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NOTE

BATS-CHIXE:NOTES
Snowflake Description

Undervalued with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NOTES
BATS-CHIXE
SEK846M
Market Cap
  1. Home
  2. GB
  3. Tech
Company description

NOTE AB (publ) operates as a manufacturing and logistics partner for producing electronics-based products primarily in Sweden, Finland, the United Kingdom, Estonia, and China. The last earnings update was 16 days ago. More info.


Add to Portfolio Compare Print
  • NOTE has significant price volatility in the past 3 months.
NOTES Share Price and Events
7 Day Returns
17.2%
BATS-CHIXE:NOTES
3.9%
GB Electronic
5.3%
GB Market
1 Year Returns
17.2%
BATS-CHIXE:NOTES
-4.5%
GB Electronic
-21.5%
GB Market
NOTES Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
NOTE (NOTES) 17.2% -9.6% -24% 17.2% 50.3% -
GB Electronic 3.9% -1.8% -14.1% -4.5% 23.7% 66.2%
GB Market 5.3% -6.5% -25.2% -21.5% -22.4% -21.9%
1 Year Return vs Industry and Market
  • NOTES outperformed the Electronic industry which returned -4.5% over the past year.
  • NOTES outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -21.5% over the past year.
Price Volatility
NOTES
Industry
5yr Volatility vs Market
Related Companies

NOTES Value

 Is NOTE undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of NOTE to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for NOTE.

BATS-CHIXE:NOTES Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.3%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:NOTES
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 5.4%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.104 (1 + (1- 22%) (31.41%))
1.251
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.25
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (1.251 * 5.44%)
7.33%

Discounted Cash Flow Calculation for BATS-CHIXE:NOTES using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for NOTE is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

BATS-CHIXE:NOTES DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SEK, Millions) Source Present Value
Discounted (@ 7.33%)
2020 108.46 Est @ 49.39% 101.05
2021 146.13 Est @ 34.73% 126.84
2022 181.89 Est @ 24.47% 147.10
2023 213.33 Est @ 17.29% 160.74
2024 239.49 Est @ 12.26% 168.12
2025 260.43 Est @ 8.74% 170.33
2026 276.78 Est @ 6.28% 168.66
2027 289.38 Est @ 4.55% 164.29
2028 299.07 Est @ 3.35% 158.19
2029 306.55 Est @ 2.5% 151.07
Present value of next 10 years cash flows SEK1,516.00
BATS-CHIXE:NOTES DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= SEK306.55 × (1 + 0.53%) ÷ (7.33% – 0.53%)
SEK4,529.97
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SEK4,529.97 ÷ (1 + 7.33%)10
SEK2,232.35
BATS-CHIXE:NOTES Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SEK1,516.00 + SEK2,232.35
SEK3,748.35
Equity Value per Share
(SEK)
= Total value / Shares Outstanding
= SEK3,748.35 / 28.87
SEK129.82
BATS-CHIXE:NOTES Discount to Share Price
Calculation Result
Value per share (SEK) From above. SEK129.82
Current discount Discount to share price of SEK29.30
= -1 x (SEK29.30 - SEK129.82) / SEK129.82
77.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price NOTE is available for.
Intrinsic value
>50%
Share price is SEK29.3 vs Future cash flow value of SEK129.82
Current Discount Checks
For NOTE to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • NOTE's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • NOTE's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for NOTE's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are NOTE's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:NOTES PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in SEK SEK3.20
OM:NOTE Share Price ** OM (2020-04-09) in SEK SEK29.3
United Kingdom of Great Britain and Northern Ireland Electronic Industry PE Ratio Median Figure of 22 Publicly-Listed Electronic Companies 17.3x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 747 Publicly-Listed Companies 13.27x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of NOTE.

BATS-CHIXE:NOTES PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:NOTE Share Price ÷ EPS (both in SEK)

= 29.3 ÷ 3.20

9.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • NOTE is good value based on earnings compared to the GB Electronic industry average.
  • NOTE is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does NOTE's expected growth come at a high price?
Raw Data
BATS-CHIXE:NOTES PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.17x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United Kingdom of Great Britain and Northern Ireland Electronic Industry PEG Ratio Median Figure of 11 Publicly-Listed Electronic Companies 1.04x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 513 Publicly-Listed Companies 1.03x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for NOTE, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on NOTE's assets?
Raw Data
BATS-CHIXE:NOTES PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in SEK SEK16.11
OM:NOTE Share Price * OM (2020-04-09) in SEK SEK29.3
United Kingdom of Great Britain and Northern Ireland Electronic Industry PB Ratio Median Figure of 33 Publicly-Listed Electronic Companies 1.89x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,322 Publicly-Listed Companies 1.13x
BATS-CHIXE:NOTES PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:NOTE Share Price ÷ Book Value per Share (both in SEK)

= 29.3 ÷ 16.11

1.82x

* Primary Listing of NOTE.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • NOTE is good value based on assets compared to the GB Electronic industry average.
X
Value checks
We assess NOTE's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. NOTE has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

NOTES Future Performance

 How is NOTE expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as NOTE has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9%
Expected Electronic industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is NOTE expected to grow at an attractive rate?
  • Unable to compare NOTE's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare NOTE's earnings growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
  • Unable to compare NOTE's revenue growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:NOTES Future Growth Rates Data Sources
Data Point Source Value (per year)
United Kingdom of Great Britain and Northern Ireland Electronic Industry Earnings Growth Rate Market Cap Weighted Average 9%
United Kingdom of Great Britain and Northern Ireland Electronic Industry Revenue Growth Rate Market Cap Weighted Average 4%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:NOTES Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SEK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:NOTES Future Estimates Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
BATS-CHIXE:NOTES Past Financials Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income *
2019-12-31 1,760 96 92
2019-09-30 1,674 4 90
2019-06-30 1,564 7 79
2019-03-31 1,476 15 72
2018-12-31 1,379 27 64
2018-09-30 1,307 25 58
2018-06-30 1,248 2 63
2018-03-31 1,207 20 57
2017-12-31 1,176 40 72
2017-09-30 1,139 37 67
2017-06-30 1,122 57 63
2017-03-31 1,096 56 62

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if NOTE is high growth as no earnings estimate data is available.
  • Unable to determine if NOTE is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:NOTES Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from NOTE Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:NOTES Future Estimates Data
Date (Data in SEK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
BATS-CHIXE:NOTES Past Financials Data
Date (Data in SEK Millions) EPS *
2019-12-31 3.20
2019-09-30 3.13
2019-06-30 2.74
2019-03-31 2.50
2018-12-31 2.22
2018-09-30 2.00
2018-06-30 2.17
2018-03-31 1.98
2017-12-31 2.50
2017-09-30 2.33
2017-06-30 2.17
2017-03-31 2.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if NOTE will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether NOTE is trading at NOTE'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. NOTE's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Tech companies here
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess NOTE's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
NOTE has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

NOTES Past Performance

  How has NOTE performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare NOTE's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • NOTE has delivered over 20% year on year earnings growth in the past 5 years.
  • NOTE's 1-year earnings growth exceeds its 5-year average (43.6% vs 22.1%)
  • NOTE's earnings growth has exceeded the GB Electronic industry average in the past year (43.6% vs 6.9%).
Earnings and Revenue History
NOTE's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from NOTE Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:NOTES Past Revenue, Cash Flow and Net Income Data
Date (Data in SEK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,760.44 92.27 82.53
2019-09-30 1,673.58 90.24 79.36
2019-06-30 1,563.58 79.24 86.36
2019-03-31 1,475.58 72.24 86.36
2018-12-31 1,378.58 64.24 82.36
2018-09-30 1,307.02 57.84 81.23
2018-06-30 1,248.22 62.64 72.63
2018-03-31 1,206.62 57.24 70.23
2017-12-31 1,175.72 72.14 73.13
2017-09-30 1,138.88 67.22 74.20
2017-06-30 1,122.08 62.52 72.90
2017-03-31 1,096.08 61.92 74.20
2016-12-31 1,098.08 45.22 71.80
2016-09-30 1,115.10 39.34 75.06
2016-06-30 1,128.20 38.04 77.56
2016-03-31 1,125.30 35.54 77.66
2015-12-31 1,121.50 34.64 78.76
2015-09-30 1,064.42 34.68 73.20
2015-06-30 1,038.42 33.58 72.50
2015-03-31 1,006.52 30.78 70.50
2014-12-31 964.02 24.58 68.90
2014-09-30 971.18 25.15 67.55
2014-06-30 936.48 8.55 65.75
2014-03-31 924.98 4.85 64.35
2013-12-31 906.98 0.65 63.95
2013-09-30 892.14 -14.78 64.36
2013-06-30 925.34 -0.38 63.96

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • NOTE has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • NOTE used its assets more efficiently than the GB Electronic industry average last year based on Return on Assets.
  • NOTE has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess NOTE's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
NOTE has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

NOTES Health

 How is NOTE's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up NOTE's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • NOTE is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • NOTE's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of NOTE's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 4.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from NOTE Company Filings, last reported 3 months ago.

BATS-CHIXE:NOTES Past Debt and Equity Data
Date (Data in SEK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 465.25 181.07 72.62
2019-09-30 444.00 247.00 42.00
2019-06-30 416.00 235.00 31.00
2019-03-31 414.00 194.00 44.00
2018-12-31 383.63 170.30 30.99
2018-09-30 380.60 104.20 52.90
2018-06-30 375.90 113.10 54.90
2018-03-31 384.80 112.30 102.30
2017-12-31 369.22 92.17 87.19
2017-09-30 346.50 77.70 50.50
2017-06-30 333.30 84.80 82.10
2017-03-31 343.90 125.00 142.50
2016-12-31 318.03 118.41 71.59
2016-09-30 304.50 117.20 53.60
2016-06-30 291.40 114.20 45.30
2016-03-31 296.20 112.80 56.80
2015-12-31 287.14 113.24 47.30
2015-09-30 283.30 113.40 23.00
2015-06-30 273.50 92.00 27.00
2015-03-31 282.00 93.90 61.50
2014-12-31 270.16 84.40 35.16
2014-09-30 260.30 89.10 25.10
2014-06-30 249.80 99.80 57.90
2014-03-31 241.50 100.00 66.50
2013-12-31 238.14 91.50 40.73
2013-09-30 230.70 78.70 29.60
2013-06-30 240.90 94.30 41.90
  • NOTE's level of debt (38.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (31.2% vs 38.9% today).
  • Debt is well covered by operating cash flow (53.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 22x coverage).
X
Financial health checks
We assess NOTE's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. NOTE has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

NOTES Dividends

 What is NOTE's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from NOTE dividends.
If you bought SEK2,000 of NOTE shares you are expected to receive SEK0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate NOTE's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate NOTE's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:NOTES Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Electronic Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 1.8%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 575 Stocks 5.5%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.5%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 6.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:NOTES Future Dividends Estimate Data
Date (Data in SEK) Dividend per Share (annual) Avg. No. Analysts
BATS-CHIXE:NOTES Past Annualized Dividends Data
Date (Data in SEK) Dividend per share (annual) Avg. Yield (%)
2020-03-27 0.000 0.000
2019-03-25 0.700 2.223
2018-04-26 1.000 4.389
2017-03-21 0.700 2.965
2016-03-18 0.700 4.776
2015-03-20 0.500 4.653
2014-10-20 0.000 0.000
2014-07-14 0.000 0.000
2014-04-25 0.000 0.000
2014-02-28 0.000 0.000
2014-02-06 0.000 0.000
2013-03-21 0.750 11.465
2012-04-04 0.300 4.328
2012-02-10 0.300 3.534
2009-10-20 0.000 0.000
2009-07-17 0.000 0.000
2009-04-21 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as NOTE has not reported any payouts.
  • Unable to verify if NOTE's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of NOTE's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as NOTE has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess NOTE's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can NOTE afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. NOTE has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

NOTES Management

 What is the CEO of NOTE's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Johannes Lind-Widestam
COMPENSATION SEK2,737,000
AGE 47
TENURE AS CEO 1.6 years
CEO Bio

Mr. Johannes Lind-Widestam is Chief Executive Officer and President of NOTE AB (publ) since September 2018. Mr. Lind-Widestam served as the Chief Executive Officer and President at Elos Medtech AB (publ) since February 1, 2015 until June 30, 2016. Mr. Lind-Widestam served as Managing Director and President of ASSA OEM AB. He was Purchasing Director at Nobel Biocare and responsible for Swedish operations at Kitron. He was CEO at Kitron Sweden AB. His Experience are from different senior positions within the ASSA group, Flextronics International AB and Nobel Biocare Services AG, for example as CEO and global purchasing manager. He served as a Board Member of NOTE AB since 2018 until January 2019. He holds M.Sc. (Econ).

CEO Compensation
  • Insufficient data for Johannes to compare compensation growth.
  • Johannes's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the NOTE management team in years:

4.2
Average Tenure
52.5
Average Age
  • The tenure for the NOTE management team is about average.
Management Team

Johannes Lind-Widestam

TITLE
CEO & President
COMPENSATION
SEK3M
AGE
47
TENURE
1.6 yrs

Henrik Nygren

TITLE
Chief Financial Officer
COMPENSATION
SEK412K
AGE
63
TENURE
14.3 yrs

Frida Frykstrand

TITLE
Corporate Accounting Manager
TENURE
4.2 yrs

Fredrik Schultz

TITLE
Chief Sales Officer
AGE
47
TENURE
4.6 yrs

Gunilla Olsson

TITLE
Head of Group Staff Accounting & Finance
AGE
58

David Krantz

TITLE
Chief Procurement Officer
AGE
39
TENURE
2.7 yrs

Mikko Sajaniemi

TITLE
President of NOTE Hyvinkää Oy
AGE
66

Jacek Malecki

TITLE
President of NOTE Components Gdansk Sp.z.o.o.

Kerstin Åkerberg

TITLE
President of NOTE Tauragé UAB

Peter Johansson

TITLE
President of NOTE Nyköping-Skänninge AB
Board of Directors Tenure

Average tenure and age of the NOTE board of directors in years:

1.8
Average Tenure
48
Average Age
  • The average tenure for the NOTE board of directors is less than 3 years, this suggests a new board.
Board of Directors

Johan Hagberg

TITLE
Independent Chairman
COMPENSATION
SEK184K
AGE
48
TENURE
1.8 yrs

Kjell-Åke Andersson

TITLE
Independent Director
COMPENSATION
SEK161K
AGE
73
TENURE
10.3 yrs

Christoffer Skogh

TITLE
Employee Representative Director
AGE
44
TENURE
2.8 yrs

Bahare Hederstierna

TITLE
Independent Director
COMPENSATION
SEK111K
AGE
38
TENURE
5.3 yrs

Anna Belfrage

TITLE
Independent Director
AGE
57
TENURE
1.3 yrs

Kaj Falkenlund

TITLE
Independent Director
AGE
61
TENURE
1.3 yrs

Claes Mellgren

TITLE
Independent Director
AGE
60
TENURE
1.3 yrs

Charlotte Stjerngren

TITLE
Independent Director
AGE
43
TENURE
1.3 yrs

Johan Lantz

TITLE
Deputy Director
AGE
47
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by NOTE individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SEK) Value (SEK)
13. Mar 20 Buy Johannes Lind-Widestam Individual 13. Mar 20 13. Mar 20 3,900 SEK27.35 SEK106,605
04. Sep 19 Buy Charlotte Stjerngren Individual 04. Sep 19 04. Sep 19 8,041 SEK28.40 SEK228,364
27. Aug 19 Buy Johan Hagberg Individual 23. Aug 19 23. Aug 19 43,305 SEK27.27 SEK1,180,992
22. Aug 19 Buy Johannes Lind-Widestam Individual 21. Aug 19 21. Aug 19 2,220 SEK28.25 SEK62,715
31. Jul 19 Buy Kaj Falkenlund Individual 31. Jul 19 31. Jul 19 1,675 SEK29.70 SEK49,748
17. Jul 19 Sell Kjell-Åke Andersson Individual 16. Jul 19 16. Jul 19 -28,899 SEK32.50 SEK-939,217
08. May 19 Sell Kjell-Åke Andersson Individual 06. May 19 06. May 19 -1,500 SEK27.20 SEK-40,800
07. May 19 Sell Kjell-Åke Andersson Individual 02. May 19 03. May 19 -46,042 SEK28.10 SEK-1,289,678
X
Management checks
We assess NOTE's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. NOTE has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

NOTES News

Simply Wall St News

NOTES Company Info

Description

NOTE AB (publ) operates as a manufacturing and logistics partner for producing electronics-based products primarily in Sweden, Finland, the United Kingdom, Estonia, and China. The company provides advanced production technology services in close collaboration with customers, such as component selection, developing test equipment, prototyping, and batch production, as well as after-sales services. It also produces PCBAs, sub-assemblies, and box build products. The company primarily serves the medtech, defence, manufacturing, communication, and consumer electronics industries. NOTE AB (publ) was founded in 1999 and is headquartered in Kista, Sweden.

Details
Name: NOTE AB (publ)
NOTES
Exchange: BATS-CHIXE
Founded: 1999
SEK845,967,180
28,872,600
Website: http://www.note.eu
Address: NOTE AB (publ)
Box 1285,
Kista,
164 29,
Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM NOTE Class A Shares OMX Nordic Exchange Stockholm SE SEK 23. Jun 2004
LSE 0GSS Class A Shares London Stock Exchange GB SEK 23. Jun 2004
BATS-CHIXE NOTES Class A Shares BATS 'Chi-X Europe' GB SEK 23. Jun 2004
Number of employees
Current staff
Staff numbers
1,062
NOTE employees.
Industry
Electronic Manufacturing Services
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/09 20:34
End of day share price update: 2020/04/09 00:00
Last estimates confirmation: 2020/02/05
Last earnings filing: 2020/03/24
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.