NOTE AB (publ) (NOTE)

Nasdaq Stockholm | Industrials | Electronics manufacturing (EMS/contract manufacturing)
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Bull
Bear
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Signal
HOLD
Sentiment
7/10
Risk
4/10
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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 acq...
Exchange
Nasdaq Stockholm
Type
Industrials
Sector
Electronics manufacturing (EMS/contract manufacturing)
Market Cap
$520M

9 days ago 19 Jun 2026

Market sentiment

News sentiment is broadly **positive** around margins and increased defence exposure via STI, while the share price is described as near-term weak/hesitant. Investors focus on margin durability, order intake, and integration execution.

Why HOLD ?

- **Hold** given profitability, a reasonable balance sheet, and clear growth drivers in **Security & Defence** - However, **near-term uncertainty** remains around order timing/delivery delays and post-acquisition integration - The Q1 report is pivotal to validate demand and margin trends
  • Hold an existing position; consider adding after a strong Q1 report.

Recent News

  • Since the last analysis (2026-05-16), no new material press releases or company-specific news have been identified. The market is still waiting for the Q2 report (scheduled for 15 July 2026) for updates on demand, margins and progress following the STI acquisition; Q1 showed negative organic growth and a slightly lower adjusted operating margin.

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
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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
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Catalysts

15 Jul 2026 — STI integration and synergies

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Dilution Risk

Assessment: Low

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NOTE AB (publ) (NOTE)
HOLD
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The information on this page does not constitute investment advice. AI-generated analyses may contain errors. Always conduct your own research before making investment decisions. Firelda.ai is not responsible for any potential losses.