olivLaw · European equity research
NOTE AB (publ) NOTE.ST
Sweden · Nasdaq Stockholm · ISIN SE0001161654 · Vertical: Listed companies from Sweden
NOTE AB is a Swedish electronics manufacturing services (EMS) company with factories in Sweden, Finland, England, Estonia, China and Bulgaria, serving customers across several industries. In 2025 it reported for the first time under CSRD, and its order backlog for 2026 grew by 11%.
At the close of 05 Nov 2026, NOTE AB (publ) (NOTE.ST) stock was 152.90 SEK (−3.72% on the day), with market capitalisation 4.4 bn SEK, P/E 15.5 on diluted EPS of 9.89 SEK over the last 12 months, dividend yield 4.58%, beta 0.76, 52-week range 141.60–203.60 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 33.6
- weak (30–45)
- Bollinger (20, 2)
- 147.12 – 189.13
- in the lower half of the band · %B 0.14 · band width 25.0%
- SMA 50 / 200
- 171.90 / 170.51
- mixed trend
- MACD (12, 26, 9)
- -4.67 / -3.18
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.0% | −0.6% | −15.3 pp | — |
| 3 months | +2.1% | −4.2% | +6.3 pp | — |
| 6 months | −12.4% | +4.3% | −16.8 pp | — |
| Year to date | −15.9% | +7.5% | −23.4 pp | — |
| 1 year | −15.6% | +9.9% | −25.5 pp | −8.5% |
| 3 years | +3.8% | +49.8% | −46.0 pp | +12.3% |
| 5 years | −19.9% | +42.8% | −62.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 13.5, median 17.2, max 18.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.2 bn | 3.9 bn | 3.8 bn |
| Revenue YoY | unavailable | −8.1% | −2.2% |
| Net income | 320.0 m | 248.0 m | 281.7 m |
| Net income YoY | unavailable | −22.5% | +13.6% |
| Diluted EPS | 11.04 | 8.61 | 9.89 |
| Diluted EPS YoY | unavailable | −22.0% | +14.9% |
| net % | 7.5% | 6.4% | 7.4% |
| Free cash flow | 250.1 m | 512.3 m | 393.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 293.2 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 1.6 bn SEK
- Total assets
- 3.4 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.43x
- ROE
- 17.1%
- ROA
- 8.5%
- FCF margin
- 10.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.2 bn | 3.9 bn | 3.8 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 3.7 bn | 3.4 bn | 3.3 bn | esef· 26 Oct 2026verified |
| Gross profit | 513.8 m | 519.5 m | 529.3 m | esef· 26 Oct 2026verified |
| Operating income | 429.6 m | 351.9 m | 381.6 m | esef· 26 Oct 2026verified |
| Interest expense | 61.9 m | 70.7 m | 53.9 m | esef· 26 Oct 2026verified |
| Pre-tax income | 389.8 m | 310.4 m | 352.3 m | esef· 26 Oct 2026verified |
| Income tax | 69.9 m | 62.4 m | 70.6 m | esef· 26 Oct 2026verified |
| Net income | 320.0 m | 248.0 m | 281.7 m | esef· 26 Oct 2026verified |
| Diluted EPS | 11.04 | 8.61 | 9.89 | esef· 26 Oct 2026verified |
| Dividend per share | — | 0.00 | 7.00 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 169.8 m | 411.2 m | 293.2 m | esef· 26 Oct 2026verified |
| Inventories | 1.3 bn | 963.8 m | 867.7 m | esef· 26 Oct 2026verified |
| Current assets | 2.4 bn | 2.3 bn | 2.1 bn | esef· 26 Oct 2026verified |
| Goodwill | 258.9 m | 272.3 m | 595.2 m | esef· 26 Oct 2026verified |
| Total assets | 3.2 bn | 3.2 bn | 3.4 bn | esef· 26 Oct 2026verified |
| Current liabilities | 1.5 bn | 1.2 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Equity | 1.4 bn | 1.6 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 29.0 m | 28.8 m | 28.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 341.8 m | 601.6 m | 509.0 m | esef· 26 Oct 2026verified |
| Capex | 91.7 m | 89.3 m | 115.6 m | esef· 26 Oct 2026verified |
| Free cash flow | 250.1 m ≈ | 512.3 m ≈ | 393.4 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -243.6 m | -137.6 m | -475.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -11.8 m | -235.7 m | -128.4 m | esef· 26 Oct 2026verified |
| Dividends paid | — | 0 | 199.4 m | esef· 26 Oct 2026verified |
| Share repurchases | 0 | 66.4 m | 0 | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.4 bn SEK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.4% | 64 (vs peers) | 12% |
| FCF conversion · Quality | 139.6% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.1x | 86 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.4x | 53 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 15.5x | 77 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.0% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 4.6% | 65 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 50.7% | 99 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet73/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns79/100 · 2/2 factors with a value
- Valuation87/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NOTE AB (publ) (NOTE.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.8 bn SEK in 2025; YoY growth -2.2%; net margin 7.4%; ROE 17.1%.
The estimated value range is 111.07–209.49 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 143.14 SEK, the price of 152.90 SEK leaves a potential of -6.4% (value / price − 1) and a margin of safety of -6.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 139.6%
- Interest coverage: 7.1x
- P/E (TTM): 15.5x
- FCF yield: 9.0%
- Payout ratio (FCF): 50.7%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| NOTE.STNOTE AB (publ) | 4.4 bn | 15.5 | 17.1% | 7.4% | −2.2% | −14% / −3% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for NOTE.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 84.28 Total return -42% · Per year -42% | 149.51 Total return 2% · Per year 2% | 225.91 Total return 53% · Per year 53% |
| 3 years | 71.12 Total return -44% · Per year -18% | 142.95 Total return 7% · Per year 2% | 238.66 Total return 73% · Per year 20% |
| 5 years | 60.02 Total return -46% · Per year -12% | 136.68 Total return 11% · Per year 2% | 252.12 Total return 93% · Per year 14% |
- Exit P/E± 35.74
- Net margin± 25.02
- Annual revenue growth± 21.95
- Annual dilution± 2.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
NOTE AB is a Swedish electronics manufacturing services (EMS) company with factories in Sweden, Finland, England, Estonia, China and Bulgaria, serving customers across several industries. In 2025 it reported for the first time under CSRD, and its order backlog for 2026 grew by 11% 1.
SWOT
Strengths
- Factories certified for environmental and health and safety, plus a high share of renewable energy, support the offer to customers who demand sustainability.
- A diversified customer base with no single customer dominating sales reduces concentration risk.
- A formalised supplier evaluation programme through EcoVadis covers a large part of purchasing volume.
Weaknesses
- Reliance on a few large customers for receivables and inventory exposes the company to payment risk.
- Significant currency exposure, since purchases and part of invoicing are in different currencies.
- The need for external funding tied to working capital makes the company sensitive to market conditions.
Opportunities
- Growth in orders for 2026 could lead to better use of factory capacity if the trend is confirmed.
- Demand for supply chain transparency could favour suppliers that report under CSRD.
- A gradual recovery in defence demand could support revenue growth after early 2026.
Threats
- Pressure in the defence segment could postpone recovery and affect volumes in the short term.
- Corruption and forced labour risks in parts of the supplier chain could lead to sanctions or loss of customers.
- Currency swings and refinancing costs could reduce margins if not fully covered.
Risks
- Customer concentrationhigh
A few large customers represent a significant exposure in receivables and inventory, and a deterioration in their ability to pay could affect results.
- Currency riskmedium
Component purchases and part of sales occur in different currencies; hedges exist but do not fully eliminate the exposure.
- Financing and refinancingmedium
The need for working capital makes access to funding and its cost depend on market conditions and profitability.
- Supply chainmedium
Some materials come from countries with risks of forced labour, corruption or conflict, which could generate compliance costs.
- Climate and environmentlow
Materials could be affected by climate events in regions where components are made, although the company's own operations appear little affected.
Investment thesis
What would need to be true (bull case)
- Environmental and health and safety certifications, plus renewable energy, could be an advantage with customers who demand sustainability.
- Customer diversification and CSRD reporting experience could support winning new contracts.
What would break the thesis
- If problems in the defence segment persist, the expected recovery could be delayed and weigh on investor confidence.
- Exposure to a few large customers and significant receivables could amplify losses if one of them runs into difficulty.
- Additional reporting and compliance costs could compress margins in the short term.
What to watch
- Development of orders and revenue in the defence segmentQ1 2027
- Level of receivables and inventory tied to large customers2026
- Progress toward the 60% target of purchases from EcoVadis-verified suppliers2026
- Dividend policy and use of capital in the next financial yearnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Operations run through factories and subsidiaries, with average headcount spread across countries, and group-wide purchasing coordinates factories with suppliers and customers 1. The company applied the European sustainability reporting standards (ESRS) for the first time, which required stronger internal routines and reporting systems 1. Day-to-day operations are led by a chief executive, and the board had four shareholder-elected members after a departure in 2025 1.
The board proposed no dividend for 2025 to preserve financial flexibility during the structural transformation of the sector 1. The SEK 7.00 per share dividend approved at the 2025 AGM relates to the previous financial year 1.
Segments
Defence segment
The annual report cites continued challenges in the defence segment that could influence the start of 2026, followed by a gradual strengthening of customer demand 1.
Industrial and commercial customers
The rest of demand comes from customers in other industries, and part of the exposure in receivables and inventory is concentrated in a few large customers, so their payment performance matters a great deal for results 1.
Market context
NOTE operates in the electronics manufacturing services market, where customers outsource production and increasingly demand traceability, quality and compliance with sustainability requirements across the supply chain 1. The company sees its demand rising, with the 2026 order backlog 11% above the prior year, which indicates greater customer optimism 1. Currency exposure is significant, since components are bought in EUR and USD and part of sales is invoiced in SEK 1.
The market is also shaped by access to funding: the company needs external financing tied mainly to working capital, and the cost and availability of refinancing depend on market conditions and profitability 1.
Trends
- CSRD sustainability reportingmixed
2025 is the first reporting year under CSRD and ESRS, which requires more extensive systems and controls; implementation could raise administrative costs in the short term, although customers may value the transparency 1.
- Rising customer orderstailwind
Orders for 2026 have grown, indicating a strengthening demand if the trend holds in the coming quarters 1.
- Defence headwindsheadwind
The defence segment remains under pressure and could delay the recovery of figures in early 2026 1.
- Financing and currency costsmixed
Refinancing costs and EUR, USD and SEK fluctuations could affect margins, although the company uses customer agreements and cash-flow hedges 1.
Competitive position
The annual report does not name direct competitors, but in electronics manufacturing services the company competes with other EMS providers offering scale and manufacturing in regions with different cost structures 1.
The competitive strengths highlighted in the report include environmental and health and safety certifications of its factories, supplier assessments through EcoVadis and long-standing customer relationships 1.
- Global EMS providers
Electronics manufacturers operating at global scale that compete for the same industrial customers; the report does not identify them explicitly.
- Regional EMS providers
Local manufacturers in Northern and Eastern Europe that can offer short delivery lead times for similar product categories.
- Asian contract electronics manufacturers
Providers with large capacity in Asia, relevant mainly for customers who compare costs and supply chains.
- Integrated design and manufacturing firms
Companies offering both design and manufacturing that compete with NOTE for projects from concept through completion.
News & filings
In the press
- US Democrats, please take note: peace is good politicsAsia Times · 06 Nov 2026 · EN
- Parfumurile de iarnă: ce note să alegem și de ce unele arome se potrivesc mai bine sezonului receG4Media · 05 Nov 2026 · RO
- Note bune de la UE pentru Moldova în 2026. La anul ar putea accelera spectaculos negocierile de aderareEuropa Liberă Moldova (RFE/RL) · 04 Nov 2026 · RO
- Educația dincolo de note și performanță | Poza 1 - Ziarul LuminaSurge — Google News · 03 Nov 2026 · RO
- Educația dincolo de note și performanță - Ziarul LuminaSurge — Google News · 03 Nov 2026 · RO
- You can’t hit a wrong note when playing along with songs on Casio’s new keyboardThe Verge · 03 Nov 2026 · EN
- Stolen watch worth US$290,000 returned to Japan store with sorry noteCNA (Channel NewsAsia) · 03 Nov 2026 · EN
- Stolen watch worth US$290,000 returned to Japan store with sorry noteThe Straits Times — Asia · 03 Nov 2026 · EN
- Stolen luxury watch returned to Tokyo store via courier with apology noteThe Japan Times · 02 Nov 2026 · EN
- Fraud Suspect Admits Writing Note Targeting Minister ChrysochoidisTo Vima International (GR, EN) · 01 Nov 2026 · EN
- Copilul ia note slabe din cauza dezordinii din casă? Ce arată un studiu pe 7.500 de perechi de gemeniAdevărul · 01 Nov 2026 · RO
- 2026.38.6 Note de lansare oficiale Tesla - Actualizări software - Not a Tesla AppSurge — Google News · 29 Oct 2026 · RO
- 2026.39.6 Note de lansare oficiale Tesla - Actualizări software - Not a Tesla AppSurge — Google News · 29 Oct 2026 · RO
- 2026.39.6 Note de lansare oficiale Tesla - Actualizări software - Not a Tesla AppSurge — Google News · 29 Oct 2026 · RO
- 2026.38.6.1 Note de lansare oficiale Tesla - Actualizări software - Not a Tesla AppSurge — Google News · 28 Oct 2026 · RO
- China says it takes note of Mbappe's apology over China remarksCGTN — World · 28 Oct 2026 · EN
- With military service on horizon, pitcher hoping to leave Tigers on positive noteYonhap News (KR, EN) · 27 Oct 2026 · EN
- Stock futures are little changed after Wall Street starts the week on a winning note: Live updatesCNBC — Top News · 26 Oct 2026 · EN
- Scandal la liceu. 400 de note de 1 și 2 au declanșat un război între elevi, profesori și părinți. Am fost la ședința cu părințiiHotNews.ro · 23 Oct 2026 · RO
- (LEAD) Special counsel says deceased NEC official's note cites no coercionYonhap News (KR, EN) · 23 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / NOTE AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.