Note AB (publ)
STO:NOTE

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Note AB (publ)
STO:NOTE
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Price: 179.4 SEK 1.93% Market Closed
Market Cap: 5.2B SEK

Relative Value

The Relative Value of one NOTE stock under the Base Case scenario is 229.83 SEK. Compared to the current market price of 179.4 SEK, Note AB (publ) is Undervalued by 22%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

NOTE Relative Value
Base Case
229.83 SEK
Undervaluation 22%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
41
vs Industry
52
Median 3Y
1.2
Median 5Y
1.2
Industry
1.8
Forward
1.2
vs History
41
vs Industry
35
Median 3Y
18.4
Median 5Y
18.7
Industry
22.7
Forward
16.2
vs History
61
vs Industry
47
Median 3Y
8.3
Median 5Y
8.3
Industry
15.4
vs History
63
vs Industry
42
Median 3Y
11.8
Median 5Y
11.8
Industry
20.8
vs History
60
vs Industry
26
Median 3Y
3.1
Median 5Y
3.6
Industry
2
vs History
46
vs Industry
53
Median 3Y
1.2
Median 5Y
1.2
Industry
1.8
Forward
1.2
vs History
49
vs Industry
35
Median 3Y
8.9
Median 5Y
9.1
Industry
7.3
vs History
47
vs Industry
42
Median 3Y
9.3
Median 5Y
10.1
Industry
14.6
Forward
8.9
vs History
42
vs Industry
39
Median 3Y
12.7
Median 5Y
12.9
Industry
18.4
Forward
11.9
vs History
63
vs Industry
47
Median 3Y
8.2
Median 5Y
8.2
Industry
14.9
vs History
63
vs Industry
39
Median 3Y
8.7
Median 5Y
8.7
Industry
17.5
vs History
53
vs Industry
32
Median 3Y
2
Median 5Y
2.3
Industry
1.6

Multiples Across Competitors

NOTE Competitors Multiples
Note AB (publ) Competitors

Market Cap P/S P/E EV/EBITDA EV/EBIT
SE
Note AB (publ)
STO:NOTE
5.1B SEK 1.3 20.5 10.4 14.1
TW
Hon Hai Precision Industry Co Ltd
TWSE:2317
2.2T TWD 0.3 12.9 6.4 9.1
CN
Foxconn Industrial Internet Co Ltd
SSE:601138
473.1B CNY 0.7 19.5 15.9 15.9
CH
TE Connectivity Ltd
NYSE:TEL
51.8B USD 3.2 37.3 13.5 17.1
US
Jabil Inc
NYSE:JBL
24.3B USD 0.9 42 12 18.9
SG
Flex Ltd
NASDAQ:FLEX
19.5B USD 0.8 23.3 11 15.7
CA
Celestica Inc
TSX:CLS
25.2B CAD 1.8 43.8 25.7 31.9
CN
Goertek Inc
SZSE:002241
79.8B CNY 0.8 29 29.2 29.2
TW
FIH Mobile Ltd
F:FW3
9.1B EUR 1.9 -525.2 60.5 520
KY
Fabrinet
NYSE:FN
10.6B USD 3.2 32.3 26.6 31
US
Fabrinet
SWB:FAN
5.5B EUR 2 19.8 15.2 17.7
P/E Multiple
Earnings Growth PEG
SE
Note AB (publ)
STO:NOTE
Average P/E: 28
20.5
19%
1.1
TW
Hon Hai Precision Industry Co Ltd
TWSE:2317
12.9
19%
0.7
CN
Foxconn Industrial Internet Co Ltd
SSE:601138
19.5
20%
1
CH
TE Connectivity Ltd
NYSE:TEL
37.3
-2%
N/A
US
Jabil Inc
NYSE:JBL
42
-2%
N/A
SG
Flex Ltd
NASDAQ:FLEX
23.3
N/A N/A
CA
Celestica Inc
TSX:CLS
43.8
24%
1.8
CN
Goertek Inc
SZSE:002241
29
23%
1.3
TW
FIH Mobile Ltd
F:FW3
Negative Multiple: -525.2 N/A N/A
KY
Fabrinet
NYSE:FN
32.3
19%
1.7
US
F
Fabrinet
SWB:FAN
19.8
19%
1
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
SE
Note AB (publ)
STO:NOTE
Average EV/EBITDA: 20.6
10.4
10%
1
TW
Hon Hai Precision Industry Co Ltd
TWSE:2317
6.4
17%
0.4
CN
Foxconn Industrial Internet Co Ltd
SSE:601138
15.9
26%
0.6
CH
TE Connectivity Ltd
NYSE:TEL
13.5
7%
1.9
US
Jabil Inc
NYSE:JBL
12
5%
2.4
SG
Flex Ltd
NASDAQ:FLEX
11
9%
1.2
CA
Celestica Inc
TSX:CLS
25.7
17%
1.5
CN
Goertek Inc
SZSE:002241
29.2
38%
0.8
TW
FIH Mobile Ltd
F:FW3
60.5
N/A N/A
KY
Fabrinet
NYSE:FN
26.6
19%
1.4
US
F
Fabrinet
SWB:FAN
15.2
19%
0.8
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
SE
Note AB (publ)
STO:NOTE
Average EV/EBIT: 65.5
14.1
11%
1.3
TW
Hon Hai Precision Industry Co Ltd
TWSE:2317
9.1
18%
0.5
CN
Foxconn Industrial Internet Co Ltd
SSE:601138
15.9
21%
0.8
CH
TE Connectivity Ltd
NYSE:TEL
17.1
8%
2.1
US
Jabil Inc
NYSE:JBL
18.9
8%
2.4
SG
Flex Ltd
NASDAQ:FLEX
15.7
N/A N/A
CA
Celestica Inc
TSX:CLS
31.9
22%
1.5
CN
Goertek Inc
SZSE:002241
29.2
13%
2.2
TW
FIH Mobile Ltd
F:FW3
520
N/A N/A
KY
Fabrinet
NYSE:FN
31
19%
1.6
US
F
Fabrinet
SWB:FAN
17.7
19%
0.9