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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 8431 9424
Sales growth (%) -2,3 6,5 11,8
EBITDA 1263 1339 1522
EBITDA margin (%) 15,9 15,9 16,2
EBIT adj 909 956 1072
EBIT adj margin (%) 11,5 11,3 11,4
Pretax profit 857 915 1038
EPS rep 26,48 27,33 31
EPS growth (%) -3,1 3,2 13,4
EPS adj 27,61 28,27 32,56
DPS 14 14,2 14,3
EV/EBITDA (x) 11,5 12,3 10,6
EV/EBIT adj (x) 16 17,3 15
P/E (x) 20,8 23,8 21
P/E adj (x) 19,9 23 20
EV/sales (x) 1,8 2 1,7
FCF yield (%) 4,8 3,9 4,6
Dividend yield (%) 2,5 2,2 2,2
Net IB debt/EBITDA -0,1 -0,6 -0,8
SEKm 2019 2020e 2021e
Sales 7919 8431 9424
COGS -6671 -7156 -7944
Gross profit 1248 1275 1479
Other operating items 15 64 43
EBITDA 1263 1339 1522
Depreciation on tangibles -235 -234 -257
Depreciation on intangibles 0 0 0
EBITA 895 953 1114
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -11 -41
EBIT 887 942 1072
Other financial items 0 0 0
Net financial items -30 -27 -34
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 857 915 1038
Tax -154 -190 -215
Net profit 703 726 823
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 703 726 823
EPS 26,48 27,33 31
EPS Adj 27,61 28,27 32,56
Total extraordinary items after tax -22 -14 0
Tax rate (%) -18 -20,7 -20,7
Gross margin (%) 15,8 15,1 15,7
EBITDA margin (%) 15,9 15,9 16,2
EBITA margin (%) 11,3 11,3 11,8
EBIT margin (%) 11,2 11,2 11,4
Pretax margin (%) 10,8 10,9 11
Net margin (%) 8,9 8,6 8,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -2,3 6,5 11,8
EBITDA growth (%) 6,2 6 13,7
EBIT growth (%) -5,7 6,2 13,8
Net profit growth (%) -2,6 3,2 13,4
EPS growth (%) -3,1 3,2 13,4
Profitability 2019 2020 2021
ROE (%) 25,3 21,5 20,6
ROE Adj (%) 26,4 22,3 21,7
ROCE (%) 23,2 20,1 20,2
ROCE Adj(%) 24 20,7 20,9
ROIC (%) 27,3 25,2 28
ROIC Adj (%) 28 25,6 28
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1285 1353 1522
EBITDA Adj margin (%) 16,2 16 16,2
EBITA Adj 917 967 1114
EBITA Adj margin (%) 11,6 11,5 11,8
EBIT Adj 909 956 1072
EBIT Adj margin (%) 11,5 11,3 11,4
Pretax profit Adj 887 940 1080
Net profit Adj 733 751 864
Net profit to shareholders Adj 733 751 864
Net Adj margin (%) 9,3 8,9 9,2
SEKm 2019 2020e 2021e
EBITDA 1263 1339 1522
Net financial items -30 -27 -34
Paid tax -154 -190 -215
Non-cash items 0 0 0
Cash flow before change in WC 1079 1123 1273
Change in WC -120 -41 -101
Operating cash flow 1160 1038 1172
CAPEX tangible fixed assets -453 -370 -377
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 707 668 795
Dividend paid 370 372 377
Share issues and buybacks 0 0 0
Other non cash items -1139 -584 -672
Decrease in net IB debt -86 672 419
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 852 862 817
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1477 1704 1828
Other fixed assets 61 66 66
Fixed assets 2752 2842 2769
Inventories 667 572 731
Receivables 1353 1582 1960
Other current assets 0 0 0
Cash and liquid assets 1362 2074 2492
Total assets 6134 7070 7952
Shareholders equity 2966 3769 4215
Minority 0 0 0
Total equity 2966 3769 4215
Long-term debt 927 967 967
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 1496 2014
Other current liabilities 260 476 394
Total liabilities and equity 6134 7070 7952
Net IB debt -73 -745 -1163
Net IB debt excl. pension debt -73 -745 -1163
Capital invested 2893 3024 3051
Working capital 141 182 282
EV breakdown 2019 2020 2021
Market cap. diluted (m) 14602 17256 17256
Net IB debt Adj -73 -745 -1163
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 16511 16093
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 140,3 127,7 125,5
Capital invested turnover (%) 297,4 285 310,3
Capital employed turnover (%) 207,3 180,3 177,1
Inventories / sales (%) 7,8 7,3 6,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,6 18,5 18,6
Working capital / sales (%) 1 1,9 2,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -2,5 -19,8 -27,6
Net debt / market cap (%) -0,6 -4,3 -6,7
Equity ratio (%) 48,4 53,3 53
Net IB debt adj. / equity (%) -2,5 -19,8 -27,6
Current ratio (%) 173,5 207 209,1
EBITDA / net interest (%) 4210 5001,1 4478,6
Net IB debt / EBITDA (%) -5,8 -55,6 -76,4
Interest cover (%) 2983,3 3559,5 3276,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 26,48 27,33 31
Dividend per share Adj 14 14,2 14,3
EPS Adj 27,61 28,27 32,56
BVPS 111,72 141,95 158,75
BVPS Adj 79,63 109,49 127,99
Net IB debt / share -2,7 -28,1 -43,8
Share price 487,52 650 650
Market cap. (m) 12943 17256 17256
Valuation 2019 2020 2021
P/E 20,8 23,8 21
EV/sales 1,83 1,96 1,71
EV/EBITDA 11,5 12,3 10,6
EV/EBITA 16,2 17,3 14,4
EV/EBIT 16,4 17,5 15
Dividend yield (%) 2,5 2,2 2,2
FCF yield (%) 4,8 3,9 4,6
P/BVPS 4,92 4,58 4,09
P/BVPS Adj 6,91 5,94 5,08
P/E Adj 19,9 23 20
EV/EBITDA Adj 11,3 12,2 10,6
EV/EBITA Adj 15,8 17,1 14,4
EV/EBIT Adj 16 17,3 15
EV/cap. employed 3,4 3,2 2,9
Investment ratios 2019 2020 2021
Capex / sales 5,7 4,4 4
Capex / depreciation 192,8 158,1 146,9
Capex tangibles / tangible fixed assets 30,7 21,7 20,6
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 13,7 14

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 % 31 May 2020
Gun Boström 3.2 % 9.0 % 31 May 2020
Lena Boström 2.3 % 8.5 % 31 May 2020
Capital Group 7.4 % 3.8 % 31 Mar 2020
Lannebo Fonder 6.8 % 3.5 % 31 May 2020
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 31 May 2020
Didner & Gerge Fonder 2.2 % 1.1 % 31 May 2020
Nordea Fonder 2.2 % 1.1 % 31 May 2020
Handelsbanken Fonder 2.0 % 1.0 % 30 Jun 2020
Norges Bank 1.9 % 1.0 % 31 May 2020
Source: Holdings by Modular Finance AB

Insider list - Nolato

Name Quantity Code Date
Dag Andersson Tilk - 5 000 SELL 5 May 2020
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

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