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Nolato

Nolato

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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.

Financials

SEKm 2022 2023e 2024e
Sales 10774 10464 11613
Sales growth (%) -7,2 -2,9 11
EBITDA 1411 1434 1722
EBITDA margin (%) 13,1 13,7 14,8
EBIT adj. 867 887 1170
EBIT adj. margin (%) 8 8,5 10,1
Pretax profit 875 838 1118
EPS 2,59 2,47 3,29
EPS growth (%) -40 -4,7 33,6
EPS adj. 2,71 2,59 3,42
DPS 1,9 1,6 1,8
EV/EBITDA (x) 12,2 12,1 9,8
EV/EBIT adj. (x) 19,8 19,6 14,4
P/E (x) 22,9 24 18
P/E adj. (x) 21,9 22,9 17,3
EV/sales (x) 1,59 1,66 1,45
FCF yield (%) -0,3 0,7 4,5
Le. adj. FCF yld. (%) -0,3 0,7 4,5
Dividend yield (%) 3,2 2,7 3
Net IB debt/EBITDA (x) 0,9 1 0,5
Le. adj. ND/EBITDA (x) 0,7 0,8 0,4
SEKm 2022 2023e 2024e
Sales 10774 10464 11613
COGS -9346 -8980 -9830
Gross profit 1428 1484 1783
Other operating items -17 -50 -62
EBITDA 1411 1434 1722
Depreciation and amortisation -503 -504 -508
of which leasing depreciation -76 -76 -76
EBITA 908 930 1214
EO Items 0 0 0
Impairment and PPA amortisation -41 -43 -44
EBIT 867 887 1170
Net financial items 8 -49 -52
Pretax profit 875 838 1118
Tax -178 -174 -230
Net profit 697 664 888
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 697 664 888
EPS 2,59 2,47 3,29
EPS adj. 2,71 2,59 3,42
Total extraordinary items after tax 0 0 0
Leasing payments -76 -76 -76
Tax rate (%) 20,3 20,8 20,6
Gross margin (%) 13,3 14,2 15,4
EBITDA margin (%) 13,1 13,7 14,8
EBITA margin (%) 8,4 8,9 10,5
EBIT margin (%) 8 8,5 10,1
Pre-tax margin (%) 8,1 8 9,6
Net margin (%) 6,5 6,3 7,6
Sales growth (%) -7,2 -2,9 11
EBITDA growth (%) -21,8 1,6 20,1
EBITA growth (%) -33,7 2,4 30,5
EBIT growth (%) -35 2,3 31,9
Net profit growth (%) -39,9 -4,7 33,6
EPS growth (%) -40 -4,7 33,6
Profitability N/A N/A N/A
ROE (%) 13,7 12,1 15,4
ROE adj. (%) 14,5 12,9 16,1
ROCE (%) 12,2 11,7 15,3
ROCE adj. (%) 12,6 12,3 15,9
ROIC (%) 12,1 10,9 13,9
ROIC adj. (%) 12,1 10,9 13,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1411 1434 1722
EBITDA adj. margin (%) 13,1 13,7 14,8
EBITDA lease adj. 1335 1358 1646
EBITDA lease adj. margin (%) 12,4 13 14,2
EBITA adj. 908 930 1214
EBITA adj. margin (%) 8,4 8,9 10,5
EBIT adj. 867 887 1170
EBIT adj. margin (%) 8 8,5 10,1
Pretax profit Adj. 916 881 1162
Net profit Adj. 738 707 932
Net profit to shareholders adj. 738 707 932
Net adj. margin (%) 6,8 6,8 8
SEKm 2022 2023e 2024e
EBITDA 1411 1434 1722
Goodwill 2472 2472 2472
Net financial items 8 -49 -52
Other intangible assets 0 0 0
Paid tax -239 -174 -230
Tangible fixed assets 2869 2965 2806
Non-cash items -117 -200 -200
Right-of-use asset 305 262 218
Cash flow before change in WC 1063 1011 1240
Total other fixed assets 90 90 90
Change in working capital -657 -281 -176
Fixed assets 5736 5789 5586
Operating cash flow 406 730 1064
Inventories 1283 1297 1394
Capex tangible fixed assets -447 -600 -348
Receivables 1522 1674 1777
Capex intangible fixed assets 0 0 0
Other current assets 455 471 523
Acquisitions and Disposals 0 -13 0
Cash and liquid assets 1011 583 867
Free cash flow -41 116 715
Total assets 10007 9814 10146
Dividend paid -512 -512 -431
Shareholders equity 5392 5544 6001
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 5392 5544 6001
Other non-cash items -71 213 200
Long-term debt 1457 1211 1011
Pension debt 173 173 173
Convertible debt N/A N/A N/A
Leasing liability 314 314 314
Total other long-term liabilities 356 356 356
Short-term debt 273 273 273
Accounts payable 779 680 755
Other current liabilities 1263 1263 1263
Total liabilities and equity 10007 9814 10146
Net IB debt 1206 1388 904
Net IB debt excl. pension debt 1033 1215 731
Net IB debt excl. leasing 892 1074 590
Capital employed 7609 7515 7772
Capital invested 6598 6933 6905
Working capital 1218 1499 1675
Market cap. diluted (m) 15961 15961 15961
Net IB debt adj. 1206 1388 904
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 17167 17349 16864
Total assets turnover (%) 107,4 105,6 116,4
Working capital/sales (%) 8,1 13 13,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 22,4 25 15,1
Net debt / market cap (%) 7,6 8,7 5,7
Equity ratio (%) 53,9 56,5 59,1
Net IB debt adj. / equity (%) 22,4 25 15,1
Current ratio 1,84 1,82 1,99
EBITDA/net interest 176,4 29,3 33,1
Net IB debt/EBITDA (x) 0,9 1 0,5
Net IB debt/EBITDA lease adj. (x) 0,7 0,8 0,4
Interest coverage 113,5 19 23,3
SEKm 2022 2023e 2024e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 2,59 2,47 3,29
Dividend per share 1,9 1,6 1,8
EPS adj. 2,71 2,59 3,42
BVPS 20,02 20,58 22,28
BVPS adj. 10,84 11,41 13,1
Net IB debt/share 4,48 5,15 3,36
Share price 59,25 59,25 59,25
Market cap. (m) 15961 15961 15961
P/E (x) 22,9 24 18
EV/sales (x) 1,59 1,66 1,45
EV/EBITDA (x) 12,2 12,1 9,8
EV/EBITA (x) 18,9 18,7 13,9
EV/EBIT (x) 19,8 19,6 14,4
Dividend yield (%) 3,2 2,7 3
FCF yield (%) -0,3 0,7 4,5
Le. adj. FCF yld. (%) -0,3 0,7 4,5
P/BVPS (x) 2,96 2,88 2,66
P/BVPS adj. (x) 5,47 5,2 4,52
P/E adj. (x) 21,9 22,9 17,3
EV/EBITDA adj. (x) 12,2 12,1 9,8
EV/EBITA adj. (x) 18,9 18,7 13,9
EV/EBIT adj. (x) 19,8 19,6 14,4
EV/CE (x) 2,3 2,3 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 4,1 5,7 3
Capex/depreciation 1 1,4 0,8
Capex tangibles / tangible fixed assets 15,6 20,2 12,4
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 14,88 14,43 15,4

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) 4.4 % 16.5 % 26 Apr 2023
Gun Boström 3.2 % 8.9 % 26 Apr 2023
Lena Boström 2.2 % 8.4 % 26 Apr 2023
Första AP-fonden 9.5 % 4.9 % 26 Apr 2023
Lannebo Fonder 5.3 % 2.8 % 30 Apr 2023
Nordea Fonder 5.2 % 2.7 % 10 May 2023
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 26 Apr 2023
Andra AP-fonden 4.4 % 2.3 % 26 Apr 2023
Didner & Gerge Fonder 2.5 % 1.3 % 31 May 2023
Vanguard 2.3 % 1.2 % 30 Apr 2023
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

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