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Nolato

Nolato

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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. Sales were SEK 6.7bn in 2017 with an EBITA margin of 11.5%. Nolato has a global presence with only 18% of sales from Sweden.

Economic and business cycle fluctuations. As a subcontractor Nolato is highly dependent on customers’ decisions and commercial performance such as postponed or cancelled projects or product life spans.

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 2021 2022e 2023e
Sales 11610 11420 12466
Sales growth (%) 24,1 -1,6 9,2
EBITDA 1729 1537 1826
EBITDA margin (%) 14,9 13,5 14,6
EBIT adj 1283 1140 1442
EBIT adj margin (%) 11,1 10 11,6
Pretax profit 1401 1094 1390
EPS rep 4,32 3,22 4,08
EPS growth (%) 43,1 -25,4 26,6
EPS adj 4,26 3,35 4,21
DPS 1,9 2 2,2
EV/EBITDA (x) 16,8 9,8 8
EV/EBIT adj (x) 22,6 13,2 10,1
P/E (x) 25 17,1 13,5
P/E adj (x) 25,3 16,4 13,1
EV/sales (x) 2,5 1,3 1,2
FCF yield (%) 1,6 6,8 7,3
Dividend yield (%) 1,8 3,6 4
Net IB debt/EBITDA 0,7 0,5 0,2
Lease adj. FCF yield (%) 1,6 6,8 7,3
Lease adj. ND/EBITDA -0,1 0 -0,3
SEKm 2021 2022e 2023e
Sales 11610 11420 12466
COGS -9793 -9783 -10522
Gross profit 1817 1637 1944
Other operating items -88 -99 -118
EBITDA 1729 1537 1826
Depreciation on tangibles -390 -378 -394
Depreciation on intangibles 0 0 0
EBITA 1369 1176 1478
Goodwill impairment charges 0 0 0
Other impairment and amortisation -18 -14 -14
EBIT 1333 1140 1442
Other financial items 0 0 0
Net financial items 68 -46 -52
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 1401 1094 1390
Tax -241 -227 -292
Net profit 1160 867 1098
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 1160 867 1098
EPS 4,32 3,22 4,08
EPS Adj 4,26 3,35 4,21
Total extraordinary items after tax 50 0 0
Tax rate (%) -17,2 -20,8 -21
Gross margin (%) 15,7 14,3 15,6
EBITDA margin (%) 14,9 13,5 14,6
EBITA margin (%) 11,8 10,3 11,9
EBIT margin (%) 11,5 10 11,6
Pretax margin (%) 12,1 9,6 11,2
Net margin (%) 10 7,6 8,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 24,1 -1,6 9,2
EBITDA growth (%) 25,4 -11,1 18,8
EBIT growth (%) 27,2 -14,4 26,5
Net profit growth (%) 43,9 -25,2 26,6
EPS growth (%) 43,1 -25,4 26,6
Profitability 2021 2022 2023
ROE (%) 27,4 17,6 20,5
ROE Adj (%) 27,1 18,3 21,2
ROCE (%) 19,6 14,9 17,9
ROCE Adj(%) 19,4 15,4 18,3
ROIC (%) 19,8 14,5 18,5
ROIC Adj (%) 19,1 14,5 18,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 1679 1537 1826
EBITDA Adj margin (%) 14,5 13,5 14,6
EBITA Adj 1319 1176 1478
EBITA Adj margin (%) 11,4 10,3 11,9
EBIT Adj 1283 1140 1442
EBIT Adj margin (%) 11,1 10 11,6
Pretax profit Adj 1387 1130 1426
Net profit Adj 1146 903 1134
Net profit to shareholders Adj 1146 903 1134
Net Adj margin (%) 9,9 7,9 9,1
Depreciation and amortisation -360 -361 -348
Of which leasing depreciation 76 76 76
EO items 50 0 0
Impairment and PPA amortisation -36 -36 -36
EBITDA lease Adj 1679 1537 1826
EBITDA lease Adj margin (%) 14,5 13,5 14,6
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 1729 1537 1826
Net financial items 68 -46 -52
Paid tax -241 -227 -292
Non-cash items 0 0 0
Cash flow before change in WC 1556 1264 1482
Change in WC -328 123 -24
Operating cash flow 1228 1387 1458
CAPEX tangible fixed assets -318 -386 -374
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -459 0 0
Free cash flow 451 1001 1084
Dividend paid -428 -539 -593
Share issues and buybacks 0 0 0
Other non cash items -360 0 0
Decrease in net IB debt -99 -741 731
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 2234 2234 2234
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2515 2464 2414
Other fixed assets 53 53 53
Fixed assets 5175 5088 5002
Inventories 1340 1313 1371
Receivables 1574 1542 1621
Other current assets 518 514 561
Cash and liquid assets 1448 1911 2402
Total assets 10055 10368 10957
Shareholders equity 4768 5097 5602
Minority 0 0 0
Total equity 4768 5097 5602
Long-term debt 1361 1362 1362
Pension debt 247 247 247
Convertible debt 0 0 0
Deferred tax 110 110 110
Other long-term liabilities 499 99 99
Short-term debt 803 803 803
Accounts payable 930 914 997
Other current liabilities 1304 1304 1304
Total liabilities and equity 10055 10368 10957
Net IB debt 1258 796 305
Net IB debt excl. pension debt 1011 549 58
Capital invested 6280 6146 6161
Working capital 1198 1151 1252
EV breakdown 2021 2022 2023
Market cap. diluted (m) 29001 14816 14816
Net IB debt Adj 51 254 -237
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 29052 15070 14578
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 123,9 111,8 116,9
Capital invested turnover (%) 268,8 242,6 232,5
Capital employed turnover (%) 208 194,9 174,7
Inventories / sales (%) 9,5 10,9 11,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,1 19,4 17,3
Working capital / sales (%) 6,8 10,3 9,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 26,4 15,6 5,4
Net debt / market cap (%) 5 5,4 2,1
Equity ratio (%) 47,4 49,2 51,1
Net IB debt adj. / equity (%) 1,1 5 -4,2
Current ratio (%) 156,8 170,6 187,3
EBITDA / net interest (%) -2542,6 3342,2 3511,7
Net IB debt / EBITDA (%) 72,8 51,8 16,7
Interest cover (%) -2013,2 2557,4 2842,5
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 353 317 281
Total other fixed assets 73 73 73
Leasing liability 295 295 295
Total other long-term liabilities 347 347 347
Net IB debt excl. leasing -244 -41 -532
Net IB debt / EBITDA lease Adj (%) -14,5 -2,7 -29,2
SEKm 2021 2022e 2023e
Shares outstanding adj. 269 269 269
Fully diluted shares Adj 269 269 269
EPS 4,32 3,22 4,08
Dividend per share Adj 1,9 2 2,2
EPS Adj 4,26 3,35 4,21
BVPS 17,74 18,92 20,8
BVPS Adj 9,43 10,63 12,5
Net IB debt / share 4,7 3 1,1
Share price 93,67 55 55
Market cap. (m) 25177 14816 14816
Valuation 2021 2022 2023
P/E 25 17,1 13,5
EV/sales 2,5 1,32 1,17
EV/EBITDA 16,8 9,8 8
EV/EBITA 21,2 12,8 9,9
EV/EBIT 21,8 13,2 10,1
Dividend yield (%) 1,8 3,6 4
FCF yield (%) 1,6 6,8 7,3
P/BVPS 6,08 2,91 2,64
P/BVPS Adj 11,44 5,18 4,4
P/E Adj 25,3 16,4 13,1
EV/EBITDA Adj 17,3 9,8 8
EV/EBITA Adj 22 12,8 9,9
EV/EBIT Adj 22,6 13,2 10,1
EV/cap. employed 3,9 1,9 1,8
Investment ratios 2021 2022 2023
Capex / sales 2,7 3,4 3
Capex / depreciation 72,9 88,4 88,2
Capex tangibles / tangible fixed assets 12,6 15,7 15,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 17,3 17,7 17,6
Lease adj. FCF yield (%) 1,6 6,8 7,3

Equity research

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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) 4.4 % 16.5 % 31 May 2022
Gun Boström 3.2 % 8.9 % 31 May 2022
Lena Boström 2.2 % 8.4 % 31 May 2022
Capital Group 7.4 % 3.9 % 31 Mar 2022
Lannebo Fonder 6.6 % 3.4 % 31 May 2022
Första AP-fonden 6.0 % 3.1 % 31 May 2022
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 31 May 2022
Andra AP-fonden 2.8 % 1.5 % 31 May 2022
Vanguard 2.2 % 1.1 % 31 May 2022
Didner & Gerge Fonder 2.1 % 1.1 % 31 May 2022
Source: Holdings by Modular Finance AB

Insider list - Nolato

Name Quantity Code Date
Lovisa Hamrin + 100 000 BUY 10 Jun 2021
Lovisa Hamrin + 312 761 BUY 9 Jun 2021
Johan Apell - 34 436 SELL 1 Jun 2021
Johan Apell - 58 064 SELL 31 May 2021
Johan Apell - 95 000 Redemp 26 May 2021
Johan Apell + 95 000 Redemp 26 May 2021
Christer Wahlquist - 190 000 Redemp 25 May 2021
Per-Ola Holmström + 95 000 Redemp 25 May 2021
Johan Iveberg - 190 000 Redemp 25 May 2021
Johan Arvidsson + 190 000 Redemp 25 May 2021

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