Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Nolato

Nolato

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 2024 2025e 2026e
Sales 9648 10154 10574
Sales growth (%) 1,1 5,2 4,1
EBITDA 1517 1692 1756
EBITDA margin (%) 15,7 16,7 16,6
EBIT adj. 917 1052 1116
EBIT adj. margin (%) 9,5 10,4 10,5
Pretax profit 851 1000 1068
EPS 2,48 2,95 3,15
EPS growth (%) 53,6 18,8 6,7
EPS adj. 2,61 3,08 3,28
DPS 1,5 1,8 1,9
EV/EBITDA (x) 10,8 9,7 9,3
EV/EBIT adj. (x) 17,9 15,6 14,6
P/E (x) 22,5 19 17,8
P/E adj. (x) 21,4 18,2 17,1
EV/sales (x) 1,7 1,62 1,54
FCF yield (%) 3,2 2,8 4,4
Le. adj. FCF yld. (%) 3,2 2,8 4,4
Dividend yield (%) 2,7 3,2 3,4
Net IB debt/EBITDA (x) 0,9 0,8 0,7
Le. adj. ND/EBITDA (x) 0,8 0,7 0,5
SEKm 2024 2025e 2026e
Sales 9648 10154 10574
COGS -8037 -8477 -8839
Gross profit 1611 1677 1735
Other operating items -94 15 20
EBITDA 1517 1692 1756
Depreciation and amortisation -555 -596 -596
of which leasing depreciation -76 -76 -76
EBITA 962 1096 1160
EO Items 0 0 0
Impairment and PPA amortisation -45 -44 -44
EBIT 917 1052 1116
Net financial items -66 -52 -48
Pretax profit 851 1000 1068
Tax -183 -206 -220
Net profit 668 794 848
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 668 794 848
EPS 2,48 2,95 3,15
EPS adj. 2,61 3,08 3,28
Total extraordinary items after tax 0 0 0
Leasing payments -76 -76 -76
Tax rate (%) 21,5 20,6 20,6
Gross margin (%) 16,7 16,5 16,4
EBITDA margin (%) 15,7 16,7 16,6
EBITA margin (%) 10 10,8 11
EBIT margin (%) 9,5 10,4 10,5
Pre-tax margin (%) 8,8 9,8 10,1
Net margin (%) 6,9 7,8 8
Sales growth (%) 1,1 5,2 4,1
EBITDA growth (%) 21,1 11,5 3,8
EBITA growth (%) 37,3 13,9 5,8
EBIT growth (%) 39,6 14,7 6
Net profit growth (%) 53,6 18,8 6,7
EPS growth (%) 53,6 18,8 6,7
Profitability N/A N/A N/A
ROE (%) 12,6 14,1 14,1
ROE adj. (%) 13,4 14,9 14,8
ROCE (%) 12,7 14,2 14,4
ROCE adj. (%) 13,3 14,8 14,9
ROIC (%) 11,3 12,4 12,6
ROIC adj. (%) 11,3 12,4 12,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1517 1692 1756
EBITDA adj. margin (%) 15,7 16,7 16,6
EBITDA lease adj. 1441 1616 1680
EBITDA lease adj. margin (%) 14,9 15,9 15,9
EBITA adj. 962 1096 1160
EBITA adj. margin (%) 10 10,8 11
EBIT adj. 917 1052 1116
EBIT adj. margin (%) 9,5 10,4 10,5
Pretax profit Adj. 896 1044 1112
Net profit Adj. 713 838 892
Net profit to shareholders adj. 713 838 892
Net adj. margin (%) 7,4 8,3 8,4
SEKm 2024 2025e 2026e
EBITDA 1517 1692 1756
Goodwill 2473 2473 2473
Net financial items -66 -52 -48
Other intangible assets 0 0 0
Paid tax -183 -206 -220
Tangible fixed assets 3008 3344 3513
Non-cash items -55 -120 -120
Right-of-use asset 208 164 120
Cash flow before change in WC 1213 1314 1368
Total other fixed assets 17 17 17
Fixed assets 5706 5998 6123
Change in working capital -29 -81 -54
Inventories 1206 1218 1216
Operating cash flow 1185 1233 1313
Receivables 1544 1625 1692
Capex tangible fixed assets -696 -812 -645
Other current assets 386 406 423
Capex intangible fixed assets 0 0 0
Cash and liquid assets 370 387 570
Acquisitions and Disposals 0 0 0
Total assets 9211 9634 10024
Free cash flow 489 421 668
Shareholders equity 5435 5825 6188
Dividend paid -404 -404 -485
Minority N/A N/A N/A
Share issues and buybacks 0 0 0
Total equity 5435 5825 6188
Leasing liability amortisation 0 0 0
Long-term debt 1188 1188 1188
Other non-cash items -43 0 0
Pension debt 228 228 228
Convertible debt N/A N/A N/A
Leasing liability 293 293 293
Total other long-term liabilities 304 304 304
Short-term debt 44 44 44
Accounts payable 627 660 687
Other current liabilities 1092 1092 1092
Total liabilities and equity 9211 9634 10024
Net IB debt 1383 1366 1183
Net IB debt excl. pension debt 1155 1138 955
Net IB debt excl. leasing 1090 1073 890
Capital employed 7188 7578 7941
Capital invested 6818 7191 7371
Working capital 1417 1497 1552
Market cap. diluted (m) 15058 15058 15058
Net IB debt adj. 1383 1366 1183
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 16441 16424 16241
Total assets turnover (%) 104,2 107,8 107,6
Working capital/sales (%) 14,5 14,3 14,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 25,4 23,5 19,1
Net debt / market cap (%) 9,2 9,1 7,9
Equity ratio (%) 59 60,5 61,7
Net IB debt adj. / equity (%) 25,4 23,5 19,1
Current ratio 1,99 2,02 2,14
EBITDA/net interest 23 32,5 36,6
Net IB debt/EBITDA (x) 0,9 0,8 0,7
Net IB debt/EBITDA lease adj. (x) 0,8 0,7 0,5
Interest coverage 14,6 21,1 24,2
SEKm 2024 2025e 2026e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 2,48 2,95 3,15
Dividend per share 1,5 1,8 1,9
EPS adj. 2,61 3,08 3,28
BVPS 20,18 21,62 22,97
BVPS adj. 11 12,44 13,79
Net IB debt/share 5,13 5,07 4,39
Share price 55,9 55,9 55,9
Market cap. (m) 15058 15058 15058
P/E (x) 22,5 19 17,8
EV/sales (x) 1,7 1,62 1,54
EV/EBITDA (x) 10,8 9,7 9,3
EV/EBITA (x) 17,1 15 14
EV/EBIT (x) 17,9 15,6 14,6
Dividend yield (%) 2,7 3,2 3,4
FCF yield (%) 3,2 2,8 4,4
Le. adj. FCF yld. (%) 3,2 2,8 4,4
P/BVPS (x) 2,77 2,59 2,43
P/BVPS adj. (x) 5,08 4,49 4,05
P/E adj. (x) 21,4 18,2 17,1
EV/EBITDA adj. (x) 10,8 9,7 9,3
EV/EBITA adj. (x) 17,1 15 14
EV/EBIT adj. (x) 17,9 15,6 14,6
EV/CE (x) 2,3 2,2 2
Investment ratios N/A N/A N/A
Capex/sales (%) 7,2 8 6,1
Capex/depreciation 1,5 1,6 1,2
Capex tangibles / tangible fixed assets 23,1 24,3 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 15,93 15,55 14,8

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 % 23 Dec 2024
Gun Boström 3.2 % 8.9 % 23 Dec 2024
Nordea Funds 9.7 % 5.1 % 23 Dec 2024
Första AP-fonden 8.8 % 4.6 % 23 Dec 2024
Handelsbanken Fonder 5.4 % 2.8 % 31 Dec 2024
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 23 Dec 2024
Carnegie Fonder 3.3 % 1.7 % 31 Dec 2024
Lannebo Kapitalförvaltning 2.9 % 1.5 % 23 Dec 2024
Andra AP-fonden 2.9 % 1.5 % 23 Dec 2024
Vanguard 2.5 % 1.3 % 30 Nov 2024
Source: Holdings by Modular Finance AB