NOTE (NOTES) Stock Overview

Provides electronics manufacturing services in Western Europe and internationally. More details

NOTES fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	4/6
Past Performance	2/6
Financial Health	3/6
Dividends	0/6

Rewards

Trading at 48.5% below our estimate of its fair value

Earnings are forecast to grow 23.11% per year

Risk Analysis

Debt is not well covered by operating cash flow

Shares are highly illiquid

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NOTE AB (publ) Competitors

Price History & Performance

Summary of share price highs, lows and changes for NOTE
Historical stock prices
Current Share Price	SEK 145.10
52 Week High	SEK 200.15
52 Week Low	SEK 144.00
Beta	0.59
1 Month Change	0%
3 Month Change	n/a
1 Year Change	n/a
3 Year Change	-15.05%
5 Year Change	14.43%
Change since IPO	1,060.80%

Recent updates

Shareholder Returns

	NOTES	GB Electronic	GB Market
7D	0%	-0.4%	1.8%
1Y	n/a	13.8%	17.4%

Return vs Industry: Insufficient data to determine how NOTES performed against the UK Electronic industry.

Return vs Market: Insufficient data to determine how NOTES performed against the UK Market.

Price Volatility

Is NOTES's price volatile compared to industry and market?
NOTES volatility
NOTES Average Weekly Movement	n/a
Electronic Industry Average Movement	4.6%
Market Average Movement	4.9%
10% most volatile stocks in GB Market	10.5%
10% least volatile stocks in GB Market	2.5%

Stable Share Price: NOTES's share price has been volatile over the past 3 months compared to the UK market.

Volatility Over Time: Insufficient data to determine NOTES's volatility change over the past year.

About the Company

Founded	Employees	CEO	Website
1990	1,800	Johannes Lind-Widestam	www.note-ems.com

NOTE AB (publ), together with its subsidiaries, provides electronics manufacturing services in Western Europe and internationally. The company offers manufacturing engineering services in close collaboration with customers, such as component selection, developing test equipment, prototyping, and serial production. It also produces PCBAs, subassemblies, and box build products.

NOTE AB (publ) Fundamentals Summary

How do NOTE's earnings and revenue compare to its market cap?
NOTES fundamental statistics
Market cap	SEK 4.99b
Earnings (TTM)	SEK 248.74m
Revenue (TTM)	SEK 3.97b

20.1x

P/E Ratio

1.3x

P/S Ratio

Is NOTES overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
NOTES income statement (TTM)
Revenue	SEK 3.97b
Cost of Revenue	SEK 3.40b
Gross Profit	SEK 565.33m
Other Expenses	SEK 316.60m
Earnings	SEK 248.74m

Last Reported Earnings

Jun 30, 2026

Next Earnings Date

Oct 23, 2026

Earnings per share (EPS)	8.71
Gross Margin	14.25%
Net Profit Margin	6.27%
Debt/Equity Ratio	80.4%

How did NOTES perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/09/18 12:20
End of Day Share Price	2026/07/17 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NOTE AB (publ) is covered by 4 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Anders Akerblom	Nordea Markets
Anton Ingves	Nordea Markets
Michael Latimore	Northland Capital Markets

NOTE (NOTES) Stock Overview

Rewards

Risk Analysis

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NOTE AB (publ) Competitors

Gooch & Housego

Solid State

Oxford Instruments

Vectron Systems

Price History & Performance

Recent News & Updates

Less than half of directors are independent

NOTE AB (publ) to Report Fiscal Year 2026 Results on Jan 26, 2027

Less than half of directors are independent

Less than half of directors are independent

NOTE AB (publ) to Report Nine Months, 2026 Results on Oct 23, 2026

NOTE AB (publ) to Report Q2, 2026 Results on Jul 15, 2026

Recent updates

Less than half of directors are independent

NOTE AB (publ) to Report Fiscal Year 2026 Results on Jan 26, 2027

Less than half of directors are independent

Less than half of directors are independent

NOTE AB (publ) to Report Nine Months, 2026 Results on Oct 23, 2026

NOTE AB (publ) to Report Q2, 2026 Results on Jul 15, 2026

NOTE AB (publ) to Report Q1, 2026 Results on Apr 23, 2026

NOTE AB (publ), Annual General Meeting, Apr 23, 2026

NOTE AB (publ) (OM:NOTE) signed an agreement to acquire Kasdon Electronics Limited for £34.1 million.

NOTE AB (publ) to Report Fiscal Year 2025 Results on Jan 26, 2026

NOTE AB (publ) Proposes Dividend, Payable on 2 May 2025

NOTE AB (publ) to Report Fiscal Year 2024 Final Results on Mar 21, 2025

NOTE AB (publ) to Report Q2, 2025 Results on Jul 14, 2025

NOTE AB (publ) to Report Fiscal Year 2024 Results on Jan 27, 2025

NOTE AB (publ) to Report Nine Months, 2024 Results on Oct 15, 2024

NOTE AB (publ) Adjusts the Guidance for the Full Year 2023

NOTE AB (publ), Annual General Meeting, Apr 18, 2024

NOTE AB (publ) to Report Q1, 2024 Results on Apr 18, 2024

NOTE AB (publ) to Report Fiscal Year 2023 Results on Jan 29, 2024

Investor sentiment deteriorates as stock falls 25%

NOTE AB (publ) acquired Dvr Limited from Hellings family for £9 million.

CEO & President recently bought kr999k worth of stock

First quarter 2023 earnings released: EPS: kr2.93 (vs kr1.95 in 1Q 2022)

Insufficient new directors

Insufficient new directors

Insufficient new directors

An unknown buyer acquired a 4% stake in NOTE AB (publ) from Johannes Lind-Widestam for SEK 4.4 million.

NOTE AB (publ) to Report Q2, 2023 Results on Jul 13, 2023

Note AB (Publ) Provides Sales Guidance for the Full Year of 2023

Investor sentiment deteriorated over the past week

Insufficient new directors

NOTE AB (publ) to Report Q1, 2023 Results on Apr 19, 2023

NOTE AB (publ) to Report Fiscal Year 2022 Results on Jan 27, 2023

Insufficient new directors

Second quarter 2022 earnings released: EPS: kr2.04 (vs kr1.65 in 2Q 2021)

Insufficient new directors

Insufficient new directors

Director recently bought kr1.1m worth of stock

Insufficient new directors

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

NOTE AB (publ)(OM:NOTE) dropped from OMX Nordic Small Cap Index

Investor sentiment improved over the past week

CEO & President recently sold kr2.7m worth of stock

Second quarter 2021 earnings released: EPS kr1.65 (vs kr1.21 in 2Q 2020)

NOTE AB (publ) Announces Earning Guidance for the Full Year 2021

Investor sentiment improved over the past week

NOTE Grows Within medtech - Starts Deliveries to Mölnlycke

NOTE AB (publ) (OM:NOTE) acquired iPRO Holdings Ltd for £9.3 million.

First quarter 2021 earnings released: EPS kr1.09 (vs kr0.79 in 1Q 2020)

NOTE AB (publ) to Report First Half, 2021 Results on Jul 13, 2021

NOTE Wins New Deal

NOTE AB (publ) to Report Q1, 2021 Results on Apr 19, 2021

NOTE AB (publ) to Report Fiscal Year 2020 Results on Jan 28, 2021

NOTE AB (publ) to Report Nine Months, 2020 Results on Oct 19, 2020

Shareholder Returns

Price Volatility

About the Company

NOTE AB (publ) Fundamentals Summary

Earnings & Revenue

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake