NOTE AB (publ)

OM:NOTE Stock Report

Market Cap: SEK 4.8b

NOTE Management

Management criteria checks 3/4

NOTE's CEO is Johannes Lind-Widestam, appointed in Sep 2018, has a tenure of 7.75 years. total yearly compensation is SEK7.12M, comprised of 57.5% salary and 42.5% bonuses, including company stock and options. directly owns 1.08% of the company’s shares, worth SEK51.77M. The average tenure of the management team and the board of directors is 4.3 years and 2.4 years respectively.

Key information

Johannes Lind-Widestam

Chief executive officer

SEK 7.1m

Total compensation

CEO salary percentage57.54%
CEO tenure7.8yrs
CEO ownership1.1%
Management average tenure4.3yrs
Board average tenure2.4yrs

Recent management updates

Recent updates

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...

CEO Compensation Analysis

How has Johannes Lind-Widestam's remuneration changed compared to NOTE's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

SEK 268m

Dec 31 2025SEK 7mSEK 4m

SEK 281m

Sep 30 2025n/an/a

SEK 268m

Jun 30 2025n/an/a

SEK 257m

Mar 31 2025n/an/a

SEK 249m

Dec 31 2024SEK 7mSEK 4m

SEK 248m

Sep 30 2024n/an/a

SEK 266m

Jun 30 2024n/an/a

SEK 288m

Mar 31 2024n/an/a

SEK 299m

Dec 31 2023SEK 7mSEK 3m

SEK 320m

Sep 30 2023n/an/a

SEK 328m

Jun 30 2023n/an/a

SEK 303m

Mar 31 2023n/an/a

SEK 283m

Dec 31 2022SEK 6mSEK 3m

SEK 254m

Sep 30 2022n/an/a

SEK 223m

Jun 30 2022n/an/a

SEK 231m

Mar 31 2022n/an/a

SEK 219m

Dec 31 2021SEK 5mSEK 3m

SEK 194m

Sep 30 2021n/an/a

SEK 158m

Jun 30 2021n/an/a

SEK 138m

Mar 31 2021n/an/a

SEK 125m

Dec 31 2020SEK 5mSEK 3m

SEK 116m

Sep 30 2020n/an/a

SEK 110m

Jun 30 2020n/an/a

SEK 104m

Mar 31 2020n/an/a

SEK 94m

Dec 31 2019SEK 4mSEK 2m

SEK 92m

Compensation vs Market: Johannes's total compensation ($USD755.16K) is about average for companies of similar size in the Swedish market ($USD700.50K).

Compensation vs Earnings: Johannes's compensation has been consistent with company performance over the past year.

CEO

Johannes Lind-Widestam (54 yo)

7.8yrs
Tenure
SEK 7,115,000
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...

Leadership Team

NamePositionTenureCompensationOwnership
Johannes Lind-Widestam
CEO & President7.8yrsSEK 7.12m1.08%
SEK 51.8m
Bahare Mackinovski
Chief Sales & Marketing Officerless than a yearSEK 250.00k0.013%
SEK 605.8k
Frida Frykstrand
Chief Financial Officer4.2yrsno data0.0034%
SEK 165.0k
Christoffer Skogh
Managing Directorno datano datano data
Cecilia Örn-Lindberg
Chief Procurement Officer4.4yrsno datano data
4.3yrs
Average Tenure
46yo
Average Age

Experienced Management: NOTE's management team is considered experienced (4.3 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Anna Belfrage
Independent Chairman of the Board7.4yrsSEK 458.00kno data
Johan Hagberg
Director9.4yrsSEK 233.00k19.29%
SEK 925.1m
Egil Dahl
Independent Director2.4yrsSEK 232.00k6.04%
SEK 289.8m
Charlotte Stjerngren
Independent Director7.4yrsSEK 290.00k0.035%
SEK 1.7m
Malcolm Hardie
Employee Representative Director2.4yrsno datano data
Jan Engelberg
Directorless than a yearno datano data
Michael Wigston
Directorless than a yearno datano data
2.4yrs
Average Tenure
58yo
Average Age

Experienced Board: NOTE's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/15 04:09
End of Day Share Price 2026/06/12 00:00
Earnings2026/03/31
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