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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. Sales were SEK 6.7bn in 2017 with an EBITA margin of 11.5%. Nolato has a global presence with only 18% of sales from Sweden.

Economic and business cycle fluctuations. As a subcontractor Nolato is highly dependent on customers’ decisions and commercial performance such as postponed or cancelled projects or product life spans.

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 2019 2020e 2021e
Sales 7919 8708 9559
Sales growth (%) -2,3 10 9,8
EBITDA 1263 1358 1566
EBITDA margin (%) 15,9 15,6 16,4
EBIT adj 909 971 1116
EBIT adj margin (%) 11,5 11,1 11,7
Pretax profit 857 928 1084
EPS rep 26,48 27,8 32,45
EPS growth (%) -3,1 5 16,7
EPS adj 27,61 28,67 33,08
DPS 14 14,2 14,3
EV/EBITDA (x) 11,5 8,2 6,8
EV/EBIT adj (x) 16 11,5 9,6
P/E (x) 20,8 16,2 13,9
P/E adj (x) 19,9 15,7 13,6
EV/sales (x) 1,8 1,3 1,1
FCF yield (%) 4,8 5,6 7,2
Dividend yield (%) 2,5 3,2 3,2
Net IB debt/EBITDA -0,1 -0,5 -0,8
SEKm 2019 2020e 2021e
Sales 7919 8708 9559
COGS -6671 -7356 -8030
Gross profit 1248 1351 1529
Other operating items 15 7 37
EBITDA 1263 1358 1566
Depreciation on tangibles -235 -238 -281
Depreciation on intangibles 0 0 0
EBITA 895 968 1133
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -10 -17
EBIT 887 958 1116
Other financial items 0 0 0
Net financial items -30 -29 -33
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 857 928 1084
Tax -154 -190 -222
Net profit 703 738 861
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 703 738 861
EPS 26,48 27,8 32,45
EPS Adj 27,61 28,67 33,08
Total extraordinary items after tax -22 -13 0
Tax rate (%) -18 -20,5 -20,5
Gross margin (%) 15,8 15,5 16
EBITDA margin (%) 15,9 15,6 16,4
EBITA margin (%) 11,3 11,1 11,9
EBIT margin (%) 11,2 11 11,7
Pretax margin (%) 10,8 10,7 11,3
Net margin (%) 8,9 8,5 9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -2,3 10 9,8
EBITDA growth (%) 6,2 7,5 15,4
EBIT growth (%) -5,7 8 16,6
Net profit growth (%) -2,6 5 16,7
EPS growth (%) -3,1 5 16,7
Profitability 2019 2020 2021
ROE (%) 25,3 22,1 21,8
ROE Adj (%) 26,4 22,8 22,3
ROCE (%) 23,2 20,7 21,3
ROCE Adj(%) 24 21,2 21,6
ROIC (%) 27,3 26 29,9
ROIC Adj (%) 28 26,3 29,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1285 1371 1566
EBITDA Adj margin (%) 16,2 15,7 16,4
EBITA Adj 917 981 1133
EBITA Adj margin (%) 11,6 11,3 11,9
EBIT Adj 909 971 1116
EBIT Adj margin (%) 11,5 11,1 11,7
Pretax profit Adj 887 951 1100
Net profit Adj 733 761 878
Net profit to shareholders Adj 733 761 878
Net Adj margin (%) 9,3 8,7 9,2
SEKm 2019 2020e 2021e
EBITDA 1263 1358 1566
Net financial items -30 -29 -33
Paid tax -154 -190 -222
Non-cash items 0 0 0
Cash flow before change in WC 1079 1138 1311
Change in WC -120 -73 -71
Operating cash flow 1160 1065 1240
CAPEX tangible fixed assets -453 -400 -382
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 707 665 858
Dividend paid 370 372 377
Share issues and buybacks 0 0 0
Other non cash items -1139 -516 -728
Decrease in net IB debt -86 665 481
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 852 812 767
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1477 1669 1798
Other fixed assets 61 61 61
Fixed assets 2752 2752 2684
Inventories 667 739 741
Receivables 1353 2043 1988
Other current assets 0 0 0
Cash and liquid assets 1362 2027 2508
Total assets 6134 7560 7922
Shareholders equity 2966 3704 4189
Minority 0 0 0
Total equity 2966 3704 4189
Long-term debt 927 927 927
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 1619 2163 2066
Other current liabilities 260 404 378
Total liabilities and equity 6134 7560 7922
Net IB debt -73 -738 -1219
Net IB debt excl. pension debt -73 -738 -1219
Capital invested 2893 2966 2970
Working capital 141 214 285
EV breakdown 2019 2020 2021
Market cap. diluted (m) 14602 11931 11931
Net IB debt Adj -73 -738 -1219
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 14529 11193 10712
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 140,3 127,2 123,5
Capital invested turnover (%) 297,4 297,2 322,1
Capital employed turnover (%) 207,3 188,3 182,6
Inventories / sales (%) 7,8 8,1 7,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,6 21,7 22,1
Working capital / sales (%) 1 2 2,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -2,5 -19,9 -29,1
Net debt / market cap (%) -0,6 -6,2 -10,2
Equity ratio (%) 48,4 49 52,9
Net IB debt adj. / equity (%) -2,5 -19,9 -29,1
Current ratio (%) 173,5 182,3 208,3
EBITDA / net interest (%) 4210 4613,4 4759,5
Net IB debt / EBITDA (%) -5,8 -54,4 -77,8
Interest cover (%) 2983,3 3288,4 3443,2
SEKm 2019 2020e 2021e
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 26,48 27,8 32,45
Dividend per share Adj 14 14,2 14,3
EPS Adj 27,61 28,67 33,08
BVPS 111,72 139,52 157,77
BVPS Adj 79,63 108,94 128,88
Net IB debt / share -2,7 -27,8 -45,9
Share price 487,52 449,4 449,4
Market cap. (m) 12943 11931 11931
Valuation 2019 2020 2021
P/E 20,8 16,2 13,9
EV/sales 1,83 1,29 1,12
EV/EBITDA 11,5 8,2 6,8
EV/EBITA 16,2 11,6 9,5
EV/EBIT 16,4 11,7 9,6
Dividend yield (%) 2,5 3,2 3,2
FCF yield (%) 4,8 5,6 7,2
P/BVPS 4,92 3,22 2,85
P/BVPS Adj 6,91 4,13 3,49
P/E Adj 19,9 15,7 13,6
EV/EBITDA Adj 11,3 8,2 6,8
EV/EBITA Adj 15,8 11,4 9,5
EV/EBIT Adj 16 11,5 9,6
EV/cap. employed 3,4 2,2 2
Investment ratios 2019 2020 2021
Capex / sales 5,7 4,6 4
Capex / depreciation 192,8 168,1 136
Capex tangibles / tangible fixed assets 30,7 24 21,3
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 15,9 14,3 15,6

Equity research

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Media

Nolato - Intervju med VD Christer Wahlquist (Q1 2017)
Nolato - Intervju med VD Christer Wahlquist (Q3 2016)

Main shareholders - Nolato

Main shareholders Share capital % Voting shares % Verified
Lovisa Hamrin 3.3 % 16.1 % 29 Feb 2020
Gun Boström 3.2 % 9.0 % 29 Feb 2020
Lena Boström 2.3 % 8.5 % 29 Feb 2020
Lannebo Fonder 7.2 % 3.7 % 29 Feb 2020
Capital Group 7.2 % 3.7 % 31 Dec 2019
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 29 Feb 2020
Didner & Gerge Fonder 3.6 % 1.9 % 29 Feb 2020
Nordea Fonder 2.2 % 1.1 % 31 Jan 2020
Norges Bank 1.9 % 1.0 % 29 Feb 2020
Vanguard 1.9 % 1.0 % 29 Feb 2020
Source: Holdings by Modular Finance AB

Insider list - Nolato

Name Quantity Code Date
Lovisa Hamrin - 67 000 SELL 30 Oct 2019
Johan Apell - 9 500 SELL 23 Aug 2019
Jörgen Karlsson - 17 000 SELL 21 Aug 2019
Christer Wahlquist - 19 000 Redemp 20 Aug 2019
Christer Wahlquist + 19 000 Redemp 20 Aug 2019
Johan Apell - 9 500 Redemp 19 Aug 2019
Johan Apell + 9 500 Redemp 19 Aug 2019
Jörgen Karlsson - 19 000 Redemp 16 Aug 2019
Jörgen Karlsson + 19 000 Redemp 16 Aug 2019
Per-Ola Holmström - 18 000 SELL 3 Jun 2019

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