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Note AB (publ)
STO:NOTE

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Note AB (publ)
STO:NOTE
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Price: 170.9 SEK -0.47% Market Closed
Market Cap: kr4.9B

EV/EBITDA

9.9
Current
6%
More Expensive
vs 3-y median of 9.3

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
9.9
=
Enterprise Value
kr5.3B
/
EBITDA
kr488.4m

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
9.9
=
Enterprise Value
kr5.3B
/
EBITDA
kr488.4m

Valuation Scenarios

Note AB (publ) is trading above its 3-year average

If EV/EBITDA returns to its 3-Year Average (9.3), the stock would be worth kr161.62 (5% downside from current price).

Statistics
Positive Scenarios
3/4
Maximum Downside
-5%
Maximum Upside
+51%
Average Upside
18%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 9.9 kr170.9
0%
3-Year Average 9.3 kr161.62
-5%
5-Year Average 10.8 kr187.2
+10%
Industry Average 11.6 kr200.52
+17%
Country Average 14.9 kr257.45
+51%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
kr5.3B
/
Jan 2026
kr488.4m
=
9.9
Current
kr5.3B
/
Dec 2026
kr580.9m
=
9.1
Forward
kr5.3B
/
Dec 2027
kr635.6m
=
8.4
Forward
kr5.3B
/
Dec 2028
kr668.8m
=
7.9
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
SE
Note AB (publ)
STO:NOTE
4.9B SEK 9.9 17.3
CN
Foxconn Industrial Internet Co Ltd
SSE:601138
987.7B CNY 23.7 28
TW
Hon Hai Precision Industry Co Ltd
TWSE:2317
2.8T TWD 6.7 14.6
CH
TE Connectivity Ltd
NYSE:TEL
59.4B USD 13.9 28.8
CA
Celestica Inc
TSX:CLS
43.5B CAD 26.4 39.4
US
Jabil Inc
NYSE:JBL
27.6B USD 12.3 34.1
SG
Flex Ltd
NASDAQ:FLEX
24.5B USD 12.3 28.7
KY
Fabrinet
NYSE:FN
19.8B USD 42.7 52
TW
FIH Mobile Ltd
F:FW3
11.5B EUR 173.5 252.8
US
Fabrinet
SWB:FAN
10.5B EUR 26 32.8
US
Sollensys Corp
OTC:SOLS
11.9B USD 13.1 49.6
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
SE
Note AB (publ)
STO:NOTE
Average EV/EBITDA: 32.8
9.9
11%
0.9
CN
Foxconn Industrial Internet Co Ltd
SSE:601138
23.7
N/A N/A
TW
Hon Hai Precision Industry Co Ltd
TWSE:2317
6.7
12%
0.6
CH
TE Connectivity Ltd
NYSE:TEL
13.9
13%
1.1
CA
Celestica Inc
TSX:CLS
26.4
44%
0.6
US
Jabil Inc
NYSE:JBL
12.3
15%
0.8
SG
Flex Ltd
NASDAQ:FLEX
12.3
13%
0.9
KY
Fabrinet
NYSE:FN
42.7
29%
1.5
TW
FIH Mobile Ltd
F:FW3
173.5
N/A N/A
US
F
Fabrinet
SWB:FAN
26
29%
0.9
US
Sollensys Corp
OTC:SOLS
13.1
8%
1.6

Market Distribution

In line with most companies in Sweden
Percentile
32st
Based on 1 230 companies
32st percentile
9.9
Low
0.2 — 9.4
Typical Range
9.4 — 19.4
High
19.4 —
Distribution Statistics
Sweden
Min 0.2
30th Percentile 9.4
Median 14.9
70th Percentile 19.4
Max 4 325.3

Note AB (publ)
Glance View

Note AB engages in the electronics manufacturing services. The company is headquartered in Stockholm, Stockholm and currently employs 1,346 full-time employees. The company went IPO on 2004-06-23. The Company’s operational segments are divided into two categories: Nearsourcing Centres and Industrial Plants. The Nearsourcing Centres segment comprises selling facilities in Sweden, Norway, Finland and the United Kingdom (UK), which provide development-oriented work in relationship with customers. The Industrial Plants area includes manufacturing units in Estonia and China. The firm specializes in the production of printed circuit board assemblies (PCBAs), sub-assemblies and box build products, as well as in the delivery of product and test management, end of life management, and spare parts, among others. Furthermore, It operates through a number of subsidiaries, such as NOTE Components AB, NOTE International AB, NOTE UK Ltd, NOTE Norge AS, NOTE Hyvinkaa Oy and IONOTE Electronics (Dongguan) Ltd.

NOTE Intrinsic Value
146.82 SEK
Overvaluation 14%
Intrinsic Value
Price
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