NOTE AB (NOTE) AI Stock Analysis

NOTE AB

(Nasdaq OMX AB:NOTE)

Select Model

Rating:54Neutral

Price Target:SEK 160.00▲(0.44% Upside)

Action:reiterated

Date:10/27/26

The score is primarily held back by deteriorating cash flow conversion and higher leverage, which add financial risk despite a return to revenue growth and solid margins. Technicals are also bearish with the stock trading below key moving averages and negative MACD. Valuation is reasonable (P/E ~17.9) but not enough to offset weaker cash generation and downtrend signals.

Positive Factors

Renewed Revenue GrowthTTM revenue growth of 5.7% indicates renewed demand after modest declines, helping restore scale across NOTE’s outsourced electronics platform. Continued growth can support factory utilization, customer retention, and operating leverage if volumes remain durable.

Negative Factors

Higher LeverageDebt has risen materially and is now close to equity, reducing NOTE’s financial flexibility if earnings or cash generation weaken. Higher leverage can constrain future investment choices and increase the importance of maintaining stable operating performance.

NOTE AB (NOTE) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 4.55B
Dividend Yield: ―
Average Volume (3M): 90.40K
Price to Earnings (P/E): 18.2
Beta (1Y): 0.68
Revenue Growth: 3.96%
EPS Growth: -3.46%
Country: Sweden
Employees: 1,800
Sector: Technology
Sector Strength: 61
Industry: Hardware, Equipment & Parts

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 solutio...

How the Company Makes Money

NOTE makes money by selling electronics manufacturing services to business customers, generating revenue largely from contract manufacturing of electronic assemblies and finished products. Its core revenue streams typically include: (1) series produc...

NOTE AB Financial Statement Overview

Summary

Mixed fundamentals: revenue returned to growth (+5.7% TTM) with solid operating (~9%) and net (~6%) margins, but cash generation weakened sharply (FCF ~90M, down ~51%, with ~60% of net income) and leverage rose materially (debt-to-equity ~0.92), reducing flexibility.

Income Statement

72Positive

Balance Sheet

58Neutral

Cash Flow

34Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.20B	3.81B	3.90B	4.24B	3.69B	2.64B
Gross Profit	607.00M	529.00M	518.99M	513.79M	473.17M	353.65M
EBITDA	537.00M	504.00M	473.59M	542.00M	409.69M	309.51M
Net Income	251.00M	281.00M	248.03M	319.96M	254.24M	194.06M
Balance Sheet
Total Assets	5.03B	3.43B	3.21B	3.22B	2.77B	2.16B
Cash, Cash Equivalents and Short-Term Investments	144.00M	293.00M	411.18M	169.84M	87.66M	99.17M
Total Debt	1.80B	824.28M	630.13M	753.33M	553.00M	468.98M
Total Liabilities	3.08B	1.79B	1.57B	1.82B	1.67B	1.36B
Stockholders Equity	1.95B	1.65B	1.64B	1.40B	1.10B	800.26M
Cash Flow
Free Cash Flow	90.00M	391.41M	495.19M	250.11M	2.67M	-61.77M
Operating Cash Flow	151.00M	507.00M	601.59M	341.84M	49.79M	-33.13M
Investing Cash Flow	-1.24B	-475.00M	-137.56M	-243.64M	-80.96M	-108.79M
Financing Cash Flow	734.00M	-128.00M	-235.71M	-11.84M	14.50M	168.22M

NOTE AB Technical Analysis

Technical Analysis SentimentNegative

Last Price159.30

Price Trends

50DMA171.92Negative

100DMA161.65Negative

200DMA170.65Negative

Market Momentum

MACD-3.91Positive

RSI37.92Neutral

STOCH32.77Neutral

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 159.30 is below the 20-day moving average (MA) of 172.41, below the 50-day MA of 171.92, and below the 200-day MA of 170.65, indicating a bearish trend. The MACD of -3.91 indicates Positive momentum. The RSI at 37.92 is Neutral, neither overbought nor oversold. The STOCH value of 32.77 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

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:NOTE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:PRIC.B	79Outperform	SEK 718.98M	8.88	7.29%	―	-7.01%	238.34%
SE:HEXA.B	71Outperform	SEK 294.48B	25.61	12.13%	1.20%	-19.64%	44.57%
SE:HANZA	63Neutral	SEK 10.15B	24.65	―	0.93%	71.95%	47.50%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SE:NCAB	61Neutral	SEK 16.36B	48.08	―	1.26%	25.45%	75.20%
SE:NOTE	54Neutral	SEK 4.55B	18.16	14.02%	―	3.96%	-3.46%
SE:UNIBAP	48Neutral	SEK 662.92M	-29.23	―	―	14.10%	-29.31%

* Technology Sector Average

Performance Comparison

SE:NOTE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:NOTE	NOTE AB	159.30	-30.80	-16.20%
SE:HEXA.B	Hexagon AB (UK)	109.70	12.75	13.16%
SE:PRIC.B	Pricer AB Class B	4.40	-0.06	-1.35%
SE:HANZA	Hanza AB	161.20	33.73	26.46%
SE:UNIBAP	Unibap AB	9.17	1.01	12.38%
SE:NCAB	NCAB Group AB	87.50	31.16	55.31%

NOTE AB Corporate Events

NOTE AB grows sales on acquisitions but cash flow pressured by investments

Oct 23, 2026

NOTE AB reported a strong third quarter with sales rising 27 percent to SEK 1,057 million, driven mainly by acquisitions and currency effects, while organic growth was modest at 2 percent. Operating profit increased to SEK 91 million and the adjusted...

NOTE appoints Nomination Committee ahead of 2027 AGM

Oct 20, 2026

NOTE AB has appointed its Nomination Committee for the 2027 Annual General Meeting in line with existing instructions and the ownership structure as of 30 September 2026. The committee comprises representatives of major shareholders, with Mattias And...

NOTE AB schedules open webcast for Q3 2026 interim report

Oct 1, 2026

NOTE AB will publish its interim report for the third quarter of 2026 on 23 October at 7:30 a.m. CET, followed by a live-streamed presentation at 10:00 a.m. CET for analysts, media and investors. The webcast will be presented in English by CEO and Pr...

NOTE wins SEK 160m Security & Defence contract amid strong European demand

Sep 3, 2026

NOTE AB has secured a significant contract from a European customer in the Security & Defence sector, valued at about SEK 160 million over three years, with current order intake suggesting deliveries will progress faster than initially planned. T...

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.

Date of analysis: Oct 27, 2026

NOTE AB AI Stock Analysis