NOTE AB (SE:NOTE)
:NOTE
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NOTE AB
(NOTE)
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Rating:53Neutral
Price Target:
kr191.00
▲(5.88% Upside)
Action:DowngradedDate:01/28/26
The score is held back primarily by weakening financial performance (sharp 2025 revenue decline, rising leverage, and free-cash-flow dropping to zero) and bearish technical signals (negative MACD and price below major moving averages). Valuation is a partial offset, supported by a moderate P/E and an attractive ~4.1% dividend yield.
Positive Factors
Contract manufacturing business model
NOTE's end-to-end EMS offering (industrialization, sourcing, manufacturing, testing, aftermarket) creates recurring B2B revenue and sticky customer relationships. Structural electronics outsourcing supports steady addressable demand and allows pass-through material billing, cushioning margin volatility over cycles.
Negative Factors
Sharply declining revenue
An 18.3% revenue drop in 2025 following a 2024 decline signals structural demand loss or contract erosion. Sustained top-line weakness undermines scale economics, risks margin compression, and limits free cash flow and reinvestment unless new business or end-market diversification is secured.
Read all positive and negative factors
Positive Factors
Negative Factors
Contract manufacturing business model
NOTE's end-to-end EMS offering (industrialization, sourcing, manufacturing, testing, aftermarket) creates recurring B2B revenue and sticky customer relationships. Structural electronics outsourcing supports steady addressable demand and allows pass-through material billing, cushioning margin volatility over cycles.
Read all positive factors
NOTE AB (NOTE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.85B
Dividend Yield3.91%
Average Volume (3M)64.70K
Price to Earnings (P/E)15.1
Beta (1Y)0.54
Revenue Growth-2.98%
EPS Growth2.44%
CountrySE
Employees1,450
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)3.05
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 Ratio0.00
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)11.34
Revenue Forecast (FY)kr4.29B
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 collaborat...
How the Company Makes Money
NOTE makes money primarily by delivering contract manufacturing and related services to its customers (B2B) under EMS arrangements. Key revenue streams typically include: (1) Manufacturing/assembly fees for producing electronic assemblies and fini...
NOTE AB Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
64
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.81B | 3.90B | 4.24B | 3.69B | 2.64B |
| Gross Profit | 529.00M | 518.99M | 513.79M | 473.17M | 353.65M |
| EBITDA | 504.00M | 474.00M | 542.00M | 409.69M | 309.51M |
| Net Income | 281.00M | 248.03M | 319.96M | 254.24M | 194.06M |
Balance Sheet | |||||
| Total Assets | 3.43B | 3.21B | 3.22B | 2.77B | 2.08B |
| Cash, Cash Equivalents and Short-Term Investments | 293.00M | 411.18M | 169.84M | 87.66M | 99.17M |
| Total Debt | 927.00M | 630.13M | 753.33M | 553.00M | 468.98M |
| Total Liabilities | 1.79B | 1.57B | 1.82B | 1.67B | 1.27B |
| Stockholders Equity | 1.65B | 1.64B | 1.40B | 1.10B | 800.26M |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 495.19M | 246.88M | 2.67M | -61.77M |
| Operating Cash Flow | 507.00M | 601.59M | 341.84M | 49.79M | -33.13M |
| Investing Cash Flow | -475.00M | -137.56M | -243.64M | -80.96M | -108.79M |
| Financing Cash Flow | -128.00M | -235.71M | -11.84M | 14.50M | 168.22M |
NOTE AB Technical Analysis
Negative
180.40
Price Trends
177.43
Negative
177.01
Negative
181.82
Negative
Market Momentum
-3.56
Positive
40.30
Neutral
39.98
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 179.28, above the 50-day MA of 177.43, and below the 200-day MA of 181.82, indicating a bearish trend. The MACD of -3.56 indicates Positive momentum. The RSI at 40.30 is Neutral, neither overbought nor oversold. The STOCH value of 39.98 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | kr9.22B | 23.56 | ― | 0.65% | 18.96% | 48.93% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | kr11.04B | 43.38 | ― | ― | 0.26% | -30.60% | |
55 Neutral | kr990.86M | 33.70 | 3.75% | ― | 3.06% | -795.86% | |
53 Neutral | kr4.85B | 15.08 | 17.60% | 3.91% | -2.98% | 2.44% |
* Technology Sector Average
SE:NOTE
NOTE AB
169.90
10.96
6.89%
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14.16
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16.07%
SE:HANZA
Hanza AB
146.40
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128.51%
SE:NCAB
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59.05
15.71
36.25%
NOTE AB Corporate Events
NOTE buys UK defence EMS leader STI and reaffirms 2026 outlook
Mar 20, 2026
NOTE AB has moved to deepen its presence in the defence sector by acquiring 100 percent of UK-based STI Enterprises Holdings, a specialist in advanced and mission-critical electronic solutions across air, land, cyber and marine domains. STI adds a...
NOTE AB Calls 2026 AGM and Outlines Governance Proposals
Mar 13, 2026
NOTE AB has convened its Annual General Meeting for 23 April 2026 in central Stockholm, inviting shareholders registered with Euroclear Sweden by 15 April and duly pre-notified by 17 April to participate in person or via proxy under standard votin...
NOTE AB Posts Strong 2025 Results and Highlights Sustainability Focus
Mar 13, 2026
NOTE AB reported one of its strongest results ever for 2025, underscoring strengthened market positions and sustained high profitability. The company’s Annual Report highlights its focus on customers, employees and climate-related sustainabi...
NOTE Joins Swedish Defence Industry Association to Bolster Secure Electronics Role
Mar 6, 2026
NOTE AB has joined the Swedish Security and Defence Industry Association, underscoring its long-term commitment to supplying secure, high-reliability electronics to the defence and security sector in Sweden and Europe. By entering this industry pl...
NOTE wins SEK 135 million multi-year defence electronics order
Feb 19, 2026
NOTE AB has secured a SEK 135 million order from a longstanding Nordic defence customer that is a market leader in its field, underscoring the company’s role as a key electronics partner in the Security Defence segment. The contract covers ...
NOTE AB Boosts Profitability and Defence Footprint as It Halts Dividend to Preserve Cash
Jan 26, 2026
NOTE AB reported essentially flat full-year 2025 sales at SEK 3.8 billion with currency-adjusted organic growth of 0%, but improved profitability as the adjusted operating margin rose to 10.1% from 9.3% and profit after tax increased to SEK 281 mi...
NOTE to Present 2025 Year-End Report to Investors on 26 January
Jan 8, 2026
NOTE AB has announced that it will publish its 2025 year-end report on 26 January 2026 at 8:00 a.m. CET, followed by a presentation for analysts, media and investors at 10:00 a.m. CET in Stockholm, led by CEO and President Johannes Lind-Widestam a...
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.