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NOTE AB
(NOTE)
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Rating:56Neutral
Price Target:
kr152.00
▼(-15.74% Downside)
Action:Reiterated
Date:07/16/26
The score is driven primarily by mixed fundamentals: strong profitability is offset by higher leverage and inconsistent/declining free cash flow. Technicals add downside pressure with a clear bearish trend (below key moving averages and negative MACD), while valuation is moderately supportive with a mid-teens P/E.
Positive Factors
Stable, solid profitability and margins
NOTE has delivered consistently positive operating profit and net income with stable-to-improving gross and operating margins. Durable margins in the low double digits support earnings quality, enable reinvestment in operations and systems, and provide resilience across industry cycles over the next several months.
Negative Factors
Rising leverage and higher debt load
Debt-to-equity rising to ~1.12 materially increases financial risk and interest obligations, reducing flexibility to fund capex or weather demand shocks. Higher leverage can constrain strategic choices and raises refinancing or covenant risk over the next 2–6 months if cash generation does not improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable, solid profitability and margins
NOTE has delivered consistently positive operating profit and net income with stable-to-improving gross and operating margins. Durable margins in the low double digits support earnings quality, enable reinvestment in operations and systems, and provide resilience across industry cycles over the next several months.
Read all positive factors
NOTE AB (NOTE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.19B
Dividend Yield3.91%
Average Volume (3M)64.70K
Price to Earnings (P/E)16.8
Beta (1Y)0.60
Revenue Growth3.96%
EPS Growth-3.46%
CountrySE
Employees1,800
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)8.69
Shares Outstanding28,548,600
10 Day Avg. Volume74,522
30 Day Avg. Volume64,699
Financial Highlights & Ratios
PEG Ratio1.32
Price to Book (P/B)3.14
Price to Sales (P/S)1.36
P/FCF Ratio13.24
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)10.48
Revenue Forecast (FY)kr4.59B
NOTE AB Business Overview & Revenue Model
Company Description
NOTE AB (publ) is an international provider of electronics manufacturing services, operating across Sweden, Finland, the United Kingdom, Estonia, and China, serving a diverse global customer base. The company delivers sophisticated production solu...
How the Company Makes Money
NOTE makes money primarily by providing electronics manufacturing services to original equipment manufacturers (OEMs). Its revenue is mainly generated from (1) serial production and assembly of electronic products and sub-systems (including electr...
NOTE AB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.97B | 3.81B | 3.90B | 4.24B | 3.69B | 2.64B |
| Gross Profit | 565.00M | 529.00M | 518.99M | 513.79M | 473.17M | 353.65M |
| EBITDA | 507.00M | 504.00M | 474.00M | 542.00M | 409.69M | 309.51M |
| Net Income | 248.00M | 281.00M | 248.03M | 319.96M | 254.24M | 194.06M |
Balance Sheet | ||||||
| Total Assets | 4.95B | 3.43B | 3.21B | 3.22B | 2.77B | 2.16B |
| Cash, Cash Equivalents and Short-Term Investments | 147.00M | 293.00M | 411.18M | 169.84M | 87.66M | 99.17M |
| Total Debt | 1.79B | 824.28M | 630.13M | 753.33M | 553.00M | 468.98M |
| Total Liabilities | 3.12B | 1.79B | 1.57B | 1.82B | 1.67B | 1.36B |
| Stockholders Equity | 1.83B | 1.65B | 1.64B | 1.40B | 1.10B | 800.26M |
Cash Flow | ||||||
| Free Cash Flow | 183.00M | 391.41M | 495.19M | 250.11M | 2.67M | -61.77M |
| Operating Cash Flow | 268.00M | 507.00M | 601.59M | 341.84M | 49.79M | -33.13M |
| Investing Cash Flow | -1.26B | -475.00M | -137.56M | -243.64M | -80.96M | -108.79M |
| Financing Cash Flow | 760.00M | -128.00M | -235.71M | -11.84M | 14.50M | 168.22M |
NOTE AB Technical Analysis
Negative
180.40
Price Trends
166.21
Negative
175.19
Negative
176.85
Negative
Market Momentum
-6.42
Negative
39.10
Neutral
32.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NOTE, the sentiment is Negative. The current price of 180.4 is above the 20-day moving average (MA) of 151.47, above the 50-day MA of 166.21, and above the 200-day MA of 176.85, indicating a bearish trend. The MACD of -6.42 indicates Negative momentum. The RSI at 39.10 is Neutral, neither overbought nor oversold. The STOCH value of 32.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NOTE.
NOTE AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | kr9.05B | 23.12 | ― | 0.65% | 60.99% | 71.83% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | kr972.67M | 24.81 | 3.75% | ― | -13.52% | ― | |
58 Neutral | kr14.66B | 53.36 | ― | ― | 13.03% | 48.02% | |
56 Neutral | kr4.19B | 16.85 | 17.60% | 3.91% | 3.96% | -3.46% |
* Technology Sector Average
SE:NOTE
NOTE AB
146.40
-45.60
-23.75%
SE:CTEK
CTEK AB
14.14
-1.54
-9.82%
SE:HANZA
Hanza AB
145.20
31.60
27.82%
SE:NCAB
NCAB Group AB
77.90
21.96
39.25%
NOTE AB Corporate Events
NOTE AB Delivers Higher Sales but Weaker Cash Flow in Q2 2026
Jul 15, 2026
NOTE AB reported second-quarter 2026 sales of SEK 1,175 million, up 20% year-on-year, with organic growth of 1% after currency and acquisition adjustments. Despite higher adjusted operating profit of SEK 112 million and a stable adjusted operating...
NOTE Secures AI Data Centre Hardware Contract, Eyes SEK 100 Million Run Rate
Jul 8, 2026
NOTE AB has secured a new customer contract to manufacture hardware for advanced data centre applications, targeting the rapidly growing AI infrastructure market. The product involves several printed circuit boards integrated into a complete box-b...
NOTE AB schedules live webcast for Q2 2026 report
Jul 1, 2026
NOTE AB will publish its interim report for the second quarter of 2026 on 15 July at 8:00 a.m. CET and follow up with a live-streamed presentation at 10:00 a.m. CET for analysts, media and investors, hosted in English by CEO Johannes Lind-Widestam...
NOTE AGM Retains Earnings, Refreshes Board and Renews Capital Mandates
Apr 23, 2026
NOTE AB’s annual general meeting approved the 2025 accounts, discharged the board and CEO from liability and decided to retain SEK 199.3 million in the company by not paying a dividend this year. The AGM also approved the board’s remun...
NOTE AB’s Q1 Profit Softens as It Doubles Down on Defence Expansion
Apr 23, 2026
NOTE AB reported weaker first-quarter 2026 results, with sales slipping to SEK 962 million and organic growth down 6%, while operating profit and margin also declined versus a strong prior-year comparison. Profit after tax fell to SEK 52 million, ...
NOTE AB strengthens board with defence expertise after STI acquisition
Apr 21, 2026
NOTE AB’s Nomination Committee has proposed a revised Board of Directors ahead of the 2026 Annual General Meeting, reflecting the company’s recent acquisition of STI Enterprise Holding Limited and its expanded role as a supplier in the...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.