Research

reaction in the share price. That said, EBITDA beat drops from ~15% to ~4% adjusting for

FX hedging benefits and management flag increasing cost inflation ahead both on capacity Market Cap (DKK mn) 52887

ramp and raw materials (e.g. plastics). Nevertheless underlying strength in Distribution Shares Outstanding (mn) 53.72

and mix benefits in Transmission likely means NKT achieves the upper end of EBITDA guide Free Float (%) 99.76

this year, in our view. We acknowledge NKT has among the steepest earnings ramps to the 52 Wk Avg Daily Volume (mn) 0.1

end of the decade in industrials though this is well reflected in a valuation that is now a Dividend Yield (%) N/A

premium to Prysmian and Nexans. Return on Equity TTM (%) 14.13

Current BVPS (DKK) 38.13Key things you should know from the results:

Source: Bloomberg

• HV momentum accelerates: 1Q order intake EUR4.2bn and compares to an addressable

market of EUR7bn, suggesting strong market share for NKT. The strength of activity in the Price Performance Exchange-CSE