NOTE (NOTE) Stock Overview
Provides electronics manufacturing services in Sweden, Finland, the United Kingdom, Bulgaria, Estonia, China, and internationally. More details
| Snowflake Score | |
|---|---|
| Valuation | 5/6 |
| Future Growth | 3/6 |
| Past Performance | 4/6 |
| Financial Health | 4/6 |
| Dividends | 0/6 |
NOTE Community Fair Values
Create NarrativeSee what 9 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
NOTE AB (publ) Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | SEK 174.60 |
| 52 Week High | SEK 205.20 |
| 52 Week Low | SEK 147.10 |
| Beta | 0.56 |
| 1 Month Change | 0.92% |
| 3 Month Change | 6.40% |
| 1 Year Change | 10.23% |
| 3 Year Change | -25.26% |
| 5 Year Change | 111.12% |
| Change since IPO | 153.04% |
Recent News & Updates
Analysis Article • Apr 26
NOTE AB (publ) Just Missed EPS By 7.8%: Here's What Analysts Think Will Happen Next
Last week, you might have seen that NOTE AB (publ) ( STO:NOTE ) released its first-quarter result to the market. The...
Narrative Update • Apr 24
NOTE: Defense Order And Margin Guidance Will Shape Balanced Outlook
Narrative Update on NOTE The analyst price target for NOTE has shifted from SEK 191 to SEK 209.50, with analysts pointing to updated views on long term revenue growth, profitability, risk, and future P/E as key drivers of the change. Analyst Commentary Recent Street research on FiscalNote highlights how analysts are weighing valuation, balance sheet resilience, and execution risk, which can offer context when you think about similar factors that matter for NOTE.Recent updates
Analysis Article • Apr 26
NOTE AB (publ) Just Missed EPS By 7.8%: Here's What Analysts Think Will Happen Next
Last week, you might have seen that NOTE AB (publ) ( STO:NOTE ) released its first-quarter result to the market. The...Narrative Update • Apr 24
NOTE: Defense Order And Margin Guidance Will Shape Balanced Outlook
Narrative Update on NOTE The analyst price target for NOTE has shifted from SEK 191 to SEK 209.50, with analysts pointing to updated views on long term revenue growth, profitability, risk, and future P/E as key drivers of the change. Analyst Commentary Recent Street research on FiscalNote highlights how analysts are weighing valuation, balance sheet resilience, and execution risk, which can offer context when you think about similar factors that matter for NOTE.Analysis Article • Apr 10
Upgrade: The Latest Revenue Forecasts For NOTE AB (publ) (STO:NOTE)
NOTE AB (publ) ( STO:NOTE ) shareholders will have a reason to smile today, with the covering analyst making...
Narrative Update • Apr 09
NOTE: Defense Order And Tighter Assumptions Will Guide Balanced Future Outlook
Analysts have trimmed their SEK price target on NOTE by SEK 2.00, citing revised expectations for future revenue growth, slightly higher profit margins, a modestly higher discount rate and a lower future P/E multiple in their updated models. Analyst Commentary Bearish analysts are framing the SEK 2.00 trim to NOTE's price target as a reflection of tighter assumptions around what the business can reasonably deliver, both on growth and on valuation.Narrative Update • Mar 26
NOTE: Defense Order And Updated Assumptions Will Shape Balanced Future Outlook
Analysts have trimmed their SEK price target on NOTE by SEK 2, citing updated assumptions for revenue growth, profit margins and future P/E levels as reflected in recent research commentary. Analyst Commentary Bearish analysts are using the latest SEK 2 price target trim on NOTE as a signal to reset expectations around what they see as a more conservative outlook for revenue, margin sustainability and future P/E levels.Narrative Update • Mar 11
NOTE: Updated Assumptions And Defense Order Will Support Balanced Future Outlook
Analysts have adjusted their price target on NOTE to SEK 191 from SEK 200, citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News NOTE received an order worth SEK 135 million from a long term Nordic defense customer that is a market leader in its field (Key Developments).Narrative Update • Feb 25
NOTE: Defense Order And Revised Assumptions Will Support Balanced Future Outlook
Analysts now set a higher price target for NOTE at SEK182, up from SEK127, reflecting updated assumptions for revenue growth, profit margins, discount rate and future P/E levels. What's in the News NOTE received an order worth SEK 135 million from a long term customer in the defense segment, a Nordic defense company that is described as a market leader in its field (Key Developments).Narrative Update • Feb 11
NOTE: Refined Assumptions And Steady Fair Value Will Support Future Upside
Analysts have slightly adjusted their price target on NOTE to reflect updated assumptions around discount rate, revenue growth, profit margin and future P/E, while keeping fair value broadly aligned with prior estimates. Valuation Changes Fair Value: Held steady at SEK 200.0, indicating no change in the central valuation output.Analysis Article • Feb 02
NOTE's (STO:NOTE) Solid Earnings Have Been Accounted For Conservatively
NOTE AB (publ)'s ( STO:NOTE ) recent earnings report didn't offer any surprises, with the shares unchanged over the...Analysis Article • Jan 29
Earnings Update: NOTE AB (publ) (STO:NOTE) Just Reported Its Annual Results And Analysts Are Updating Their Forecasts
NOTE AB (publ) ( STO:NOTE ) came out with its yearly results last week, and we wanted to see how the business is...Narrative Update • Jan 27
NOTE: Reset Multiple And Solid Q3 Will Support Future Upside Potential
Narrative Update on NOTE Analysts have reduced their price target on NOTE from US$18 to US$7. This reflects a reset valuation multiple while they reference a solid recent Q3 report as support for their updated view.Narrative Update • Jan 12
NOTE: Reset Multiple And Solid Q3 Will Support Upside Potential
Narrative Update on NOTE Analysts have trimmed their price target on NOTE to US$7 from US$18, reflecting a lower valuation multiple after recent research, while still pointing to what they describe as a solid Q3 showing. Analyst Commentary Recent Street research on NOTE points to a reset valuation framework, with the price target cut to US$7 from US$18, while still highlighting what is described as a solid Q3 report.Narrative Update • Dec 14
NOTE: Reset Multiple And Solid Quarter Will Drive Long-Term Upside
Narrative Update on Analyst Price Target Analysts have cut their price target on NOTE to $7 from $18, reflecting a reset valuation multiple. They also point to a solid recent quarterly report as support for the updated outlook.Narrative Update • Nov 30
NOTE: Strong Q3 Performance Will Drive Long-Term Upside Despite Sector Re-Rating
Analysts have lowered the price target for NOTE substantially, from $18 to $7, as they cite a reset in valuation multiples despite a solid recent earnings report. Analyst Commentary Market observers have provided updated insights regarding NOTE following the recent adjustment in valuation.Narrative Update • Nov 15
NOTE: Solid Third-Quarter Performance Will Support Prospects Despite Market Headwinds
Analysts have lowered their price target for FiscalNote to $7 from $18, citing a reset valuation multiple. This change comes despite what they describe as a solid third-quarter report.Narrative Update • Nov 01
NOTE: Fair Value Outlook Will Remain Steady As Projections Hold
Analysts have reaffirmed their fair value estimate for NOTE at $206.00, citing slight refinements in key financial assumptions and a long-term outlook that remains unchanged. Valuation Changes Fair Value Estimate remains unchanged at $206.00.Narrative Update • Oct 17
Relocation To European Facilities Will Secure Future Resilience
Analysts have revised their price target for NOTE downward from $210 to $206. This change reflects adjustments to projected revenue growth and discount rates in their updated outlook.Analysis Article • Oct 06
Calculating The Intrinsic Value Of NOTE AB (publ) (STO:NOTE)
Key Insights Using the 2 Stage Free Cash Flow to Equity, NOTE fair value estimate is kr183 NOTE's kr198 share price...Narrative Update • Oct 03
Relocation To European Facilities Will Secure Future Resilience
Analysts have raised their price target for NOTE from $168.50 to $210.00. They cite expectations of stronger revenue growth, higher profit margins, and a modestly increased discount rate.Analysis Article • Jul 18
Results: NOTE AB (publ) Exceeded Expectations And The Consensus Has Updated Its Estimates
It's been a good week for NOTE AB (publ) ( STO:NOTE ) shareholders, because the company has just released its latest...Analysis Article • May 02
There May Be Some Bright Spots In NOTE's (STO:NOTE) Earnings
NOTE AB (publ)'s ( STO:NOTE ) earnings announcement last week didn't impress shareholders. However, our analysis...Analysis Article • Mar 19
NOTE AB (publ)'s (STO:NOTE) Price Is Out Of Tune With Earnings
With a median price-to-earnings (or "P/E") ratio of close to 22x in Sweden, you could be forgiven for feeling...
New Narrative • Feb 12
Strong Cash Flow Will Support Potential Investments In EV Charger Market
Stabilization of demand and cost realignment may increase net margins as volumes improve, supporting capacity building and future revenue growth.Analysis Article • Oct 22
Some May Be Optimistic About NOTE's (STO:NOTE) Earnings
The market was pleased with the recent earnings report from NOTE AB (publ) ( STO:NOTE ), despite the profit numbers...Analysis Article • Oct 15
Earnings Working Against NOTE AB (publ)'s (STO:NOTE) Share Price
With a price-to-earnings (or "P/E") ratio of 14.3x NOTE AB (publ) ( STO:NOTE ) may be sending bullish signals at the...Analysis Article • Sep 20
NOTE (STO:NOTE) Has A Pretty Healthy Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Mar 15
Does NOTE (STO:NOTE) Deserve A Spot On Your Watchlist?
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Analysis Article • Jan 30
Returns on Capital Paint A Bright Future For NOTE (STO:NOTE)
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...Analysis Article • Dec 09
Do NOTE's (STO:NOTE) Earnings Warrant Your Attention?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Shareholder Returns
| NOTE | SE Electronic | SE Market | |
|---|---|---|---|
| 7D | 2.3% | 2.2% | 3.7% |
| 1Y | 10.2% | 16.8% | 15.7% |
Return vs Industry: NOTE underperformed the Swedish Electronic industry which returned 16.8% over the past year.
Return vs Market: NOTE underperformed the Swedish Market which returned 15.7% over the past year.
Price Volatility
| NOTE volatility | |
|---|---|
| NOTE Average Weekly Movement | 5.7% |
| Electronic Industry Average Movement | 7.3% |
| Market Average Movement | 6.5% |
| 10% most volatile stocks in SE Market | 13.1% |
| 10% least volatile stocks in SE Market | 3.7% |
Stable Share Price: NOTE has not had significant price volatility in the past 3 months compared to the Swedish market.
Volatility Over Time: NOTE's weekly volatility (6%) has been stable 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 Sweden, Finland, the United Kingdom, Bulgaria, Estonia, China, and internationally. The company offers production technology 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
| NOTE fundamental statistics | |
|---|---|
| Market cap | SEK 4.98b |
| Earnings (TTM) | SEK 268.00m |
| Revenue (TTM) | SEK 3.77b |
18.6x
P/E Ratio1.3x
P/S RatioIs NOTE overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| NOTE income statement (TTM) | |
|---|---|
| Revenue | SEK 3.77b |
| Cost of Revenue | SEK 3.25b |
| Gross Profit | SEK 525.00m |
| Other Expenses | SEK 257.00m |
| Earnings | SEK 268.00m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
Jul 15, 2026
| Earnings per share (EPS) | 9.39 |
| Gross Margin | 13.91% |
| Net Profit Margin | 7.10% |
| Debt/Equity Ratio | 93.2% |
How did NOTE perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/07 12:24 |
| End of Day Share Price | 2026/05/07 00:00 |
| Earnings | 2026/03/31 |
| 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 |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
| |
| Key Developments | 10 years |
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* 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 world class team 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 |