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.
Strong order intake and analyst support balance weaker cash flow and reported margin from Q2, supporting the hold stance.
Sentiment has improved following the new defence order and analyst upgrade, although Q2 cash flow and margins still weigh on the view.
HOLD is the call. Neutral is the market mood. Medium risk means some things can go wrong.
Latest change
- 16 Jul 2026 — 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%.
The full analysis is open. Follow the company free for the full change history — and email next time the picture changes.
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.
Bull case
The defence contract and Torsby capacity expansion reinforce growth in Security & Defence.
Bear case
Negative cash flow and lower reported margin create uncertainty around margin normalisation.
Why this signal
Strong order intake and analyst support balance weaker cash flow and reported margin from Q2, supporting the hold stance.
Recent news
NOTE won a Security & Defence order worth approximately 160 MSEK over three years from a European customer with higher initial delivery pace. SEB upgraded to Buy and raised the target price to 197 SEK. The company acquired property in Torsby for 41.5 MSEK to support expansion.