NOTE AB (publ)

OM:NOTE Stock Report

Market Cap: SEK 4.2b

NOTE Future Growth

Future criteria checks 4/6

NOTE is forecast to grow earnings and revenue by 23.2% and 13.7% per annum respectively. EPS is expected to grow by 23.2% per annum. Return on equity is forecast to be 17.8% in 3 years.

Key information

23.2%

Earnings growth rate

23.17%

EPS growth rate

Electronic earnings growth-8.7%
Revenue growth rate13.7%
Future return on equity17.83%
Analyst coverage

Low

Last updated20 Jul 2026

Recent future growth updates

Analysis Article • Jul 19

NOTE AB (publ) Just Missed Earnings - But Analysts Have Updated Their Models

As you might know, NOTE AB (publ) ( STO:NOTE ) last week released its latest quarterly, and things did not turn out so...
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...
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...
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...

Recent updates

Analysis Article • Jul 19

NOTE AB (publ) Just Missed Earnings - But Analysts Have Updated Their Models

As you might know, NOTE AB (publ) ( STO:NOTE ) last week released its latest quarterly, and things did not turn out so...
Narrative Update • Jul 01

NOTE: Higher Fair Value And Withheld Dividend Will Shape Bullish Outlook

The analyst fair value estimate for FiscalNote (NOTE) has shifted from SEK 182 to SEK 205, with analysts citing updated assumptions on growth, margins, and future P/E multiples following the recent Street research commentary. What’s in the News for NOTE At the Annual General Meeting held on April 23, 2026, NOTE AB resolved, in line with the Board of Directors’ proposal, that no dividend will be paid to shareholders for the period reported.
Narrative Update • Jun 17

NOTE: Refined Risk Profile Will Support Long-Term Survival Optionality

Analysts have trimmed their fair value estimate for FiscalNote (NOTE) to SEK 208.0 from SEK 209.5, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E following a series of recent price target cuts across the Street. Analyst Commentary Recent Street research on FiscalNote highlights a mix of cautious and constructive views, with multiple firms revisiting price targets and rechecking key assumptions behind the stock's valuation.
Narrative Update • Jun 02

NOTE: Refined Risk Profile Will Support Future Upside Potential

Analysts reduced their SEK price target on NOTE by SEK 5.50, citing updated views on the company’s risk profile and earnings potential. These changes are now reflected in slightly lower P/E and discount rate assumptions.
Narrative Update • May 19

NOTE: Liquidity And Delisting Risks Will Ultimately Define Upside Potential

Narrative Update on NOTE Price Target The updated analyst price target for NOTE reflects a reduction of SEK 5.50, as analysts factor in recent cuts from several firms citing delisting risk and more conservative assumptions on discount rate and future P/E multiples. Analyst Commentary Recent research on NOTE clusters around concerns about delisting risk, liquidity, and how to frame a realistic valuation when visibility on execution and funding is limited.
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...
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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...

Earnings and Revenue Growth Forecasts

OM:NOTE - Analysts future estimates and past financials data (SEK Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20285,7054404065442
12/31/20275,3063913064202
12/31/20264,6342881983412
6/30/20263,968248297267N/A
3/31/20263,773268378378N/A
12/31/20253,814281507507N/A
9/30/20253,838268512592N/A
6/30/20253,817257509627N/A
3/31/20253,849249613695N/A
12/31/20243,901248495602N/A
9/30/20243,956266488602N/A
6/30/20244,181288380488N/A
3/31/20244,247299258356N/A
12/31/20234,243320247342N/A
9/30/20234,201328153238N/A
6/30/20234,09730377148N/A
3/31/20233,91728357115N/A
12/31/20223,687254350N/A
9/30/20223,463223-57-33N/A
6/30/20223,218231-70-39N/A
3/31/20222,962219-54-23N/A
12/31/20212,643194-62-33N/A
9/30/20212,295158-338N/A
6/30/20212,0431386784N/A
3/31/20211,901125109129N/A
12/31/20201,874116172189N/A
9/30/20201,891110212240N/A
6/30/20201,892104210246N/A
3/31/20201,83094N/A159N/A
12/31/20191,76092N/A96N/A
9/30/20191,67490N/A4N/A
6/30/20191,56479N/A7N/A
3/31/20191,47672N/A15N/A
12/31/20181,37964N/A27N/A
9/30/20181,30758N/A25N/A
6/30/20181,24863N/A2N/A
3/31/20181,20757N/A20N/A
12/31/20171,17672N/A40N/A
9/30/20171,13967N/A37N/A
6/30/20171,12263N/A57N/A
3/31/20171,09662N/A56N/A
12/31/20161,09845N/A49N/A
9/30/20161,11539N/A74N/A
6/30/20161,12838N/A44N/A
3/31/20161,12536N/A23N/A
12/31/20151,12235N/A19N/A
9/30/20151,06435N/A4N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NOTE's forecast earnings growth (23.2% per year) is above the savings rate (2%).

Earnings vs Market: NOTE's earnings (23.2% per year) are forecast to grow faster than the Swedish market (7.3% per year).

High Growth Earnings: NOTE's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: NOTE's revenue (13.7% per year) is forecast to grow faster than the Swedish market (-1.5% per year).

High Growth Revenue: NOTE's revenue (13.7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NOTE's Return on Equity is forecast to be low in 3 years time (17.8%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/23 23:43
End of Day Share Price 2026/07/23 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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.

AnalystInstitution
Anders AkerblomNordea Markets
Anton IngvesNordea Markets
Michael LatimoreNorthland Capital Markets