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1. Company Snapshot

1.a. Company Description

NOTE AB (publ), together with its subsidiaries, provides electronics manufacturing services in Sweden, Finland, the United Kingdom, Estonia, China, and internationally.The company offers advanced production technology services in close collaboration with customers, such as component selection, developing test equipment, prototyping, and serial production, as well as after-sales services.It also produces PCBAs, sub-assemblies, and box build products.


The company primarily serves the medtech, greentech, industrial, and communication industries.NOTE AB (publ) was incorporated in 1999 and is headquartered in Stockholm, Sweden.

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1.b. Last Insights on NOTE

NOTE AB (publ) has seen a shift in its narrative due to analyst adjustments. The company's fair value estimate remains steady at 206 SEK, reflecting a solid Q3 performance. Analysts have recalibrated their valuation narrative, focusing on shifting market sentiment and execution risks. A modest change to the discount rate reflects ongoing macroeconomic pressures. The company's prospects are being reassessed based on recent commentary and new information. A fair value estimate revision to 203.0 SEK reflects a more cautious stance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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How The Story Behind NOTE (OM:NOTE) Is Shifting With Fresh Analyst Fair Value Views

Jan -28

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European Dividend Stocks To Watch In January 2026

Jan -27

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Why Analysts Say The Story For NOTE (OM:NOTE) Is Shifting After The Target Reset

Jan -13

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Brødrene A & O Johansen And 2 Other Undiscovered Gems In Europe

Dec -30

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What Analysts Now See Driving The NOTE Story After The Valuation Reset

Dec -15

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European Dividend Stocks To Watch In December 2025

Dec -09

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Why The Narrative Around NOTE Is Changing After Recent Analyst Adjustments

Nov -30

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How Recent Developments Are Shaping the Investment Story for NOTE

Nov -16

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Western Europe

Expected Growth: 4.5%

Western Europe's high-income economies, cultural diversity, and increasing demand for digitalization drive growth. Germany, UK, and France lead the region, with a growing middle class and urbanization fueling consumption.

Rest of World

Expected Growth: 4.5%

The Rest of World segment is expected to grow driven by increasing demand for electronics manufacturing services, particularly in Asia and the Americas, fueled by the rising adoption of IoT, 5G, and automotive technologies.

7. Detailed Products

Electronics Manufacturing Services (EMS)

NOTE AB provides electronics manufacturing services, including PCB assembly, box build, and testing, to original equipment manufacturers (OEMs) and electronics companies.

PCB Assembly

NOTE offers PCB assembly services, including surface mount technology (SMT), through-hole technology (THT), and mixed technology.

Box Build and System Integration

NOTE provides box build and system integration services, including mechanical assembly, wiring, and testing of complete systems.

Test and Inspection Services

NOTE offers a range of test and inspection services, including functional testing, in-circuit testing, and X-ray inspection.

Supply Chain Management

NOTE provides supply chain management services, including component sourcing, inventory management, and logistics.

Design and Engineering Services

NOTE offers design and engineering services, including PCB design, mechanical design, and product development.

8. NOTE AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for NOTE AB (publ) is medium due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for NOTE AB (publ) is high due to the concentration of customers and their ability to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers for NOTE AB (publ) is low due to the availability of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for NOTE AB (publ) is medium due to the presence of barriers to entry and the company's established market position.

Intensity Of Rivalry

The intensity of rivalry for NOTE AB (publ) is high due to the presence of several competitors in the market and the company's need to differentiate itself.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.72%
Debt Cost 6.06%
Equity Weight 69.28%
Equity Cost 10.33%
WACC 9.02%
Leverage 44.34%

11. Quality Control: NOTE AB (publ) passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Nokia

A-Score: 5.9/10

Value: 4.8

Growth: 8.8

Quality: 6.3

Yield: 3.8

Momentum: 8.5

Volatility: 3.0

1-Year Total Return ->

Stock-Card
Hanza

A-Score: 4.8/10

Value: 4.3

Growth: 7.1

Quality: 4.3

Yield: 1.9

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

Stock-Card
Detection Technology

A-Score: 4.7/10

Value: 5.3

Growth: 6.1

Quality: 6.5

Yield: 5.0

Momentum: 1.0

Volatility: 4.0

1-Year Total Return ->

Stock-Card
Jenoptik

A-Score: 4.4/10

Value: 6.5

Growth: 6.2

Quality: 4.8

Yield: 2.5

Momentum: 3.0

Volatility: 3.3

1-Year Total Return ->

Stock-Card
Nynomic

A-Score: 2.7/10

Value: 7.2

Growth: 2.9

Quality: 3.2

Yield: 0.0

Momentum: 0.5

Volatility: 2.7

1-Year Total Return ->

Stock-Card
Maris-Tech

A-Score: 2.5/10

Value: 7.2

Growth: 4.0

Quality: 3.8

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

187.5$

Current Price

187.5$

Potential

-0.00%

Expected Cash-Flows