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Nolato

Nolato

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Nolato develops and manufactures products in polymer materials such as plastic, silicone and TPE for leading customers within medical technology, pharmaceuticals, consumer electronics, telecom, automotive and other selected industrial sectors. Over the years Nolato has strengthened its strategic move from being a manufacturer of components to customer specification to being a solutions-oriented advanced partner for its customers.

Sustainability information

Attracting new customers in growth areas as seen in VHP (Vaporiser Heating Products). As customers’ volume prospers so does Nolato’s. Owing to its wide-ranging expertise across different areas of technology, many industries and niches are potential customers. Also, value-added acquisitions are opportunities on the back of a very solid balance sheet and high cash conversion.

Financials

SEKm 2025 2026e 2027e
Sales 9462 9780,35 10643,51
Sales growth (%) -2,1 3,4 8,8
EBITDA 1620 1611 1849
EBITDA margin (%) 17,1 16,5 17,4
EBIT adj. 1017 1017 1209
EBIT adj. margin (%) 10,7 10,4 11,4
Pretax profit 983 952 1169
EPS 2,88 2,77 3,44
EPS growth (%) 18,1 -3,8 24,2
EPS adj. 2,98 2,91 3,57
DPS N/A N/A N/A
Dividend per share 1,7 1,7 2,1
EV/EBITDA (x) 8,8 8,8 7,5
EV/EBIT adj. (x) 13,9 14 11,5
P/E (x) 16,75 17,41 14,02
P/E adj. (x) 16,2 16,6 13,5
EV/sales (x) 1,5 1,45 1,3
FCF yield (%) 2,1 3,4 5,9
Le. adj. FCF yld. (%) 2,1 3,4 5,9
Dividend yield (%) 3,5 3,5 4,3
Net IB debt/EBITDA (x) 0,7 0,7 0,5
Le. adj. ND/EBITDA (x) 0,6 0,6 0,4
SEKm 2025 2026e 2027e
Sales 9462 9780,35 10643,51
COGS -7732 -8042 -8720
Gross profit 1730 1738 1923
Other operating items -110 -127 -74
EBITDA 1620 1611 1849
Depreciation and amortisation -555 -558 -596
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -76 -76 -76
EBITA 1065 1053,49 1252,66
EO Items N/A N/A N/A
Operating EO items 7 -6 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -41 -42 -44
EBIT 1024 1011,49 1208,66
Net financial items -41 -59 -40
Pretax profit 983 952 1169
Tax -206 -205 -241
Net profit 777 747 928
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 777 747 928
EPS 2,88 2,77 3,44
EPS adj. 2,98 2,91 3,57
Total extraordinary items after tax 6 -5 0
Leasing payments -76 -76 -76
Tax rate (%) 21 21,5 20,6
Gross margin (%) 18,3 17,8 18,1
EBITDA margin (%) 17,1 16,5 17,4
EBITA margin (%) 11,3 10,8 11,8
EBIT margin (%) 10,8 10,3 11,4
Pre-tax margin (%) 10,4 9,7 11
Net margin (%) 8,2 7,6 8,7
Sales growth (%) -2,1 3,4 8,8
EBITDA growth (%) 7,4 -0,5 14,7
EBITA growth (%) 11,1 -1,1 18,9
EBIT growth (%) 12,2 -1,2 19,5
Net profit growth (%) 18,1 -3,8 24,2
EPS growth (%) 18,1 -3,8 24,2
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 13,8 13,2 15,3
ROE adj. (%) 14,4 14 16
ROCE (%) 13,9 14 16,1
ROCE adj. (%) 14,4 14,6 16,7
ROIC (%) 12,4 12,1 14
ROIC adj. (%) 12,4 12,1 14
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1613 1617 1849
EBITDA adj. margin (%) 17 16,5 17,4
EBITDA lease adj. 1537 1541 1773
EBITDA lease adj. margin (%) 16,2 15,8 16,7
EBITA adj. 1058 1059 1253
EBITA adj. margin (%) 11,2 10,8 11,8
EBIT adj. 1017 1017 1209
EBIT adj. margin (%) 10,7 10,4 11,4
Pretax profit Adj. 1017 1000 1213
Net profit Adj. 812 794 972
Net profit to shareholders adj. 812 794 972
Net adj. margin (%) 8,6 8,1 9,1
SEKm 2025 2026e 2027e
EBITDA 1620 1611 1849
Goodwill 2172 2172 2172
Net financial items -41 -59 -40
Other intangible assets 0 0 0
Paid tax -220 -205 -241
Tangible fixed assets 3152 3389 3402
Non-cash items -43 -136 0
Right-of-use asset 209 167 123
Cash flow before change in WC 1316 1211 1568
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 25 25 25
Change in working capital -254 -113 -186
Fixed assets 5558 5753 5722
Operating cash flow 1062 1098 1382
Inventories 1086 1095 1192
Capex tangible fixed assets -783 -659 -609
Receivables 1600 1663 1756
Capex intangible fixed assets -5 0 0
Other current assets 556 587 639
Acquisitions and Disposals 0 0 0
Cash and liquid assets 482 277 592
Free cash flow 274 439 773
Total assets 9282 9375 9901
Dividend paid -404 -458 -458
Shareholders equity 5532 5821 6291
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 5532 5821 6291
Other non-cash items N/A N/A N/A
Other changes in net debt 38 0 0
Long-term debt 897 711 711
Pension debt 190 190 190
Convertible debt N/A N/A N/A
Leasing liability 216 216 216
Total other long-term liabilities 335 335 335
Short-term debt 346 346 346
Accounts payable 646 636 692
Other current liabilities 1120 1120 1120
Total liabilities and equity 9282 9375 9901
Net IB debt 1167 1186 871
Net IB debt excl. pension debt 977 996 681
Net IB debt excl. leasing 951 970 655
Capital employed 7181 7284 7754
Capital invested 6699 7007 7162
Working capital 1476 1589 1775
Market cap. diluted (m) 13011 13011 13011
Net IB debt adj. 1167 1186 871
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 14178 14197 13882
Total assets turnover (%) 99,8 104,8 110,4
Working capital/sales (%) 14,6 15,7 15,8
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 21,1 20,4 13,8
Net debt / market cap (%) 9 9,1 6,7
Equity ratio (%) 59,6 62,1 63,5
Net IB debt adj. / equity (%) 21,1 20,4 13,8
Current ratio 1,76 1,72 1,94
EBITDA/net interest 39,5 27,3 46,2
Net IB debt/EBITDA (x) 0,7 0,7 0,5
Net IB debt/EBITDA lease adj. (x) 0,6 0,6 0,4
Interest coverage 26 17,9 31,3
SEKm 2025 2026e 2027e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 2,88 2,77 3,44
Dividend per share 1,7 1,7 2,1
EPS adj. 2,98 2,91 3,57
BVPS 20,54 21,61 23,36
BVPS adj. 12,47 13,55 15,29
Net IB debt/share 4,33 4,4 3,23
Share price 48,3 48,3 48,3
Market cap. (m) 13011 13011 13011
P/E (x) 16,75 17,41 14,02
EV/sales (x) 1,5 1,45 1,3
EV/EBITDA (x) 8,8 8,8 7,5
EV/EBITA (x) 13,3 13,5 11,1
EV/EBIT (x) 13,8 14 11,5
Dividend yield (%) 3,5 3,5 4,3
FCF yield (%) 2,1 3,4 5,9
Le. adj. FCF yld. (%) 2,1 3,4 5,9
P/BVPS (x) 2,35 2,23 2,07
P/BVPS adj. (x) 3,87 3,57 3,16
P/E adj. (x) 16,2 16,6 13,5
EV/EBITDA adj. (x) 8,8 8,8 7,5
EV/EBITA adj. (x) 13,4 13,4 11,1
EV/EBIT adj. (x) 13,9 14 11,5
EV/CE (x) 2 1,9 1,8
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -8,3 -6,7 -5,7
Capex/depreciation 1,6 1,4 1,2
Capex tangibles / tangible fixed assets 24,8 19,4 17,9
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 15,2 14,22 15,28

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Media

Nolato - Company presentation with CEO Christer Wahlquist and CFO Per-Ola Holmström
Nolato - Intervju med VD Christer Wahlquist (Q1 2017)

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Main shareholders - Nolato

Main shareholders Share capital % Voting shares % Verified
Lovisa Hamrin (Herenco) 4.7 % 16.7 % 26 Jun 2026
Gun Boström 3.2 % 8.9 % 26 Jun 2026
Lena Boström 2.2 % 8.4 % 26 Jun 2026
Nordea Funds 11.8 % 6.2 % 26 Jun 2026
Handelsbanken Fonder 7.1 % 3.7 % 30 Jun 2026
Fjärde AP-fonden 5.1 % 2.7 % 26 Jun 2026
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 26 Jun 2026
Vanguard 2.9 % 1.5 % 30 Jun 2026
Carnegie Fonder 2.5 % 1.3 % 30 Jun 2026
Tredje AP-fonden 2.2 % 1.1 % 26 Jun 2026
Source: Holdings by Modular Finance AB