2 models fit NORMA Group SE and they disagree: 0 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Silver67
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, and Discounted cash flow.
ACCE opinionNORMA Group SE (NOEJ.DE)
Fair value (2 models)
€8.88
ACCE price target
€15.00
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 13:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 13:04 CEST.
Price used: €15.02 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
69.2% above
-40.9% to fair value
ACCE score
45
out of 100
1-year return
+0.9%
Dividend yield
0.89%
NORMA Group SE in four questions
Plain answers, details below
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Overview
ACCE thesis
NORMA Group makes engineered fluid-connection products, mainly clamps, couplings and hose connectors for automotive and industrial applications, sold on a business-to-business basis. Its edge is an installed base in long-lived component specifications, where a 55.1% gross margin shows pricing power that a volume manufacturer would not have. Revenue is shrinking slightly (-0.6%) and operating margin is thin at 2.4%, so the earnings recovery has to come from cost and mix rather than demand. The stock trades on a forward P/E of 14.2 with a 428M EUR market cap, a reasonable multiple only if the margin can rebuild. With ROE at -12.4% and no index membership, this is a small, under-followed name that warrants a deeper look at margin trajectory and balance sheet before any position is considered.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Earnings collapse year on year
Earnings fell 88.0% year on year while revenue slipped 0.6%, so the profit decline is not explained by top-line weakness alone. Return on equity is -12.4%, meaning the company is currently losing money on shareholder capital.
moderate
Long-term revenue shrinkage
Revenue has compounded at -2.9% over five years, a sustained contraction rather than a single soft year. Growth has not been the story here.
moderate
Price well above model fair value
The stock trades 69.2% above the model fair value of €8.88, with the current price at €15.02. The gap rests on the forward P/E of 20.7 holding up while trailing earnings are falling sharply.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last twelve months came in at EUR 47M, so the business still turns sales into cash.
A free cash flow yield of 10.6% is high for an industrial, so the cash generation is large relative to the share price.
Analysts' mean price target of EUR 19.58 sits 30.6% above the current price, suggesting the Street sees upside.
Why it could disappoint
Revenue shrank 0.6% in the latest year and has fallen 2.9% a year on average over five years.
Return on equity of -12.4% and return on invested capital of -7.0% show the business is losing value on the capital it uses.
The stock trades 69.2% above the model fair value of €8.88, and the latest earnings per share missed expectations by -3216.7%.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 3, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where NOEJ.DE's valuation models land
Price
€15.02
Model fair value
€8.88
Model range
€6.99 to €10.76
Fair value €8.88
Price €15.02
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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