NOTE AB (publ) (NOTE.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+177.3%

SEK 439.47

vs SEK 158.50 price

Levered DCF

SEK 1,166.12

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.18

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.44×	17.11×	13.21×	20.41×	34.02×	14.61×	12.33×	9.55×
P/B	3.14×	2.6×	3.03×	4.72×	8.25×	2.98×	2.45×	1.6×
P/S	1.36×	1.09×	1×	1.41×	2.5×	0.9×	0.65×	0.44×
EV / EBITDA	11.33×	9.47×	8.87×	13.8×	22.53×	9.03×	8×	7.43×
Gross margin	13.9%	13.3%	12.1%	12.8%	13.4%	12.0%	11.7%	12.5%
Operating margin	10.0%	9.0%	9.9%	9.3%	9.5%	8.0%	7.1%	6.1%
Net margin	7.4%	6.4%	7.5%	6.9%	7.3%	6.2%	5.2%	4.7%
Current ratio	1.44×	1.85×	1.6×	1.53×	1.45×	1.82×	1.42×	1.35×
Debt / equity	0.5×	0.38×	0.54×	0.5×	0.59×	0.27×	0.57×	0.49×
Interest coverage	10.8×	7.67×	9.56×	15.88×	24.21×	18.05×	13.19×	38.22×
Dividend yield	3.9%	0.0%	0.0%	0.0%	0.0%	2.0%	1.7%	4.7%
Payout ratio	71.0%	0.0%	0.0%	0.0%	0.0%	29.4%	21.1%	44.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.1%	15.1%	22.9%	23.1%	24.3%	20.4%	19.8%	16.7%
Return on invested capital	11.8%	12.0%	15.6%	16.7%	15.8%	16.5%	13.3%	11.6%
Return on assets	8.2%	7.7%	9.9%	9.2%	9.0%	10.4%	8.2%	6.7%
Free cash flow yield	7.6%	11.6%	5.9%	0.1%	-0.9%	10.2%	6.6%	0.6%
Earnings yield	5.4%	5.8%	7.6%	4.9%	2.9%	6.8%	8.1%	10.5%
Enterprise value	SEK 5.7B	SEK 4.5B	SEK 4.8B	SEK 5.7B	SEK 7B	SEK 1.8B	SEK 1.3B	SEK 769.6M
Net debt / EBITDA	1.05×	0.46×	1.08×	1.14×	1.19×	0.43×	1.16×	1.52×
Cash conversion cycle (days)	124	128	144	154	144	24	24	29