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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 9867,89 11246,84
Sales growth (%) -2,1 4,3 14
EBITDA 1620 1298 1893
EBITDA margin (%) 17,1 13,2 16,8
EBIT adj. 1017 1016 1253
EBIT adj. margin (%) 10,7 10,3 11,1
Pretax profit 983 937 1213
EPS 2,88 2,71 3,57
EPS growth (%) 18,1 -6,1 32
EPS adj. 2,98 2,87 3,7
DPS N/A N/A N/A
Dividend per share 1,7 1,6 2,1
EV/EBITDA (x) 9,3 11,9 8
EV/EBIT adj. (x) 14,8 15,2 12,1
P/E (x) 17,85 19,02 14,41
P/E adj. (x) 17,3 17,9 13,9
EV/sales (x) 1,59 1,56 1,34
FCF yield (%) 2 0,3 5,1
Le. adj. FCF yld. (%) 2 0,3 5,1
Dividend yield (%) 3,3 3,1 4,1
Net IB debt/EBITDA (x) 0,7 1,2 0,7
Le. adj. ND/EBITDA (x) 0,6 1,1 0,6
SEKm 2025 2026e 2027e
Sales 9462 9867,89 11246,84
COGS -7732 -8091 -9238
Gross profit 1730 1777 2009
Other operating items -110 -479 -116
EBITDA 1620 1298 1893
Depreciation and amortisation -555 -253 -596
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -76 -76 -76
EBITA 1065 1045,08 1296,68
EO Items N/A N/A N/A
Operating EO items 7 -14 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -41 -43 -44
EBIT 1024 1002,08 1252,68
Net financial items -41 -65 -40
Pretax profit 983 937 1213
Tax -206 -208 -250
Net profit 777 729 963
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 777 729 963
EPS 2,88 2,71 3,57
EPS adj. 2,98 2,87 3,7
Total extraordinary items after tax 6 -11 0
Leasing payments -76 -76 -76
Tax rate (%) 21 22,2 20,6
Gross margin (%) 18,3 18 17,9
EBITDA margin (%) 17,1 13,2 16,8
EBITA margin (%) 11,3 10,6 11,5
EBIT margin (%) 10,8 10,2 11,1
Pre-tax margin (%) 10,4 9,5 10,8
Net margin (%) 8,2 7,4 8,6
Sales growth (%) -2,1 4,3 14
EBITDA growth (%) 7,4 -19,9 45,8
EBITA growth (%) 11,1 -1,9 24,1
EBIT growth (%) 12,2 -2,1 25
Net profit growth (%) 18,1 -6,1 32
EPS growth (%) 18,1 -6,1 32
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 13,8 12,9 15,9
ROE adj. (%) 14,4 13,8 16,6
ROCE (%) 13,9 13,5 15,9
ROCE adj. (%) 14,4 14,3 16,4
ROIC (%) 12,4 11,6 13,8
ROIC adj. (%) 12,4 11,8 13,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1613 1312 1893
EBITDA adj. margin (%) 17 13,3 16,8
EBITDA lease adj. 1537 1236 1817
EBITDA lease adj. margin (%) 16,2 12,5 16,2
EBITA adj. 1058 1059 1297
EBITA adj. margin (%) 11,2 10,7 11,5
EBIT adj. 1017 1016 1253
EBIT adj. margin (%) 10,7 10,3 11,1
Pretax profit Adj. 1017 994 1257
Net profit Adj. 812 783 1007
Net profit to shareholders adj. 812 783 1007
Net adj. margin (%) 8,6 7,9 9
SEKm 2025 2026e 2027e
EBITDA 1620 1298 1893
Goodwill 2172 2172 2172
Net financial items -41 -65 -40
Other intangible assets 0 0 0
Paid tax -220 -208 -250
Tangible fixed assets 3152 3456 3504
Non-cash items -43 88 0
Right-of-use asset 209 166 122
Cash flow before change in WC 1316 1113 1603
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 25 25 25
Change in working capital -254 31 -245
Fixed assets 5558 5819 5823
Operating cash flow 1062 1144 1358
Inventories 1086 1085 1237
Capex tangible fixed assets -783 -645 -644
Receivables 1600 1776 1856
Capex intangible fixed assets -5 0 0
Other current assets 556 789 900
Acquisitions and Disposals 0 -463 0
Cash and liquid assets 482 299 582
Free cash flow 274 37 714
Total assets 9282 9769 10397
Dividend paid -404 -458 -431
Shareholders equity 5532 5803 6335
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 5532 5803 6335
Other non-cash items N/A N/A N/A
Other changes in net debt 38 67 0
Long-term debt 897 1068 1068
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 646 691 787
Other current liabilities 1120 1120 1120
Total liabilities and equity 9282 9769 10397
Net IB debt 1167 1521 1238
Net IB debt excl. pension debt 977 1331 1048
Net IB debt excl. leasing 951 1305 1022
Capital employed 7181 7623 8155
Capital invested 6699 7324 7573
Working capital 1476 1840 2085
Market cap. diluted (m) 13873 13873 13873
Net IB debt adj. 1167 1521 1238
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 15040 15394 15111
Total assets turnover (%) 99,8 103,6 111,5
Working capital/sales (%) 14,6 16,8 17,5
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 21,1 26,2 19,5
Net debt / market cap (%) 8,4 11 8,9
Equity ratio (%) 59,6 59,4 60,9
Net IB debt adj. / equity (%) 21,1 26,2 19,5
Current ratio 1,76 1,83 2,03
EBITDA/net interest 39,5 20 47,3
Net IB debt/EBITDA (x) 0,7 1,2 0,7
Net IB debt/EBITDA lease adj. (x) 0,6 1,1 0,6
Interest coverage 26 16,1 32,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 2,88 2,71 3,57
Dividend per share 1,7 1,6 2,1
EPS adj. 2,98 2,87 3,7
BVPS 20,54 21,54 23,52
BVPS adj. 12,47 13,48 15,45
Net IB debt/share 4,33 5,65 4,6
Share price 51,5 51,5 51,5
Market cap. (m) 13873 13873 13873
P/E (x) 17,85 19,02 14,41
EV/sales (x) 1,59 1,56 1,34
EV/EBITDA (x) 9,3 11,9 8
EV/EBITA (x) 14,1 14,7 11,7
EV/EBIT (x) 14,7 15,4 12,1
Dividend yield (%) 3,3 3,1 4,1
FCF yield (%) 2 0,3 5,1
Le. adj. FCF yld. (%) 2 0,3 5,1
P/BVPS (x) 2,51 2,39 2,19
P/BVPS adj. (x) 4,13 3,82 3,33
P/E adj. (x) 17,3 17,9 13,9
EV/EBITDA adj. (x) 9,3 11,7 8
EV/EBITA adj. (x) 14,2 14,5 11,7
EV/EBIT adj. (x) 14,8 15,2 12,1
EV/CE (x) 2,1 2 1,9
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -8,3 -6,5 -5,7
Capex/depreciation 1,6 3,6 1,2
Capex tangibles / tangible fixed assets 24,8 18,7 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 15,2 5,12 14,84

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) 4.7 % 16.7 % 28 Oct 2026
Gun Boström 3.2 % 8.9 % 28 Oct 2026
Lena Boström 2.2 % 8.4 % 28 Oct 2026
Nordea Funds 12.1 % 6.3 % 28 Oct 2026
Handelsbanken Fonder 7.3 % 3.8 % 31 Oct 2026
Fjärde AP-fonden 5.4 % 2.8 % 28 Oct 2026
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 28 Oct 2026
Vanguard 3.0 % 1.6 % 30 Sep 2026
Tredje AP-fonden 2.3 % 1.2 % 28 Oct 2026
Carnegie Fonder 2.3 % 1.2 % 28 Oct 2026
Source: Holdings by Modular Finance AB