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NOTE AB
(NOTE)
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Rating:54Neutral
Price Target:
kr160.00
▲(0.19% 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 Growth
TTM 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 Leverage
Debt 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Renewed Revenue Growth
TTM 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.
Read all positive factors
NOTE AB (NOTE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.55B
Dividend Yield4.37%
Average Volume (3M)105.34K
Price to Earnings (P/E)18.2
Beta (1Y)0.68
Revenue Growth3.96%
EPS Growth-3.46%
CountrySE
Employees1,800
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)8.77
Shares Outstanding28,548,600
10 Day Avg. Volume166,017
30 Day Avg. Volume105,337
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)10.04
Revenue Forecast (FY)kr4.53B
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 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 pro...
NOTE AB Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
34
Negative
| 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
Negative
159.70
Price Trends
171.92
Negative
161.65
Negative
170.65
Negative
Market Momentum
-3.91
Positive
37.92
Neutral
32.77
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 159.7 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr294.48B | 25.62 | 12.13% | 1.20% | -19.64% | 44.57% | |
71 Outperform | kr718.98M | 8.89 | 7.29% | 11.83% | -7.01% | 238.34% | |
65 Neutral | kr10.15B | 24.65 | ― | 0.93% | 71.95% | 47.50% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | kr16.36B | 48.08 | ― | 1.26% | 25.45% | 75.20% | |
54 Neutral | kr4.55B | 18.16 | 14.02% | 4.37% | 3.96% | -3.46% | |
48 Neutral | kr662.92M | -29.23 | ― | ― | 14.10% | -29.31% |
* Technology Sector Average
SE:NOTE
NOTE AB
159.30
-30.80
-16.20%
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26.46%
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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 adjus...
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 ...
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...
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. 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.