Nordlicht Industrie
The earlier assessment for comparison.
Earlier example as of September 30, 2026 · additional price comparison: October 1, 2026 · all fictional
An earlier version of the educational example. The quarterly announcement of October 8, 2026 is not yet reflected here. The company, figures and assessment are fictional. Go to the newer sample analysis →
A solid business.
Nordlicht builds industrial equipment. Maintenance and spare parts generate recurring revenue. In the fictional earlier version, debt was described as manageable; this educational example provides no specific supporting records.
Revenue growth shown at the time: 8%. Share of revenue from maintenance and spare parts: 40%. All information is fictional.
The price is in the range of similar companies.
For every euro of annual earnings per share, you pay €18 in this example. In the fictional comparison, similar companies cost €16–€19. Nordlicht is therefore not particularly cheap.
The main risk: The largest customer contributes 30% of revenue. Fewer orders from that customer could substantially reduce profit.
Read how we assessed the company at the time
You can read the case for Nordlicht at the time and what made us cautious. The updated sample analysis shows alongside it which new information has emerged and which assessments remain unchanged.
What has changed since then?View the earlier reasoning and source notes
The case for Nordlicht at the time
Maintenance and spare parts generate revenue even when customers order less new equipment. This makes the business less dependent on new orders.
What needed consideration at the time
The largest customer accounts for 30% of revenue. Profit could suffer if that customer orders less. The price comparison shown at the time also did not suggest a particularly cheap stock.
Figures for the before-and-after comparison
For the later comparison, the earlier example uses fictional figures: a share price of €72.00 on October 1, 2026 and assumed annual earnings per share of €4.00. The calculation 72 ÷ 4 = 18 explains the price assessment at the time. These figures are not actual historical market data.
Dates and sources
The earlier example distinguishes the analysis date of September 30, 2026 from the additional share price timestamp of October 1, 2026. The new quarterly announcement of October 8, 2026 is not yet included in that assessment.
No real sources. Nordlicht and all its figures are fictional. For a real earlier assessment, the company reports and announcements used at the time would be accessible here.