NOTE AB (publ) NOTE
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Full analysis: 6 Apr 2026
Latest news check: 16 Jul 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Hold an existing position; consider adding after a strong Q1 report.
Hold: the company continues to deliver strong revenue growth and stable adjusted margins, but negative cash flow and lower reported margin increase near-term uncertainty. The new AI data-center customer and defence exposure are positive catalysts, but the market will likely want evidence of cash-flow normalization and accelerating organic growth in H2.
Market sentiment
6/10
↓
Trend: Declining
Sentiment has weakened somewhat after the report due to weaker reported margin and cash flow, despite adjusted EBIT being in line with expectations and the order backlog increasing.
Risk assessment
5/10
Dilution:
Low
Profitable with positive operating cash flow
Jurisdiction:
Low
Sweden/EU/UK with stable legal systems
Execution:
Medium
Integration risk and demand/utilization variability
Recent changes
- Revenue was 1,175 MSEK (+20% YoY) but reported operating margin fell to 7.7% and operating cash flow was -34 MSEK; adjusted margin was unchanged at 9.6% and order backlog rose 11%.
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Show all changes (2) — 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.
Sector:
Electronics manufacturing (EMS/contract manufacturing)
Type:
Industrial
Next report
23 Oct 2026
Q3
Catalysts
Q1 2027
Production start for new AI data-center customer
Medium
Horizon:
Bull case
Q1 report on 23 Apr 2026 could confirm stable demand and margins
- STI acquisition may drive a re-rating once early contribution is visible
- Dividend expectations may provide some downside support
Bear case
Risk of order push-outs/delivery delays (notably in defence)
- Weak near-term price trend could persist on a soft report
- Macro uncertainty may reduce industrial customer spending
Signal rationale (informational)
Hold: the company continues to deliver strong revenue growth and stable adjusted margins, but negative cash flow and lower reported margin increase near-term uncertainty. The new AI data-center customer and defence exposure are positive catalysts, but the market will likely want evidence of cash-flow normalization and accelerating organic growth in H2.
Recent news
- NOTE released Q2 (2026-07-15): net sales SEK 1,175m (+20%), ~1% organic growth adjusted for FX/M&A. EBIT SEK 90m (101) with a 7.7% operating margin (10.3), while adjusted EBIT was SEK 112m (94) and adjusted margin 9.6% (9.6). Operating cash flow was SEK -34m and cash declined to SEK 147m (372). Order backlog was +11% YoY. In addition, an agreement was reported with a new AI data-center hardware customer, with production start expected in Q1 2027.
Price & valuation
Last close
SEK 148
1 week
-0.6 %
3 months
-17.0 %
12 months
-19.4 %
From 52w high
-27.3 %
From 52w low
+4.6 %
Exchange
Stockholm
Type
Industrials
Sector
Electronics manufacturing (EMS/contract manufacturing)
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.