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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 9664 9493 10134
Sales growth (%) 1,2 -1,8 6,8
EBITDA 1509 1645 1781
EBITDA margin (%) 15,6 17,3 17,6
EBIT adj. 913 1024 1141
EBIT adj. margin (%) 9,4 10,8 11,3
Pretax profit 848 977 1093
EPS 2,44 2,88 3,22
EPS growth (%) 51,3 17,7 12,1
EPS adj. 2,58 3,01 3,35
DPS 1,5 1,7 1,9
EV/EBITDA (x) 11,2 10,1 9,1
EV/EBIT adj. (x) 18,5 16,2 14,2
P/E (x) 23,9 20,3 18,1
P/E adj. (x) 22,7 19,4 17,4
EV/sales (x) 1,74 1,75 1,6
FCF yield (%) 4,7 2,7 5,1
Le. adj. FCF yld. (%) 4,7 2,7 5,1
Dividend yield (%) 2,6 2,9 3,3
Net IB debt/EBITDA (x) 0,7 0,5 0,3
Le. adj. ND/EBITDA (x) 0,6 0,4 0,2
SEKm 2024 2025e 2026e
Sales 9664 9493 10134
COGS -8051 -7780 -8303
Gross profit 1613 1713 1831
Other operating items -104 -68 -49
EBITDA 1509 1645 1781
Depreciation and amortisation -550 -577 -596
of which leasing depreciation -76 -76 -76
EBITA 959 1068 1185
EO Items 0 0 0
Impairment and PPA amortisation -46 -44 -44
EBIT 913 1024 1141
Net financial items -65 -47 -48
Pretax profit 848 977 1093
Tax -190 -202 -225
Net profit 658 775 868
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 658 775 868
EPS 2,44 2,88 3,22
EPS adj. 2,58 3,01 3,35
Total extraordinary items after tax 0 0 0
Leasing payments -76 -76 -76
Tax rate (%) 22,4 20,7 20,6
Gross margin (%) 16,7 18 18,1
EBITDA margin (%) 15,6 17,3 17,6
EBITA margin (%) 9,9 11,3 11,7
EBIT margin (%) 9,4 10,8 11,3
Pre-tax margin (%) 8,8 10,3 10,8
Net margin (%) 6,8 8,2 8,6
Sales growth (%) 1,2 -1,8 6,8
EBITDA growth (%) 20,4 9 8,3
EBITA growth (%) 36,8 11,4 11
EBIT growth (%) 39 12,2 11,5
Net profit growth (%) 51,3 17,7 12,1
EPS growth (%) 51,3 17,7 12,1
Profitability N/A N/A N/A
ROE (%) 12,1 13,1 13,8
ROE adj. (%) 12,9 13,8 14,4
ROCE (%) 12,3 13,5 14,5
ROCE adj. (%) 13 14,1 15,1
ROIC (%) 11,1 12,3 13,5
ROIC adj. (%) 11,1 12,3 13,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1509 1645 1781
EBITDA adj. margin (%) 15,6 17,3 17,6
EBITDA lease adj. 1433 1569 1705
EBITDA lease adj. margin (%) 14,8 16,5 16,8
EBITA adj. 959 1068 1185
EBITA adj. margin (%) 9,9 11,3 11,7
EBIT adj. 913 1024 1141
EBIT adj. margin (%) 9,4 10,8 11,3
Pretax profit Adj. 894 1021 1137
Net profit Adj. 704 819 912
Net profit to shareholders adj. 704 819 912
Net adj. margin (%) 7,3 8,6 9
SEKm 2024 2025e 2026e
EBITDA 1509 1645 1781
Goodwill 2526 2526 2526
Net financial items -65 -47 -48
Other intangible assets 0 0 0
Paid tax -140 -202 -225
Tangible fixed assets 3129 3456 3468
Non-cash items -29 -84 0
Right-of-use asset 181 137 93
Cash flow before change in WC 1275 1312 1508
Total other fixed assets 16 16 16
Fixed assets 5852 6135 6103
Change in working capital 102 -71 -103
Inventories 1183 997 1013
Operating cash flow 1377 1240 1405
Receivables 1558 1519 1621
Capex tangible fixed assets -631 -820 -608
Other current assets 423 380 405
Capex intangible fixed assets -5 0 0
Cash and liquid assets 672 720 1059
Acquisitions and Disposals 0 0 0
Total assets 9688 9750 10202
Free cash flow 741 420 797
Shareholders equity 5738 6109 6519
Dividend paid -404 -404 -458
Minority N/A N/A N/A
Share issues and buybacks 0 0 0
Total equity 5738 6109 6519
Leasing liability amortisation 0 0 0
Long-term debt 1341 1120 1120
Other non-cash items -18 253 0
Pension debt 241 241 241
Convertible debt N/A N/A N/A
Leasing liability 188 188 188
Total other long-term liabilities 306 306 306
Short-term debt 6 6 6
Accounts payable 704 617 659
Other current liabilities 1164 1164 1164
Total liabilities and equity 9688 9750 10202
Net IB debt 1104 835 496
Net IB debt excl. pension debt 863 594 255
Net IB debt excl. leasing 916 647 308
Capital employed 7514 7663 8074
Capital invested 6842 6943 7015
Working capital 1296 1114 1217
Market cap. diluted (m) 15745 15745 15745
Net IB debt adj. 1104 835 496
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 16849 16580 16241
Total assets turnover (%) 101,8 97,7 101,6
Working capital/sales (%) 13,9 12,7 11,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 19,2 13,7 7,6
Net debt / market cap (%) 7 5,3 3,1
Equity ratio (%) 59,2 62,6 63,9
Net IB debt adj. / equity (%) 19,2 13,7 7,6
Current ratio 2,05 2,02 2,24
EBITDA/net interest 23,2 35 37,1
Net IB debt/EBITDA (x) 0,7 0,5 0,3
Net IB debt/EBITDA lease adj. (x) 0,6 0,4 0,2
Interest coverage 14,8 22,7 24,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 2,44 2,88 3,22
Dividend per share 1,5 1,7 1,9
EPS adj. 2,58 3,01 3,35
BVPS 21,3 22,68 24,2
BVPS adj. 11,92 13,3 14,82
Net IB debt/share 4,1 3,1 1,84
Share price 58,45 58,45 58,45
Market cap. (m) 15745 15745 15745
P/E (x) 23,9 20,3 18,1
EV/sales (x) 1,74 1,75 1,6
EV/EBITDA (x) 11,2 10,1 9,1
EV/EBITA (x) 17,6 15,5 13,7
EV/EBIT (x) 18,5 16,2 14,2
Dividend yield (%) 2,6 2,9 3,3
FCF yield (%) 4,7 2,7 5,1
Le. adj. FCF yld. (%) 4,7 2,7 5,1
P/BVPS (x) 2,74 2,58 2,42
P/BVPS adj. (x) 4,9 4,39 3,94
P/E adj. (x) 22,7 19,4 17,4
EV/EBITDA adj. (x) 11,2 10,1 9,1
EV/EBITA adj. (x) 17,6 15,5 13,7
EV/EBIT adj. (x) 18,5 16,2 14,2
EV/CE (x) 2,2 2,2 2
Investment ratios N/A N/A N/A
Capex/sales (%) 6,6 8,6 6
Capex/depreciation 1,3 1,6 1,2
Capex tangibles / tangible fixed assets 20,2 23,7 17,5
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 15,15 14,5 14,99

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 Apr 2025
Gun Boström 3.2 % 8.9 % 28 Apr 2025
Nordea Funds 9.9 % 5.2 % 28 Apr 2025
Första AP-fonden 8.9 % 4.6 % 28 Apr 2025
Handelsbanken Fonder 5.7 % 3.0 % 30 Apr 2025
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 28 Apr 2025
Carnegie Fonder 3.3 % 1.7 % 30 Apr 2025
Andra AP-fonden 2.9 % 1.5 % 28 Apr 2025
Lannebo Kapitalförvaltning 2.6 % 1.4 % 30 Apr 2025
Vanguard 2.4 % 1.2 % 30 Apr 2025
Source: Holdings by Modular Finance AB