Why NOTE stock moves
Note fell sharply, more than the market.
Written after the close on ·
Why today
16,437 news analyzed todayNote fell sharply, more than the market.
Over five days Note fell sharply while OMX Stockholm 30 rose slightly.
Note traded well above its usual volume, and the wider Technology sector also fell.
Short positions, bets on a price fall, edged up over the week.
Today's move of −3.72% was 2.4 times a normal day's 1.5%. OMX Stockholm 30 moved −0.32% on the same day.
NOTE −3.72%OMX Stockholm 30 −0.32%Much weaker than the market
What analysts expect, and how often they have been right
Analysts’ estimates for NOTE.
NOTE earned more than expected in 3 out of 8 reports.
For comparison, about 46% of reports from Nordic companies beat the estimate in the last three years.
The share moved in the same direction as the earnings surprise in 6 out of 8 reports with a measured move, against about 63% of reports from Nordic companies.
Ratings
Price targets
Latest price 152.80 SEK
Earnings against expectations, and the share’s reaction
Expected EPSAbove estimateBelow estimateAs expectedSEK
Next reported quarter: expected earnings per share of 3.56 SEK (January 26). For the current fiscal year, expected earnings per share changed from 11.00 SEK three months ago to 10.52 SEK now. 2026 estimate: 10.52 SEK. 2027 estimate: 13.02 SEK. People on the board and in management must report their trades in the share to Finansinspektionen, Sweden's financial supervisor. July 15: Buy about 5.8 m SEK. February 18: Buy about 353 thousand SEK.
Has the share price followed the business?
Price and earnings moved in the same direction: 2 out of 3 years. Across Nordic companies, that happens in about 60% of years. In 2025, the price changed +23% and earnings per share +15%.
Revenue, profit and market cap
RevenueProfitMarket capHatched bars: analysts’ estimates.bn SEK
Assets, liabilities and market cap
AssetsLiabilitiesMarket capbn SEK
Price and earnings moved in the same direction: 2 out of 3 years.Market cap (Now): 4.4 bn SEKRevenue 2025: 3.8 bn SEK
What the key figures say about NOTE
The figures connect what NOTE earns with what investors pay.
The line shows the share price in the same year, on its own scale. Hatched bars: analysts’ estimates.
Profit divided by the number of shares. Each share represents this much of the earnings.
2022–2025: 8.61 SEK–11.04 SEK. Peers: poLight -0.54 NOK, Raspberry Pi Holdings 0.13 GBp, NCAB Group 1.82 SEK. 2026 estimate: 10.52 SEK (10.50 SEK–10.54 SEK). 2027 estimate: 13.02 SEK (12.43 SEK–13.60 SEK).
What the company sold during the year.
2022–2025: 3.7 bn SEK–4.2 bn SEK. Peers: poLight 34.1 m NOK, Raspberry Pi Holdings $445M, NCAB Group 4.6 bn SEK. 2026 estimate: 4.5 bn SEK (4.5 bn SEK–4.5 bn SEK). 2027 estimate: 5.2 bn SEK (5.2 bn SEK–5.3 bn SEK).
The percentage of revenue left after the costs of running the business.
2022–2025: 8.9%–10.0%. Peers: poLight −367.2%, Raspberry Pi Holdings 8.6%, NCAB Group 11.0%.
Profit as a percentage of shareholders’ money in the company.
2022–2025: 15.1%–23.1%. Peers: poLight −36.2%, Raspberry Pi Holdings 13.5%, NCAB Group 21.7%.
The price investors pay for each unit of annual earnings per share. Not shown for a loss.
2022–2025: 13.5–20.4. Peers: Raspberry Pi Holdings 37.7, NCAB Group 39.6. 2026 estimate: 14.5. 2027 estimate: 11.7.
What investors pay for each unit the company sells.
2022–2025: 1.01–1.41. Peers: poLight 76.44, NCAB Group 2.92. 2026 estimate: 0.96. 2027 estimate: 0.84.
Money paid to shareholders per share, summed by calendar year.
2017–2025: 0.00 SEK–7.00 SEK.
The ordinary yearly dividend as a percentage of the share price.
2022–2025: 0.0%–3.9%. Peers: poLight 0.0%, Raspberry Pi Holdings 0.0%, NCAB Group 1.5%.
Net debt divided by operating earnings before depreciation and amortisation.
2022–2025: 0.46–1.14. Peers: Raspberry Pi Holdings -0.41, NCAB Group 1.42.
More key figures
Market cap divided by shareholders’ equity, what remains after liabilities.
2022–2025: 2.57–4.72. Peers: poLight 9.65, NCAB Group 7.82.
Market cap plus net debt, divided by operating earnings. This includes debt.
2022–2025: 11.4–17.3.
Cash left after investments, divided by the number of shares.
2022–2025: 0.09 SEK–17.38 SEK. Peers: poLight -0.38 NOK, Raspberry Pi Holdings -$0.06, NCAB Group 2.00 SEK.
The percentage of assets financed by shareholders’ equity.
2022–2025: 39.7%–51.1%.
What followed similar falls?
Including reinvested dividends, NOTE fell 5.5% over the latest five trading days. Since November 4, 2016, falls at least this large were followed by a higher value 21 trading days later in 34 out of 63 non-overlapping periods. The median was +2.9%, against +1.7% for an ordinary 21-day period, which ended higher 58 times in 100.
Such a fall has not said much about the next month.
+2.9% · 34/63
What to watch next, and why
The earnings report shows how NOTE's revenue and profit have changed.
- Earnings report
The earnings report shows how NOTE's revenue and profit have changed.
Add to calendar
More about NOTE
Insider trades
People on the board and in management must report their trades in the share to Finansinspektionen, Sweden's financial supervisor.
- Johannes Lind Widestam, CEOBuyabout 5.8 m SEK
- Bahare Mackinovski, senior executive (closely associated)Buyabout 353 thousand SEK
Earnings report
Next report: · Add to calendar · Google Calendar
On its last 15 report days NOTE usually moved about 7.3%. On a normal day it moves 1.5%.
−11.03% Why? −0.47% −4.67% +1.92%
10,000 SEK in NOTE bought on November 7, 2016 is worth 120,000 SEK today, with dividends reinvested.
What would 10,000 SEK in NOTE be worth today? →
What would 10,000 SEK in NOTE be worth today?
120,000 SEK
with dividends reinvested, bought on November 7, 2016.
The five biggest days of the journey
· +20.4% · the whole market rose 0.6% the same day · report day
· −19.7% · the whole market fell 0.1% the same day · report day
· +19.3% · the whole market fell 0.2% the same day
· −17.9% · the whole market fell 0.2% the same day
· +17.8% · the whole market rose 0.3% the same day
Earlier days
−4.08% market −0.11% NOTE, the Nasdaq Stockholm-listed technology company, fell clearly over the week while the OMX Stockholm 30 index was roughly flat. Read →
NOTE, the Nasdaq Stockholm-listed technology company, fell clearly over the week while the OMX Stockholm 30 index was roughly flat.
The move was an ordinary-sized one for the stock.
The company news is about U.S. Treasury bond futures, not NOTE itself, so it offers no clear company-specific cause.
Short positions, bets against the stock, rose during the week, which may add some pressure.
+1.70% market −0.08% NOTE rose clearly. Read →
NOTE rose clearly.
No company news explains the move.
Over the last five trading days NOTE rose clearly, a bit more than OMX Stockholm 30.
The most likely drivers are general investor interest in tech shares, not any single company event.
Next, the company reports results on Tuesday 26 January 2027.
−1.55% market −0.29% NOTE fell clearly without a company-news explanation. Read →
NOTE fell clearly without a company-news explanation.
Over the last five trading days NOTE rose clearly, in line with the market.
The latest quarterly report, published last week, showed sales up 27% but organic growth of just 2%, and earnings missed expectations, which likely weighed on the shares.
Short positions (bets on a falling price) rose to about 3% recently, which may add pressure but does not prove the cause.
The next earnings report is due 26 January 2027.
+3.37% market +3.01% NOTE rose clearly over the week, moving in line with the broader Stockholm market. Read →
NOTE rose clearly over the week, moving in line with the broader Stockholm market.
The rise was supported by a late-week reversal in the stock, which was only mixed in the days before.
Over the same days, the OMX Stockholm 30 index also rose clearly, so the stock did not stand out from the market.
The stock then fell clearly in the last session, moving more than the market, which fell only slightly.
+2.28% market +0.41% NOTE rose clearly, moving more than the market. Read →
NOTE rose clearly, moving more than the market.
The market rose slightly.
Over the last five trading days NOTE fell sharply while the market rose sharply.
The week's fall followed the Q3 report, which missed expectations, and shares of this kind often react to such misses.
−11.03% market +0.41% NOTE fell sharply on its Q3 report, which was published that day and missed expectations. Read →
NOTE fell sharply on its Q3 report, which was published that day and missed expectations.
NOTE fell sharply in the last session while OMX Stockholm 30 rose slightly, so it moved against the market.
Sales rose 27% to SEK 1,057 million, but organic growth was only 2% and operating profit barely improved.
Trading volume was well above its usual level, showing heavy selling as investors reacted to the disappointing numbers.
Over the last five trading days NOTE fell very sharply, a move about five times a normal five-day stretch, while the market also fell sharply.
−14.91% market −3.67% NOTE fell very sharply over the last five trading days, a much bigger drop than the market's. Read →
NOTE fell very sharply over the last five trading days, a much bigger drop than the market's.
The main driver was its third-quarter report published today, where earnings missed expectations.
Sales rose strongly, but organic growth, meaning growth excluding acquisitions and currency effects, was only 2%, and profit after tax per share was lower than a year ago.
Investors likely reacted to the weak profit and cash flow, with the report day alone being a very big move for the stock.
Learn more · Why do stocks go up and down?