NOTE AB (NOTE) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of NOTE AB stock SEK 255, price SEK 153, upside +66.9%, quality 55 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range kr 106.70 – kr 241.77 · fair‑value band kr 166.13 – kr 344.50 · the kr 152.80 price screens below the kr 255.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.
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NOTE AB (publ), together with its subsidiaries, provides electronics manufacturing services in Sweden, Finland, the United Kingdom, Bulgaria, Estonia, China, and internationally.
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The company offers production technology services in close collaboration with customers, such as component selection, developing test equipment, prototyping, and serial production. It also produces PCBAs, subassemblies, and box build products.
In addition, the company provides development, sourcing and logistics, contract manufacturing, and after-sales services. It serves its products to medtech, greentech, industrial, and communication industries. NOTE AB (publ) was incorporated in 1990 and is headquartered in Stockholm, Sweden.
Stock analysis
NOTE AB (NOTE) currently trades at kr 152.80, while our model-based Fair Value estimate is kr 255.08, implying the stock looks roughly 40% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 265.74 per share, and 16 of the 26 models we run sit above the kr 152.80 price.
Bear case: the Earnings-Based group reads lowest at kr 99.38, and 10 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 166.13 (bear) to kr 344.50 (bull), the price of kr 152.80 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
NOTE AB reported revenue of 3.8B SEK in FY2025 versus 2.6B SEK in FY2021, a compound +9.6%/yr. Reported net income was 281M SEK in FY2025, compounding +9.7%/yr from FY2021.
Key figures
Market cap 4.4B SEK (≈ $442M) Small · P/E ratio 17.3 · P/S ratio 1.04 · EPS (TTM) kr 8.81 · Dividend yield 4.5% · Net margin 6.0% · Return on equity 14.3% · Return on assets (EBIT) 11.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at 67%, NOTE screens cheaper than that median.
Fair Value models
Bearkr 166.13Fair Value kr 255.08Bullkr 344.50
Price kr 152.80 · Upside +66.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 7.55 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
Start year 2020 (pandemic). Over 10 years: +13.0% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+23.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+19.4%
Dividend (yield on the price)4.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19.4% vs 23.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about −1.4% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Components · 653 stocks
Beats the industry median on 14/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside+66.9% · Top 25%
Profitability
Return on equity (12 months)14.3% · Top 25%
Return on assets8.2% · Top 25%
Net margin (12 months)6.0% · Above median
Operating margin (12 months)9.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)27.3% · Above median
Dividend yield (12 months)4.5% · Top 25%
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Electronic Components median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "NOTE AB Fair Value". https://www.fairvalue-calculator.com/stock/NOTE
Frequently asked questions
Is NOTE AB (NOTE) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of kr 255.08 versus a price of kr 152.80, about +67% upside (undervalued).
What is the fair value of NOTE?
Our model-based fair value for NOTE AB is kr 255.08 (as of Nov 4, 2026), built from audited fundamentals. The current price: kr 152.80.
What is the quality score of NOTE?
NOTE AB has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NOTE AB (NOTE)?
Our model-based price target is the fair value of kr 255.08 (as of Nov 4, 2026) from 26 valuation models. Cautious scenario kr 166.13, optimistic scenario kr 344.50. It is a calculation from audited fundamentals, not an analyst target.
What is the NOTE AB stock forecast for 2026?
Our models put fair value at kr 255.08, about +67% upside versus a price of kr 152.80 (undervalued). Cautious scenario kr 166.13, optimistic scenario kr 344.50. The calculation is refreshed regularly with new filings.
What is the revenue of NOTE AB (NOTE)?
NOTE AB reported trailing-twelve-month revenue of about 4.2B SEK (latest available figure, as of Nov 4, 2026).
Does NOTE AB pay a dividend?
NOTE AB currently shows a dividend yield of 4.46% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of NOTE AB (NOTE)?
NOTE AB has a dividend yield of 4.5%.
What growth is priced into NOTE AB (NOTE)?
For today's price to be fair in a discounted-cash-flow model, NOTE AB would have to grow free cash flow by +0.6 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.3 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of NOTE use?
Our models discount NOTE AB at 9.7 %: a base by market capitalisation (small), damped by beta 0.54, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NOTE AB that is +0.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has NOTE AB (NOTE) delivered so far?
Over the past 5 years revenue at NOTE AB grew +15.3 % a year. The price currently implies free-cash-flow growth of +0.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of NOTE AB (NOTE) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into NOTE AB (+0.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NOTE AB (NOTE)?
The free-cash-flow yield on the price is 8.97 %: that much free cash flow NOTE AB produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NOTE AB (NOTE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NOTE AB it is kr 255.08 per share (as of Nov 4, 2026), against a price of kr 152.80. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is NOTE AB stock overvalued or undervalued in 2026?
As of Nov 4, 2026, NOTE trades below its calculated fair value: price kr 152.80, fair value kr 255.08, a gap of about +67% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NOTE?
No. The price is what the market pays today (kr 152.80); the fair value is what the company's own numbers justify (kr 255.08). For NOTE AB the two are kr 102.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is NOTE AB worth?
The market values NOTE AB at about 4.4B SEK (market capitalisation, as of Nov 4, 2026). Per share that is kr 152.80; our models calculate a fair value of kr 255.08 per share.
What do the bullish and bearish scenarios say about NOTE?
Our models span a range for NOTE AB: cautious scenario kr 166.13, base kr 255.08, optimistic kr 344.50 per share (as of Nov 4, 2026, price kr 152.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NOTE?
NOTE AB trades at a price-to-earnings ratio of 17.3 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 255.08 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 14.1. Other multiples: PEG 0.9, P/B 2.7, P/S 1.0, EV/EBITDA 7.9.
What is the PEG ratio of NOTE?
The PEG ratio of NOTE AB is 0.89 (P/E divided by earnings growth, as of Nov 4, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of NOTE AB (NOTE)?
Balance-sheet figures for NOTE AB (as of Nov 4, 2026): return on equity 14.3%, debt of 0.08 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is NOTE from its 52-week high?
NOTE AB trades at kr 152.80, about 25% below its 52-week high of kr 203.60 and 8% above the low of kr 141.60 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 255.08 is for.
Which stocks are comparable to NOTE AB?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NOTE AB stock attractive at the current price?
The data as of Nov 4, 2026: price kr 152.80, calculated fair value kr 255.08 (+67%), Quality Score 55/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NOTE calculated?
We run NOTE AB through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 255.08 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. NOTE AB currently trades 40% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NOTE AB (NOTE)?
The closing price on Nov 6, 2026 was kr 152.80. Our model-based fair value is kr 255.08, about +67% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NOTE AB right now?
The price is below even our cautious bear case (kr 166.13). The market is more pessimistic than our downside scenario. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 166.13 to kr 344.50) leaves room in how you read the outcome.
Where does the earnings growth of NOTE AB (NOTE) come from?
Earnings per share at NOTE AB grew +26.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +15.9 %, EBIT margin +9.4 %, tax rate −0.6 %, residual (interest, one-offs) +0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of NOTE AB
How large is the market capitalisation of NOTE AB (NOTE)?
The market capitalisation of NOTE AB is 4.4B SEK (≈ $442M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NOTE AB (NOTE)?
The price-to-sales ratio of NOTE AB is 1.04 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NOTE AB (NOTE)?
Earnings per share at NOTE AB are kr 8.81 (price ÷ EPS = P/E 17.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NOTE AB (NOTE)?
The dividend yield of NOTE AB is 4.5% (payout 77.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NOTE AB (NOTE)?
The net margin of NOTE AB is 6.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NOTE AB (NOTE)?
The return on equity (ROE) of NOTE AB is 14.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NOTE AB (NOTE)?
On an EBIT basis the return on assets of NOTE AB is 11.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NOTE AB (NOTE)?
The operating margin of NOTE AB is 9.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NOTE AB (NOTE)?
Revenue at NOTE AB is growing +27.3% versus a year earlier (3y avg +1.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NOTE AB (NOTE)?
Earnings per share at NOTE AB are growing +4.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NOTE AB (NOTE) carry?
The net debt of NOTE AB is 634M SEK (fiscal year 2025, ≈ 1.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 4, 2026