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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.

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.

SEKm 2023 2024e 2025e
Sales 9546 9940 10567
Sales growth (%) -11,4 4,1 6,3
EBITDA 1253 1573 1734
EBITDA margin (%) 13,1 15,8 16,4
EBIT adj. 717 955 1094
EBIT adj. margin (%) 7,5 9,6 10,4
Pretax profit 616 898 1042
EPS 1,61 2,63 3,07
EPS growth (%) -37,6 62,9 16,7
EPS adj. 1,89 2,76 3,2
DPS 1,5 1,5 1,7
EV/EBITDA (x) 13,6 10,9 9,7
EV/EBIT adj. (x) 23,8 17,9 15,4
P/E (x) 35,9 22,1 18,9
P/E adj. (x) 30,8 21 18,1
EV/sales (x) 1,79 1,72 1,6
FCF yield (%) 2,2 2,3 4,2
Le. adj. FCF yld. (%) 2,2 2,3 4,2
Dividend yield (%) 2,6 2,6 2,9
Net IB debt/EBITDA (x) 1,1 0,9 0,7
Le. adj. ND/EBITDA (x) 0,9 0,8 0,6
SEKm 2023 2024e 2025e
Sales 9546 9940 10567
COGS -8210 -8349 -8828
Gross profit 1336 1592 1740
Other operating items -83 -19 -6
EBITDA 1253 1573 1734
Depreciation and amortisation -552 -573 -596
of which leasing depreciation -76 -76 -76
EBITA 701 1000 1138
EO Items -60 0 0
Impairment and PPA amortisation -44 -45 -44
EBIT 657 955 1094
Net financial items -41 -57 -52
Pretax profit 616 898 1042
Tax -181 -189 -215
Net profit 435 709 827
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 435 709 827
EPS 1,61 2,63 3,07
EPS adj. 1,89 2,76 3,2
Total extraordinary items after tax -42 0 0
Leasing payments -76 -76 -76
Tax rate (%) 29,4 21,1 20,6
Gross margin (%) 14 16 16,5
EBITDA margin (%) 13,1 15,8 16,4
EBITA margin (%) 7,3 10,1 10,8
EBIT margin (%) 6,9 9,6 10,4
Pre-tax margin (%) 6,5 9 9,9
Net margin (%) 4,6 7,1 7,8
Sales growth (%) -11,4 4,1 6,3
EBITDA growth (%) -11,2 25,5 10,2
EBITA growth (%) -22,8 42,6 13,8
EBIT growth (%) -24,2 45,3 14,6
Net profit growth (%) -37,6 62,9 16,7
EPS growth (%) -37,6 62,9 16,7
Profitability N/A N/A N/A
ROE (%) 8,2 13,3 14,5
ROE adj. (%) 9,9 14,2 15,3
ROCE (%) 8,8 12,8 13,9
ROCE adj. (%) 10,2 13,4 14,5
ROIC (%) 7,5 11,7 12,8
ROIC adj. (%) 8,1 11,7 12,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1313 1573 1734
EBITDA adj. margin (%) 13,8 15,8 16,4
EBITDA lease adj. 1237 1497 1658
EBITDA lease adj. margin (%) 13 15,1 15,7
EBITA adj. 761 1000 1138
EBITA adj. margin (%) 8 10,1 10,8
EBIT adj. 717 955 1094
EBIT adj. margin (%) 7,5 9,6 10,4
Pretax profit Adj. 720 943 1086
Net profit Adj. 521 754 871
Net profit to shareholders adj. 521 754 871
Net adj. margin (%) 5,5 7,6 8,2
SEKm 2023 2024e 2025e
EBITDA 1253 1573 1734
Goodwill 2401 2401 2401
Net financial items -41 -57 -52
Other intangible assets 0 0 0
Paid tax -151 -189 -215
Tangible fixed assets 2812 3106 3212
Non-cash items -38 -120 -120
Right-of-use asset 282 237 193
Cash flow before change in WC 1023 1207 1347
Total other fixed assets 17 17 17
Change in working capital -242 -104 -110
Fixed assets 5512 5761 5823
Operating cash flow 781 1102 1237
Inventories 1196 1243 1268
Capex tangible fixed assets -421 -747 -581
Receivables 1525 1590 1691
Capex intangible fixed assets -4 0 0
Other current assets 379 398 423
Acquisitions and Disposals -19 0 0
Cash and liquid assets 688 709 960
Free cash flow 337 355 656
Total assets 9300 9701 10165
Dividend paid -512 -404 -404
Shareholders equity 5171 5476 5899
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 5171 5476 5899
Other non-cash items 8 0 0
Long-term debt 1544 1614 1614
Pension debt 228 228 228
Convertible debt N/A N/A N/A
Leasing liability 293 293 293
Total other long-term liabilities 308 308 308
Short-term debt 44 44 44
Accounts payable 620 646 687
Other current liabilities 1092 1092 1092
Total liabilities and equity 9300 9701 10165
Net IB debt 1421 1470 1219
Net IB debt excl. pension debt 1193 1242 991
Net IB debt excl. leasing 1128 1177 926
Capital employed 7280 7655 8078
Capital invested 6592 6946 7117
Working capital 1388 1492 1603
Market cap. diluted (m) 15637 15637 15637
Net IB debt adj. 1421 1470 1219
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 17058 17108 16856
Total assets turnover (%) 98,9 104,6 106,4
Working capital/sales (%) 13,6 14,5 14,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 27,5 26,8 20,7
Net debt / market cap (%) 9,1 9,4 7,8
Equity ratio (%) 55,6 56,4 58
Net IB debt adj. / equity (%) 27,5 26,8 20,7
Current ratio 2,16 2,21 2,38
EBITDA/net interest 30,6 27,6 33,3
Net IB debt/EBITDA (x) 1,1 0,9 0,7
Net IB debt/EBITDA lease adj. (x) 0,9 0,8 0,6
Interest coverage 17,1 17,5 21,9
SEKm 2023 2024e 2025e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 1,61 2,63 3,07
Dividend per share 1,5 1,5 1,7
EPS adj. 1,89 2,76 3,2
BVPS 19,2 20,33 21,9
BVPS adj. 10,28 11,41 12,98
Net IB debt/share 5,28 5,46 4,52
Share price 58,05 58,05 58,05
Market cap. (m) 15637 15637 15637
P/E (x) 35,9 22,1 18,9
EV/sales (x) 1,79 1,72 1,6
EV/EBITDA (x) 13,6 10,9 9,7
EV/EBITA (x) 24,3 17,1 14,8
EV/EBIT (x) 26 17,9 15,4
Dividend yield (%) 2,6 2,6 2,9
FCF yield (%) 2,2 2,3 4,2
Le. adj. FCF yld. (%) 2,2 2,3 4,2
P/BVPS (x) 3,02 2,86 2,65
P/BVPS adj. (x) 5,65 5,09 4,47
P/E adj. (x) 30,8 21 18,1
EV/EBITDA adj. (x) 13 10,9 9,7
EV/EBITA adj. (x) 22,4 17,1 14,8
EV/EBIT adj. (x) 23,8 17,9 15,4
EV/CE (x) 2,3 2,2 2,1
Investment ratios N/A N/A N/A
Capex/sales (%) 4,5 7,5 5,5
Capex/depreciation 0,9 1,5 1,1
Capex tangibles / tangible fixed assets 15 24,1 18,1
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 16 16,19

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 % 26 Apr 2024
Gun Boström 3.2 % 8.9 % 26 Apr 2024
Första AP-fonden 9.2 % 4.8 % 26 Apr 2024
Nordea Funds 8.2 % 4.3 % 26 Apr 2024
Handelsbanken Fonder 5.3 % 2.8 % 30 Apr 2024
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 26 Apr 2024
Andra AP-fonden 4.8 % 2.5 % 26 Apr 2024
Lannebo Fonder 3.1 % 1.6 % 26 Apr 2024
Didner & Gerge Fonder 2.8 % 1.5 % 30 Apr 2024
Vanguard 2.4 % 1.3 % 30 Apr 2024
Source: Holdings by Modular Finance AB