contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


notes-annual-and-sustainability-report-2025

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Note operates in the electronics industry and focuses on the development and manufacturing of electronic components and systems. The company's products are aimed at companies in sectors such as the automotive industry, medical technology and consumer electronics. The operations are international and target customers globally. Note was founded in 1990 and is headquartered in Stockholm.

According to Note itself, an expectedly soft start to the year with revenue falling organically by 6% and profitability weakening: the CEO’s review focuses mainly on the “strategic” (sigh) acquisition in the defense sector, and the soft quarter is explained by customer caution.                   Inderes              NOTE’s Interim Report Q1 2026 - Inderes    Financial performance in January - March • Sales amounted to SEK 962 (1,003) million. Organic growth was -6%, currency and acquisition adjusted. • Operating profit was SEK 84 (93) million. Adjusted...                              ” At the end of the quarter, we completed our acquisition of STI, the UK’s leading EMS partner for the defence industry, which we view as transformational for the whole of NOTE. A strategically vital acquisition that complements our existing structure and strengthens our offering to both existing and new defence customers across Europe. We add several of Europe’s leading defence corporations to our established Security & Defence partnerships—a strategic segment for NOTE.  In March, Note announced it had acquired the British defense subcontractor STI at multiples of approximately 10x EV/EBITDA.                   Inderes              NOTE strengthens its defence position through the acquisition of STI - the...    NOTE has acquired 100 percent of the shares in STI Enterprises Holdings Limited (“STI”), the UK’s leading manufacturer of advanced and mission‑critical electronic solutions for the defence industry...                              NOTE has acquired 100 percent of the shares in STI Enterprises Holdings Limited (“STI”), the UK’s leading manufacturer of advanced and mission‑critical electronic solutions for the defence industry. The acquisition strengthens NOTE’s position within the strategically important defence segment and represents a significant expansion of the Security & Defence segment. STI is a well‑established EMS partner with long-standing customer relationships and extensive experience of working with leading global defence companies. The company operates across all defence domains – air, land, cyber and marine – and runs two high‑technology production sites in Hook and Poynton, with extensive capabilities in advanced PCBA, box build and testing. STI is expected to generate revenues of GBP 60 million (~SEK 750 million) in 2026 and has a strong order book. Profitability is in line with NOTE’s. The company has approximately 300 employees.

Recording the results for this quiet thread. Revenue was slightly over a billion kronor, profitability improved to 11%.  Financial performance in October-December  • Sales amounted to SEK 1,001 (1,025) million. Organic growth was -1%, currency adjusted.  • Operating profit was SEK 113 (98) million. Adjusted operating profit was SEK 114 (108) million, adjusted for revaluations of operating assets and liabilities in foreign currencies and acquisition costs.  • The operating margin amounted to 11.3% (9.5%). The adjusted operating margin was 11.4% (10.5%).  • Profit after financial items was SEK 109 (91) million.  • Profit after tax amounted to SEK 86 (73) million, corresponding to SEK 3.04 (2.55) per share.  • Adjusted for items affecting comparability, such as acquisition-related payments made and investments in the property in Torsby, Sweden, operating cash flow amounted to SEK 58 (140) million. Total cash flow after investments amounted to SEK -285 (124) million, or SEK -9.98 (4.35) per share.                    Inderes              NOTEs Year-end Report 2025 - Inderes    Financial performance in October-December • Sales amounted to SEK 1,001 (1,025) million. Organic growth was -1%, currency adjusted. • Operating profit was SEK 113 (98) million. Adjusted operating...                             Webcast                   Inderes              NOTE, Webcast, Q4'25 - Inderes    Time: 26.01.2026 klo 11.00 Language: en Language: en Venue: Citylife, Sveavägen 63 Sector: Information technology Activity: WebcastPresentationen kommer att hållas hos Citylife på Sveavägen 63 via Inderes i Stockholm. Anmälan görs...                             aaahhhhh  Dividend  • To maximise its financial freedom to act in the sector’s ongoing structural transformation, the Board of Directors is proposing that no dividend is paid for 2025.

Inderes              NOTE, Webcast, Q3'25 - Inderes    Time: 16.10.2025 klo 11.00 Language: en Language: en Venue: Citylife, Sveavägen 63 Sector: Information technology Activity: WebcastPresentationen kommer att hållas hos Citylife på Sveavägen 63 via Inderes i Stockholm. Anmälan görs...                             An interesting observation from NOTE’s Lind-Widestam in the webcast. They are apparently not currently looking for acquisitions in Germany, because the weak situation in the automotive sector has led to several contract manufacturers trying to find customers from other segments. This, in turn, intensifies competition, which then drives down prices and profitability. I’m noting this comment here, but this is a phenomenon I have highlighted as happening in Finland, for example, in the IT services sector. When competition intensifies, companies start acquiring more sales by lowering prices → everyone’

NOTE acquires in the UK. 12 million GBP turnover and a strong foothold in the defense industry.                   Inderes              NOTE expands in the UK with acquisition of Kasdon Group – strong position in...    NOTE has signed an agreement to acquire 100% of the shares in Kasdon Group, a UK-based electronics contract manufacturer with a strong position in the defense sector, which accounts for around...

I listened to NOTE’s Q3 results while out for a run over the weekend. Quite a lot has happened at NOTE over the past few months. Guidance has been revised a couple of times, the CEO has sold shares, there has been investment in a new Swedish factory, and I think there was a release about share buybacks (maybe routine; I haven’t checked whether they have actually bought any or not). In light of that, the earnings call was quite calm. Johannes felt that the situation, demand, and potential are better than what the Q3 report was able to convey in terms of numbers. He remained convinced that growth will eventually come and that there is demand for their partnership. Customers have not canceled deals; they have only delayed orders. (At this point, I have to note that regardless of the industry or company, everyone seems to be expecting that growth in the coming years will just fall from the sky when the time is right. I understand that falling interest rates etc. support demand, but there has been quite a lot of this “growth will come in due time” talk in Q3 calls.) Johannes was downright proud of the profitability. And why wouldn’t he be, when they can achieve a respectable EBIT margin of over 8 percent on declining revenue. It’s not an Incap-level figure, but it deserves a small pat on the back.  All segments are leaking:  In the big picture, the direction is right, but 2024 will be a transition year, and 2025 will be a struggle to reach 2023 levels.  If we stay roughly within the 2024 guidance, EV/EBIT will likely hover somewhere between 10–13, and P/E around 13–16. On top of that, if 2025 brings about ten percent more revenue with profitability (EBIT) at 10%, then 2025e EV/EBIT drops below ten and P/E is just over ten. In the Q&A section, someone asked why they even provide guidance when their forecasts can’t seem to hit the mark. Johannes was convinced that guidance can still provide added value to owners and investors, but if the misses continue, they may consider stopping guidance altogether. In summary: NOTE is clearly going through a more difficult period. A new growth phase and recovering profitability are expected in 2025. The potential is there. However, I expect that even if the bottom has been reached, the turn back to growth may be slower and bumpier than we might currently want to believe. In the long run, I still see NOTE as one of the winners in the EMS industry, and it will likely gradually grow into one of Europe’s leading EMS houses (if it cannot already be cautiously considered as such).

This was already in the Incap thread; of course, this tweet thread was mostly about them, but there’s also information on other companies in the industry here. @Elias_L has done a great job!  https://x.com/EliasLuhtaniemi/status/1849726314670063666        Rest of the tweet thread, but easier to read on X

@Isa_Hudd interviewed NOTE’s CEO in Swedish. If you don’t know Swedish, you can get some help from YouTube’s auto-translations (though they aren’t that good :D), but even those who don’t speak Swedish can get something out of it.  Johannes Lind-Widestam, CEO of NOTE, doesn’t dodge any questions as he summarizes the company’s third quarter. Everything from negative sales growth to profit warnings and personal share sales is put through the wringer! The plan forward is as clear as the rest of the communication: growth is the goal! https://www.inderes.se/videos/note-q324-2024-ar-ett-mellanar Contents: 00:00 Introduction  00:27 “A lost year regarding sales”: profit warning and postponed financial targets  01:50 Continued decline in China, Nordic upturn and expansion  03:00 Overcapacity risks? On historical downturns and production peaks vs the current situation  05:50 The industry’s underlying growth and trends  07:49 Potential M&As: supply exists, unwilling to overpay  09:50 Communications - it will happen, the only question is when  11:50 The “problem child” Greentech  14:00 On growth going forward  14:59 Comments on incentive programs + sales of personal shares in NOTE This video can only be found on the Inderes Nordic channel, which also features English-language videos.   EDIT: Below is a tweet about Note’s result, with a 2/5 translation below.  https://x.com/torslandatrader/status/1845706280712749330

Note

As of today, the Swedish version of NOTE’s Annual and Sustainability Report 2025 is available at the website, www.note-ems.com.Financial Calendar 2026 Interim Report January–March 23 April Interim...

<div class="mfn-body"><p>As of today, the Swedish version of NOTE’s Annual and Sustainability Report 2025 is available at the website, www.note-ems.com.</p><p><strong>Financial Calendar 2026</strong><br>Interim Report January–March 23 April<br>Interim Report January–June 15 July<br>Interim Report January–September 23 October</p></div><div class="mfn-footer mfn-contacts mfn-6bd2645cb295"><p><strong class="mfn-heading-1">For more information, please contact:</strong><br>Johannes Lind-Widestam, CEO and President, tel. +46 (0)70 541 7222&nbsp;<br>Frida Frykstrand, CFO, tel. +46 (0)70 462 0939</p></div><div class="mfn-footer mfn-about mfn-d068791129ea"><p><strong class="mfn-heading-1">About NOTE</strong><br><em>NOTE produces PCBAs, subassemblies and box build products. NOTE is a competitive EMS provider and stable business partner to customers with high standards. NOTE’s products are embedded in complex systems for electronic control, surveillance and security, for example.</em><br><em>&nbsp;</em><br><em>NOTE’s business model builds on delivering high end manufacture, custom logistics solutions and consulting for the best possible total cost through long-term customer relationships and partnerships. Its customer offering covers complete product lifecycles, from design to after-sales. Primarily, its customer base consists of large corporations operating on the global market, and enterprises whose main sales are in northern Europe. </em><em><br></em><br><em>NOTE has a presence in Sweden, Finland, the UK, Estonia, Bulgaria and China. Sales over the last 12 months were SEK 3,814 million, and the group has approximately 1,450 employees. NOTE is listed on Nasdaq Stockholm. For more information, please go to www.note-ems.com.</em></p></div><div class="mfn-footer mfn-regulatory mfn-regulatory-vpml"><p><em>This information is information that NOTE AB (publ) is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-03-13 17:30 CET.</em></p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong><br><a class="mfn-primary" href="https://storage.mfn.se/dacced52-4bae-45ff-82b0-25bc20cac866/note-arsredovisning-och-hallbarhetsrapport-2025.pdf" rel="noopener">NOTE Årsredovisning Och Hållbarhetsrapport 2025</a></p></div>