NOTE AB (NOTE) AI Stock Analysis

• Market Cap: €5.36B
• Dividend Yield: 3.93%
• Average Volume (3M): 64.70K
• Price to Earnings (P/E): 19.7
• Beta (1Y): 0.53
• Revenue Growth: -2.98%
• EPS Growth: 2.44%
• Country: SE
• Employees: 1,450
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 2.00
• Shares Outstanding: 28,983,600
• 10 Day Avg. Volume: 74,522
• 30 Day Avg. Volume: 64,699
• PEG Ratio: -0.79
• Price to Book (P/B): 2.60
• Price to Sales (P/S): 1.09
• P/FCF Ratio: 8.61
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: kr189.00 ▲(6.12% Upside)

NOTE AB's overall stock score is driven primarily by its strong financial performance, characterized by robust revenue growth and profitability. However, technical analysis indicates bearish momentum, which could pose short-term risks. The valuation is reasonable, with an attractive dividend yield, balancing growth and income potential.

Positive Factors

Revenue Growth

Sustained revenue growth indicates strong market demand and effective sales strategies, enhancing long-term business stability and expansion potential.

Profitability

Robust profit margins reflect efficient operations and pricing power, which support ongoing investment in growth and innovation.

Balance Sheet Health

A stable balance sheet with moderate leverage ensures financial flexibility and resilience against economic fluctuations, supporting long-term growth.

Negative Factors

Revenue Fluctuations

Fluctuating revenue growth can indicate market volatility or operational challenges, potentially impacting long-term strategic planning and stability.

Cash Flow Concerns

Insufficient cash conversion from net income may limit reinvestment capabilities and affect liquidity, posing risks to financial health if not addressed.

Debt Management

Variable debt levels can strain financial resources and increase risk, necessitating careful management to maintain financial stability and growth potential.

NOTE AB Business Overview & Revenue Model

Company Description

NOTE AB (publ), together with its subsidiaries, provides electronics manufacturing services in Sweden, Finland, the United Kingdom, Estonia, China, and internationally. The company offers advanced production technology services in close collaboration with customers, such as component selection, developing test equipment, prototyping, and serial production, as well as after-sales services. It also produces PCBAs, sub-assemblies, and box build products. The company primarily serves the medtech, greentech, industrial, and communication industries. NOTE AB (publ) was incorporated in 1999 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

NOTE generates revenue primarily through the sale of its digital printing services and related products. The company operates on a B2B model, servicing a diverse clientele that includes advertising agencies, retail brands, and corporate clients. Key revenue streams include direct sales of printed materials, design fees for custom projects, and subscription-based services for ongoing marketing support. Additionally, NOTE has established strategic partnerships with technology providers and advertising firms, which enhance its service offerings and create cross-selling opportunities, further contributing to its earnings.

NOTE AB Financial Statement Overview

Summary

NOTE AB presents a robust financial profile with strong revenue growth and profitability metrics. The balance sheet is stable with moderate leverage, and the company has been effective in generating cash relative to its net income. However, fluctuations in revenue growth and cash flow generation highlight areas that require careful monitoring to sustain long-term financial health.

Income Statement

NOTE AB has demonstrated strong revenue growth over the years, with a notable 55% increase in the TTM period. The company maintains healthy margins, with a gross profit margin of 13.44% and a net profit margin of 6.73% in the TTM. EBIT and EBITDA margins are also solid at 9.33% and 12.52%, respectively. However, the revenue growth rate has fluctuated, showing a decline in 2024, which could indicate potential volatility.

Balance Sheet

The balance sheet of NOTE AB shows a stable financial position with a debt-to-equity ratio of 0.40 in the TTM, indicating moderate leverage. The return on equity is strong at 16.19%, reflecting efficient use of equity to generate profits. The equity ratio stands at 49.58%, suggesting a solid capital structure. However, the company has seen fluctuations in its debt levels over the years, which could pose risks if not managed carefully.

Cash Flow

NOTE AB's cash flow performance is mixed. The operating cash flow to net income ratio is below 1, indicating that not all net income is being converted into cash. The free cash flow to net income ratio is strong at 1.0, suggesting good cash generation relative to net income. However, the free cash flow growth rate has been negative in the TTM, which could be a concern if it continues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.34B	3.90B	4.24B	3.69B	2.64B	1.87B
Gross Profit	1.27B	518.99M	513.79M	473.17M	353.65M	224.69M
EBITDA	1.19B	474.00M	542.00M	409.69M	309.51M	196.77M
Net Income	644.00M	248.03M	319.96M	254.24M	194.06M	115.66M
Balance Sheet
Total Assets	3.16B	3.21B	3.22B	2.77B	2.08B	1.11B
Cash, Cash Equivalents and Short-Term Investments	473.00M	411.18M	169.84M	87.66M	99.17M	67.74M
Total Debt	621.00M	630.13M	753.33M	553.00M	468.98M	153.02M
Total Liabilities	1.59B	1.57B	1.82B	1.67B	1.27B	541.61M
Stockholders Equity	1.57B	1.64B	1.40B	1.10B	800.26M	567.63M
Cash Flow
Free Cash Flow	1.35B	495.19M	246.88M	2.67M	-61.77M	171.74M
Operating Cash Flow	1.45B	601.59M	341.84M	49.79M	-33.13M	188.70M
Investing Cash Flow	-354.00M	-137.56M	-243.64M	-80.96M	-108.79M	-16.96M
Financing Cash Flow	-540.00M	-235.71M	-11.84M	14.50M	168.22M	-171.86M

NOTE AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 178.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NOTE, the sentiment is Neutral. The current price of 178.1 is below the 20-day moving average (MA) of 178.27, below the 50-day MA of 184.30, and above the 200-day MA of 175.00, indicating a neutral trend. The MACD of -1.85 indicates Negative momentum. The RSI at 46.45 is Neutral, neither overbought nor oversold. The STOCH value of 88.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:NOTE.

NOTE AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HANZA	69 Neutral	kr5.88B	28.83	―	0.68%	18.96%	48.93%
NOTE	66 Neutral	€5.36B	19.67	17.21%	3.93%	-2.98%	2.44%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
NCAB	54 Neutral	kr10.38B	53.27	―	―	0.26%	-30.60%
CTEK	48 Neutral	€902.69M	-26.48	-4.53%	―	3.06%	-795.86%

NOTE AB Corporate Events

NOTE AB Announces Nomination Committee for 2026 AGM

NOTE AB has announced the formation of its Nomination Committee for the upcoming Annual General Meeting (AGM) in April 2026. The committee, comprising representatives from the company’s largest shareholders, is tasked with proposing candidates for key positions and decisions at the AGM, which could influence the company’s governance and strategic direction.

The most recent analyst rating on (SE:NOTE) stock is a Hold with a SEK187.00 price target. To see the full list of analyst forecasts on NOTE AB stock, see the SE:NOTE Stock Forecast page.

NOTE AB Completes Acquisition of Kasdon Group and Issues Shares

NOTE AB has completed its acquisition of the UK-based Kasdon Group, an electronics contract manufacturer, for a total purchase price of GBP 34.1 million. This acquisition enhances NOTE’s presence in the UK EMS market and strategically positions the company in the defense sector, which is experiencing strong demand and growth potential. The transaction was financed through a combination of cash, credit facilities, and a directed share issue, resulting in a slight dilution for existing shareholders.

The most recent analyst rating on (SE:NOTE) stock is a Hold with a SEK187.00 price target. To see the full list of analyst forecasts on NOTE AB stock, see the SE:NOTE Stock Forecast page.

NOTE AB Reports Steady Growth and Strategic Expansion in Q3 2025

NOTE AB’s Q3 2025 interim report highlights a steady financial performance with a 6% organic growth in sales adjusted for currency effects, and an improved operating margin of 9.3%. The company has made strategic moves, including becoming the exclusive production partner for Waystream and acquiring the UK-based Kasdon Group, which strengthens its position in the defense sector and UK EMS market. These developments reflect NOTE’s commitment to growth and increased market presence, with significant implications for its operational expansion and stakeholder interests.

The most recent analyst rating on (SE:NOTE) stock is a Hold with a SEK217.00 price target. To see the full list of analyst forecasts on NOTE AB stock, see the SE:NOTE Stock Forecast page.

NOTE AB Announces Q3 2025 Interim Report Presentation

NOTE AB will release its third-quarter 2025 Interim Report on October 16, followed by a presentation for analysts, media, and investors. The event, led by CEO Johannes Lind-Widestam, will be held in Stockholm and broadcast live, highlighting the company’s commitment to transparency and stakeholder engagement.

The most recent analyst rating on (SE:NOTE) stock is a Hold with a SEK186.00 price target. To see the full list of analyst forecasts on NOTE AB stock, see the SE:NOTE Stock Forecast page.

NOTE AB Strengthens UK Presence with Kasdon Group Acquisition

NOTE AB has announced the acquisition of Kasdon Group, a UK-based electronics contract manufacturer with a strong presence in the defense sector, which constitutes about half of its revenue. This acquisition enhances NOTE’s position in the UK EMS market and aligns with its strategic focus on quality and technical expertise, offering significant opportunities for synergies and expansion. The deal, valued at up to GBP 34.1 million, is subject to regulatory approval and is expected to close in mid-October 2025.

The most recent analyst rating on (SE:NOTE) stock is a Buy with a SEK213.00 price target. To see the full list of analyst forecasts on NOTE AB stock, see the SE:NOTE Stock Forecast page.

NOTE AB Appoints Bahare Mackinovski as Chief Sales and Marketing Officer

NOTE AB has appointed Bahare Mackinovski as the new Chief Sales and Marketing Officer, marking a strategic move to enhance its leadership team. With extensive experience in international leadership roles within the automotive industry, Mackinovski is expected to drive customer growth and strengthen market presence, aligning with NOTE’s long-term strategy for expansion and value delivery.

The most recent analyst rating on (SE:NOTE) stock is a Buy with a SEK213.00 price target. To see the full list of analyst forecasts on NOTE AB stock, see the SE:NOTE Stock Forecast page.