Executive Summary
NOTE AB (publ) operates as a manufacturing and logistics partner for producing electronics-based products primarily in Sweden, Finland, the United Kingdom, Estonia, and China.
Rewards
Risk Analysis
Snowflake Analysis
Undervalued with solid track record.
Similar Companies
Share Price & News
How has NOTE's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: NOTE's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
-2.8%
NOTE
6.5%
SE Electronic
5.2%
SE Market
1 Year Return
81.0%
NOTE
18.0%
SE Electronic
9.1%
SE Market
Return vs Industry: NOTE exceeded the Swedish Electronic industry which returned 17.9% over the past year.
Return vs Market: NOTE exceeded the Swedish Market which returned 8.7% over the past year.
Shareholder returns
| NOTE | Industry | Market | |
|---|---|---|---|
| 7 Day | -2.8% | 6.5% | 5.2% |
| 30 Day | 20.9% | 5.7% | 5.6% |
| 90 Day | 27.4% | 2.7% | -1.4% |
| 1 Year | 81.0%81.0% | 18.2%18.0% | 10.7%9.1% |
| 3 Year | 164.9%148.2% | 33.3%28.9% | 11.9%-3.1% |
| 5 Year | 453.3%373.9% | 71.9%61.2% | 30.9%5.4% |
Price Volatility Vs. Market
How volatile is NOTE's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 months ago | Simply Wall St
NOTE (STO:NOTE) Has A Pretty Healthy Balance Sheet2 months ago | Simply Wall St
Trade Alert: The CEO & President Of NOTE AB (publ) (STO:NOTE), Johannes Lind-Widestam, Has Just Spent kr107k Buying Shares2 months ago | Simply Wall St
How Does NOTE's (STO:NOTE) P/E Compare To Its Industry, After The Share Price Drop?Valuation
Is NOTE undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: NOTE (SEK47.15) is trading below our estimate of fair value (SEK620.4)
Significantly Below Fair Value: NOTE is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: NOTE is good value based on its PE Ratio (14.4x) compared to the Electronic industry average (23.1x).
PE vs Market: NOTE is good value based on its PE Ratio (14.4x) compared to the Swedish market (18.6x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate NOTE's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: NOTE is good value based on its PB Ratio (2.7x) compared to the SE Electronic industry average (2.9x).
Next Steps
Future Growth
How is NOTE forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
21.8%
Forecasted Tech industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as NOTE has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
Next Steps
- Examine whether NOTE is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
- NOTE competitive advantages and company strategy can generally be found in its financial reports archived here.
- Explore growth companies in the Tech industry.
Past Performance
How has NOTE performed over the past 5 years?
21.3%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: NOTE has high quality earnings.
Growing Profit Margin: NOTE's current net profit margins (5.2%) are higher than last year (4.9%).
Past Earnings Growth Analysis
Earnings Trend: NOTE's earnings have grown significantly by 21.3% per year over the past 5 years.
Accelerating Growth: NOTE's earnings growth over the past year (30.4%) exceeds its 5-year average (21.3% per year).
Earnings vs Industry: NOTE earnings growth over the past year (30.4%) exceeded the Electronic industry -6.6%.
Return on Equity
High ROE: NOTE's Return on Equity (18.7%) is considered low.
Next Steps
Financial Health
How is NOTE's financial position?
Financial Position Analysis
Short Term Liabilities: NOTE's short term assets (SEK945.0M) exceed its short term liabilities (SEK662.0M).
Long Term Liabilities: NOTE's short term assets (SEK945.0M) exceed its long term liabilities (SEK66.0M).
Debt to Equity History and Analysis
Debt Level: NOTE's debt to equity ratio (37.2%) is considered satisfactory.
Reducing Debt: NOTE's debt to equity ratio has increased from 31.2% to 37.2% over the past 5 years.
Debt Coverage: NOTE's debt is well covered by operating cash flow (85.3%).
Interest Coverage: NOTE's interest payments on its debt are well covered by EBIT (15.3x coverage).
Balance Sheet
Next Steps
Dividend
What is NOTE's current dividend yield, its reliability and sustainability?
Dividend Yield vs Market
Notable Dividend: Unable to evaluate NOTE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.
High Dividend: Unable to evaluate NOTE's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.
Stability and Growth of Payments
Stable Dividend: Insufficient data to determine if NOTE's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if NOTE's dividend payments have been increasing.
Current Payout to Shareholders
Dividend Coverage: NOTE is not paying a notable dividend for the Swedish market.
Future Payout to Shareholders
Future Dividend Coverage: No need to calculate the sustainability of NOTE's dividend in 3 years as they are not forecast to pay a notable one for the Swedish market.
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
4.2yrs
Average management tenure
CEO
Johannes Lind-Widestam (47yo)
1.67yrs
Tenure
kr4,155,000
Compensation
Mr. Johannes Lind-Widestam is Chief Executive Officer and President of NOTE AB (publ) since September 2018. Mr. Lind-Widestam served as the Chief Executive Officer and President at Elos Medtech AB (publ) s ...
CEO Compensation Analysis
Compensation vs Market: Johannes's total compensation ($USD440.88K) is above average for companies of similar size in the Swedish market ($USD218.10K).
Compensation vs Earnings: Johannes's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & President | 1.67yrs | kr4.16m | 0.51% SEK6.8m | |
| Chief Financial Officer | 14.33yrs | kr412.00k | 0.72% SEK9.6m | |
| Corporate Accounting Manager | 4.17yrs | no data | no data | |
| Chief Sales Officer | 4.67yrs | no data | 0.54% SEK7.2m | |
| Head of Group Staff Accounting & Finance | no data | no data | no data | |
| Chief Procurement Officer | 2.75yrs | no data | 0.36% SEK4.8m | |
| President of NOTE Hyvinkää Oy | no data | no data | no data | |
| President of NOTE Components Gdansk Sp.z.o.o. | no data | no data | no data | |
| President of NOTE Tauragé UAB | no data | no data | no data | |
| President of NOTE Nyköping-Skänninge AB | no data | no data | no data |
4.2yrs
Average Tenure
52.5yo
Average Age
Experienced Management: NOTE's management team is considered experienced (4.2 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Independent Director | 1.33yrs | kr184.00k | no data | |
| Independent Director | 10.33yrs | kr141.00k | 3.36% SEK44.9m | |
| Independent Director | 1.33yrs | kr131.00k | 2.59% SEK34.7m | |
| Employee Representative Director | 2.92yrs | no data | 0.00036% SEK4.8k | |
| Independent Director | 1.33yrs | kr131.00k | 0.0060% SEK80.4k | |
| Chairman | 1.83yrs | kr303.00k | 25.4% SEK339.8m | |
| Independent Director | 5.33yrs | kr137.00k | 0.018% SEK240.0k | |
| Deputy Director | 2.92yrs | no data | no data | |
| Independent Director | 1.33yrs | kr154.00k | 0.029% SEK385.9k |
1.8yrs
Average Tenure
48yo
Average Age
Experienced Board: NOTE's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: NOTE insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
NOTE AB (publ)'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: NOTE AB (publ)
- Ticker: NOTE
- Exchange: OM
- Founded: 1999
- Industry: Electronic Manufacturing Services
- Sector: Tech
- Market Cap: kr1.338b
- Shares outstanding: 28.37m
- Website: https://www.note.eu
Number of Employees
Location
- NOTE AB (publ)
- Box 1285
- Kista
- 164 29
- Sweden
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| NOTE | OM (OMX Nordic Exchange Stockholm) | Yes | Class A Shares | SE | SEK | Jun 2004 |
| 0GSS | LSE (London Stock Exchange) | Yes | Class A Shares | GB | SEK | Jun 2004 |
| NOTES | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Class A Shares | GB | SEK | Jun 2004 |
Biography
NOTE AB (publ) operates as a manufacturing and logistics partner for producing electronics-based products primarily in Sweden, Finland, the United Kingdom, Estonia, and China. The company provides advanced production technology services in close collaboration with customers, such as component selection, developing test equipment, prototyping, and batch production, as well as after-sales services. It also produces PCBAs, sub-assemblies, and box build products. The company primarily serves the medtech, defence, manufacturing, communication, and consumer electronics industries. NOTE AB (publ) was founded in 1999 and is headquartered in Kista, Sweden.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/05/30 21:28 |
| End of Day Share Price | 2020/05/29 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2019/12/31 |
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 here.