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Nolato

Nolato

Active and global subcontractor

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.

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.

SEKm 2023 2024e 2025e
Sales 9546 9710 10297
Sales growth (%) -11,4 1,7 6
EBITDA 1253 1488 1649
EBITDA margin (%) 13,1 15,3 16
EBIT adj. 717 860 1009
EBIT adj. margin (%) 7,5 8,9 9,8
Pretax profit 616 808 957
EPS 1,61 2,38 2,82
EPS growth (%) -37,6 47,6 18,3
EPS adj. 1,89 2,51 2,95
DPS 1,5 1,5 1,7
EV/EBITDA (x) 11 9,2 8
EV/EBIT adj. (x) 19,2 15,8 13,1
P/E (x) 28 19 16
P/E adj. (x) 23,9 18 15,3
EV/sales (x) 1,44 1,4 1,28
FCF yield (%) 2,8 3,2 6,2
Le. adj. FCF yld. (%) 2,8 3,2 6,2
Dividend yield (%) 3,3 3,3 3,8
Net IB debt/EBITDA (x) 1,2 1 0,6
Le. adj. ND/EBITDA (x) 1 0,8 0,4
SEKm 2023 2024e 2025e
Sales 9546 9710 10297
COGS -8210 -8252 -8659
Gross profit 1336 1457 1637
Other operating items -83 31 11
EBITDA 1253 1488 1649
Depreciation and amortisation -552 -584 -596
of which leasing depreciation -76 -76 -76
EBITA 701 904 1053
EO Items -60 0 0
Impairment and PPA amortisation -44 -44 -44
EBIT 657 860 1009
Net financial items -41 -52 -52
Pretax profit 616 808 957
Tax -181 -167 -197
Net profit 435 642 760
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 435 642 760
EPS 1,61 2,38 2,82
EPS adj. 1,89 2,51 2,95
Total extraordinary items after tax -42 0 0
Leasing payments -76 -76 -76
Tax rate (%) 29,4 20,6 20,6
Gross margin (%) 14 15 15,9
EBITDA margin (%) 13,1 15,3 16
EBITA margin (%) 7,3 9,3 10,2
EBIT margin (%) 6,9 8,9 9,8
Pre-tax margin (%) 6,5 8,3 9,3
Net margin (%) 4,6 6,6 7,4
Sales growth (%) -11,4 1,7 6
EBITDA growth (%) -11,2 18,8 10,8
EBITA growth (%) -22,8 29 16,4
EBIT growth (%) -24,2 31 17,2
Net profit growth (%) -37,6 47,6 18,3
EPS growth (%) -37,6 47,6 18,3
Profitability N/A N/A N/A
ROE (%) 8,2 12,1 13,6
ROE adj. (%) 9,9 13 14,4
ROCE (%) 8,7 11,5 13,2
ROCE adj. (%) 10,1 12,1 13,7
ROIC (%) 7,4 10,6 12,3
ROIC adj. (%) 8,1 10,6 12,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1313 1488 1649
EBITDA adj. margin (%) 13,8 15,3 16
EBITDA lease adj. 1237 1412 1573
EBITDA lease adj. margin (%) 13 14,5 15,3
EBITA adj. 761 904 1053
EBITA adj. margin (%) 8 9,3 10,2
EBIT adj. 717 860 1009
EBIT adj. margin (%) 7,5 8,9 9,8
Pretax profit Adj. 720 852 1001
Net profit Adj. 521 686 804
Net profit to shareholders adj. 521 686 804
Net adj. margin (%) 5,5 7,1 7,8
SEKm 2023 2024e 2025e
EBITDA 1253 1488 1649
Goodwill 2401 2401 2401
Net financial items -41 -52 -52
Other intangible assets 0 0 0
Paid tax -181 -167 -197
Tangible fixed assets 2812 2879 2797
Non-cash items -22 -120 -120
Right-of-use asset 282 238 194
Cash flow before change in WC 1009 1150 1280
Total other fixed assets 17 17 17
Change in working capital -228 -114 -14
Fixed assets 5512 5535 5409
Operating cash flow 781 1036 1266
Inventories 1196 1214 1236
Capex tangible fixed assets -427 -651 -515
Receivables 1525 1554 1596
Capex intangible fixed assets -4 0 0
Other current assets 379 476 463
Acquisitions and Disposals -13 0 0
Cash and liquid assets 688 669 1016
Free cash flow 337 386 751
Total assets 9300 9447 9721
Dividend paid -512 -404 -404
Shareholders equity 5171 5409 5764
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 5171 5409 5764
Other non-cash items -126 120 120
Long-term debt 1503 1383 1263
Pension debt 228 228 228
Convertible debt N/A N/A N/A
Leasing liability 308 308 308
Total other long-term liabilities 301 301 301
Short-term debt 211 211 211
Accounts payable 602 631 669
Other current liabilities 976 976 976
Total liabilities and equity 9300 9447 9721
Net IB debt 1562 1461 994
Net IB debt excl. pension debt 1334 1233 766
Net IB debt excl. leasing 1254 1152 686
Capital employed 7421 7539 7774
Capital invested 6733 6869 6758
Working capital 1522 1636 1650
Market cap. diluted (m) 12176 12176 12176
Net IB debt adj. 1562 1461 994
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 13738 13636 13169
Total assets turnover (%) 98,9 103,6 107,4
Working capital/sales (%) 14,4 16,3 16
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 30,2 27 17,2
Net debt / market cap (%) 12,8 12 8,2
Equity ratio (%) 55,6 57,3 59,3
Net IB debt adj. / equity (%) 30,2 27 17,2
Current ratio 2,12 2,15 2,32
EBITDA/net interest 30,6 28,6 31,7
Net IB debt/EBITDA (x) 1,2 1 0,6
Net IB debt/EBITDA lease adj. (x) 1 0,8 0,4
Interest coverage 17,1 17,4 20,2
SEKm 2023 2024e 2025e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 1,61 2,38 2,82
Dividend per share 1,5 1,5 1,7
EPS adj. 1,89 2,51 2,95
BVPS 19,2 20,08 21,4
BVPS adj. 10,28 11,17 12,49
Net IB debt/share 5,8 5,42 3,69
Share price 45,2 45,2 45,2
Market cap. (m) 12176 12176 12176
P/E (x) 28 19 16
EV/sales (x) 1,44 1,4 1,28
EV/EBITDA (x) 11 9,2 8
EV/EBITA (x) 19,6 15,1 12,5
EV/EBIT (x) 20,9 15,8 13,1
Dividend yield (%) 3,3 3,3 3,8
FCF yield (%) 2,8 3,2 6,2
Le. adj. FCF yld. (%) 2,8 3,2 6,2
P/BVPS (x) 2,35 2,25 2,11
P/BVPS adj. (x) 4,4 4,05 3,62
P/E adj. (x) 23,9 18 15,3
EV/EBITDA adj. (x) 10,5 9,2 8
EV/EBITA adj. (x) 18,1 15,1 12,5
EV/EBIT adj. (x) 19,2 15,8 13,1
EV/CE (x) 1,9 1,8 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 4,5 6,7 5
Capex/depreciation 0,9 1,3 1
Capex tangibles / tangible fixed assets 15,2 22,6 18,4
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 16,93 17,65 18,59

Equity research

Read earlier research

Media

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

Main shareholders - Nolato

Main shareholders Share capital % Voting shares % Verified
Lovisa Hamrin (Herenco) 4.4 % 16.5 % 29 Jan 2024
Gun Boström 3.2 % 8.9 % 29 Jan 2024
Första AP-fonden 9.2 % 4.8 % 29 Jan 2024
Nordea Funds 7.6 % 3.9 % 29 Jan 2024
Lannebo Fonder 4.9 % 2.6 % 20 Feb 2024
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 29 Jan 2024
Andra AP-fonden 4.3 % 2.2 % 29 Jan 2024
Handelsbanken Fonder 3.8 % 2.0 % 31 Jan 2024
Didner & Gerge Fonder 2.8 % 1.5 % 31 Jan 2024
Vanguard 2.4 % 1.3 % 31 Jan 2024
Source: Holdings by Modular Finance AB