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

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2022 2023e 2024e
Sales 10927 11552 12473
Sales growth (%) -5,9 5,7 8
EBITDA 1431 1645 1869
EBITDA margin (%) 13,1 14,2 15
EBIT adj. 896 1105 1329
EBIT adj. margin (%) 8,2 9,6 10,7
Pretax profit 857 1053 1277
EPS 2,54 3,1 3,76
EPS growth (%) -41,1 22,2 21,3
EPS adj. 2,66 3,22 3,88
DPS 1,4 1,6 1,8
EV/EBITDA (x) 12,3 10,5 8,9
EV/EBIT adj. (x) 19,7 15,6 12,6
P/E (x) 24,8 20,3 16,7
P/E adj. (x) 23,7 19,5 16,2
EV/sales (x) 1,62 1,49 1,34
FCF yield (%) 0,7 4,6 5,3
Le. adj. FCF yld. (%) 0,7 4,6 5,3
Dividend yield (%) 2,2 2,5 2,9
Net IB debt/EBITDA (x) 0,5 0,2 -0,1
Le. adj. ND/EBITDA (x) 0,3 0 0,3
SEKm 2022 2023e 2024e
Sales 10927 11552 12473
COGS -9525 -9984 -10661
Gross profit 1402 1568 1813
Other operating items 29 77 57
EBITDA 1431 1645 1869
Depreciation and amortisation -495 -500 -500
of which leasing depreciation -76 -76 -76
EBITA 936 1145 1369
EO Items 0 0 0
Impairment and PPA amortisation -40 -40 -40
EBIT 896 1105 1329
Net financial items -39 -52 -52
Pretax profit 857 1053 1277
Tax -173 -217 -263
Net profit 685 836 1014
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 685 836 1014
EPS 2,54 3,1 3,76
EPS adj. 2,66 3,22 3,88
Total extraordinary items after tax 0 0 0
Leasing payments -76 -76 -76
Tax rate (%) 20,1 20,6 20,6
Gross margin (%) 12,8 13,6 14,5
EBITDA margin (%) 13,1 14,2 15
EBITA margin (%) 8,6 9,9 11
EBIT margin (%) 8,2 9,6 10,7
Pre-tax margin (%) 7,8 9,1 10,2
Net margin (%) 6,3 7,2 8,1
Sales growth (%) -5,9 5,7 8
EBITDA growth (%) -20,7 15 13,6
EBITA growth (%) -31,6 22,3 19,5
EBIT growth (%) -32,8 23,3 20,3
Net profit growth (%) -41 22,2 21,3
EPS growth (%) -41,1 22,2 21,3
Profitability N/A N/A N/A
ROE (%) 14,1 16,4 18,6
ROE adj. (%) 14,9 17,2 19,3
ROCE (%) 13,1 16,1 18,9
ROCE adj. (%) 13,7 16,7 19,5
ROIC (%) 18,7 22,9 28
ROIC adj. (%) 18,7 22,9 28
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1431 1645 1869
EBITDA adj. margin (%) 13,1 14,2 15
EBITDA lease adj. 1355 1569 1793
EBITDA lease adj. margin (%) 12,4 13,6 14,4
EBITA adj. 936 1145 1369
EBITA adj. margin (%) 8,6 9,9 11
EBIT adj. 896 1105 1329
EBIT adj. margin (%) 8,2 9,6 10,7
Pretax profit Adj. 897 1093 1317
Net profit Adj. 725 876 1054
Net profit to shareholders adj. 725 876 1054
Net adj. margin (%) 6,6 7,6 8,5
SEKm 2022 2023e 2024e
EBITDA 1431 1645 1869
Goodwill 2234 2234 2234
Net financial items -39 -52 -52
Other intangible assets 0 0 0
Paid tax -173 -217 -263
Tangible fixed assets 2526 2396 2233
Non-cash items -282 -200 -200
Right-of-use asset 247 207 167
Cash flow before change in WC 938 1176 1354
Total other fixed assets 73 73 73
Change in working capital -381 -19 -126
Fixed assets 5080 4910 4707
Operating cash flow 556 1157 1228
Inventories 1311 1329 1372
Capex tangible fixed assets -440 -370 -337
Receivables 1475 1560 1684
Capex intangible fixed assets 0 0 0
Other current assets 546 520 561
Acquisitions and Disposals 0 0 0
Cash and liquid assets 1166 1415 1713
Free cash flow 116 788 891
Total assets 9579 9733 10037
Dividend paid -512 -539 -593
Shareholders equity 4941 5238 5659
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 4941 5238 5659
Other non-cash items 340 200 200
Long-term debt 1124 924 724
Pension debt 247 247 247
Convertible debt N/A N/A N/A
Leasing liability 295 295 295
Total other long-term liabilities 340 340 340
Short-term debt 211 211 211
Accounts payable 983 1040 1123
Other current liabilities 1438 1438 1438
Total liabilities and equity 9579 9733 10037
Net IB debt 711 262 -236
Net IB debt excl. pension debt 464 15 -483
Net IB debt excl. leasing 416 -33 -531
Capital employed 6818 6915 7136
Capital invested 5905 5754 5677
Working capital 911 930 1057
Market cap. diluted (m) 16957 16957 16957
Net IB debt adj. 711 262 -236
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 17668 17219 16721
Total assets turnover (%) 111,3 119,6 126,2
Working capital/sales (%) 6,6 8 8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 14,4 5 -4,2
Net debt / market cap (%) 4,2 1,5 -1,4
Equity ratio (%) 51,6 53,8 56,4
Net IB debt adj. / equity (%) 14,4 5 -4,2
Current ratio 1,71 1,79 1,92
EBITDA/net interest 36,7 31,6 35,9
Net IB debt/EBITDA (x) 0,5 0,2 -0,1
Net IB debt/EBITDA lease adj. (x) 0,3 0 -0,3
Interest coverage 24 22 26,3
SEKm 2022 2023e 2024e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 2,54 3,1 3,76
Dividend per share 1,4 1,6 1,8
EPS adj. 2,66 3,22 3,88
BVPS 18,34 19,45 21,01
BVPS adj. 10,05 11,15 12,72
Net IB debt/share 2,64 0,97 -0,88
Share price 63 63 63
Market cap. (m) 16957 16957 16957
P/E (x) 24,8 20,3 16,7
EV/sales (x) 1,62 1,49 1,34
EV/EBITDA (x) 12,3 10,5 8,9
EV/EBITA (x) 18,9 15 12,2
EV/EBIT (x) 19,7 15,6 12,6
Dividend yield (%) 2,2 2,5 2,9
FCF yield (%) 0,7 4,6 5,3
Le. adj. FCF yld. (%) 0,7 4,6 5,3
P/BVPS (x) 3,43 3,24 3
P/BVPS adj. (x) 6,27 5,64 4,95
P/E adj. (x) 23,7 19,5 16,2
EV/EBITDA adj. (x) 12,3 10,5 8,9
EV/EBITA adj. (x) 18,9 15 12,2
EV/EBIT adj. (x) 19,7 15,6 12,6
EV/CE (x) 2,6 2,5 2,3
Investment ratios N/A N/A N/A
Capex/sales (%) 4 3,2 2,7
Capex/depreciation 1,1 0,9 0,8
Capex tangibles / tangible fixed assets 17,4 15,4 15,1
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 16,59 17,7 18,99

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 % 28 Dec 2022
Gun Boström 3.2 % 8.9 % 28 Dec 2022
Lena Boström 2.2 % 8.4 % 28 Dec 2022
Första AP-fonden 6.8 % 3.5 % 28 Dec 2022
Lannebo Fonder 6.6 % 3.5 % 31 Dec 2022
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 28 Dec 2022
Nordea Fonder 4.0 % 2.1 % 28 Dec 2022
Andra AP-fonden 3.8 % 2.0 % 28 Dec 2022
Vanguard 2.3 % 1.2 % 31 Dec 2022
Didner & Gerge Fonder 2.1 % 1.1 % 31 Dec 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

Show More