NOTE AB (publ) NOTE
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The news check keeps the assessment current.
General analysis — not personal advice.
Hold an existing position; consider adding after a strong Q1 report.
Weak organic growth, margin pressure and negative cash flow in Q3 outweigh defence order intake and support a continued hold stance.
The market reacted negatively to the earnings miss, weak cash flow and margin pressure.
HOLD is the call. Negative is the market mood. Medium risk means some things can go wrong.
Latest change
- 24 Oct 2026 — The report showed revenue and EPS below expectations, driving the negative share price reaction.
The full analysis is open. Follow the company free for the full change history — and email next time the picture changes.
Show all changes (3) — follow the company freeAbout the company
NOTE AB (publ) is a Swedish EMS company providing contract electronics manufacturing, including PCBA, sub-assemblies and box build. The company is profitable, serves customers across industrial, communications, medtech and Security & Defence, and grows both organically and through acquisitions.
Bull case
Exposure to the defence sector and the UK acquisition strategy continue to support growth.
Bear case
Low organic growth, margin erosion and weak cash flow increase the risk of further debt accumulation.
Why this signal
Weak organic growth, margin pressure and negative cash flow in Q3 outweigh defence order intake and support a continued hold stance.
Recent news
NOTE published its Q3 report on 23 October 2026. Revenue came in at 1 057 MSEK and EPS at 1.98 SEK, both below analyst expectations. The share price fell approximately 11 % on the day to around 154 SEK.