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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 7717 8870 10023
Sales growth (%) -4,7 14,9 13
EBITDA 1222 1395 1540
EBITDA margin (%) 15,8 15,7 15,4
EBIT adj 886 1053 1170
EBIT adj margin (%) 11,5 11,9 11,7
Pretax profit 840 1003 1138
EPS rep 25,15 30,05 34,08
EPS growth (%) -7,9 19,5 13,4
EPS adj 26,15 31,6 34,57
DPS 14 14,2 14,3
EV/EBITDA (x) 13,1 11,2 9,9
EV/EBIT adj (x) 18,1 14,8 13
P/E (x) 23,8 19,9 17,6
P/E adj (x) 22,9 19 17,3
EV/sales (x) 2,1 1,8 1,5
FCF yield (%) 3,3 4,8 4,8
Dividend yield (%) 2,3 2,4 2,4
Net IB debt/EBITDA 0,1 -0,2 -0,4
SEKm 2019 2020e 2021e
Sales 7717 8870 10023
COGS -6491 -7442 -8419
Gross profit 1226 1428 1604
Other operating items -4 -33 -64
EBITDA 1222 1395 1540
Depreciation on tangibles -212 -203 -224
Depreciation on intangibles 0 0 0
EBITA 877 1059 1183
Goodwill impairment charges 0 0 0
Other impairment and amortisation -9 -24 -13
EBIT 868 1035 1170
Other financial items 0 0 0
Net financial items -28 -32 -32
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 840 1003 1138
Tax -172 -206 -233
Net profit 668 798 904
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 668 798 904
EPS 25,15 30,05 34,08
EPS Adj 26,15 31,6 34,57
Total extraordinary items after tax -17,5 -17,5 0
Tax rate (%) -20,5 -20,5 -20,5
Gross margin (%) 15,9 16,1 16
EBITDA margin (%) 15,8 15,7 15,4
EBITA margin (%) 11,4 11,9 11,8
EBIT margin (%) 11,2 11,7 11,7
Pretax margin (%) 10,9 11,3 11,3
Net margin (%) 8,6 9 9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -4,7 14,9 13
EBITDA growth (%) 2,8 14,2 10,3
EBIT growth (%) -7,8 19,3 13
Net profit growth (%) -7,5 19,5 13,4
EPS growth (%) -7,9 19,5 13,4
Profitability 2019 2020 2021
ROE (%) 23,9 24,8 24,5
ROE Adj (%) 24,8 26,1 24,8
ROCE (%) 22,7 23,1 23,6
ROCE Adj(%) 23,4 24 23,9
ROIC (%) 22,5 23,9 26
ROIC Adj (%) 23 24,3 26
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1240 1413 1540
EBITDA Adj margin (%) 16,1 15,9 15,4
EBITA Adj 895 1077 1183
EBITA Adj margin (%) 11,6 12,1 11,8
EBIT Adj 886 1053 1170
EBIT Adj margin (%) 11,5 11,9 11,7
Pretax profit Adj 866 1044 1151
Net profit Adj 694 839 917
Net profit to shareholders Adj 694 839 917
Net Adj margin (%) 9 9,5 9,2
SEKm 2019 2020e 2021e
EBITDA 1222 1395 1540
Net financial items -28 -32 -32
Paid tax -172 -206 -233
Non-cash items 0 0 0
Cash flow before change in WC 1022 1158 1274
Change in WC -195 -36 -172
Operating cash flow 993 1154 1169
CAPEX tangible fixed assets -474 -399 -401
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 519 755 768
Dividend paid 370 372 377
Share issues and buybacks 0 0 0
Other non cash items -1166 -776 -820
Decrease in net IB debt -248 384 391
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 809 773 736
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1655 1863 2064
Other fixed assets 80 80 80
Fixed assets 2906 2945 2976
Inventories 598 688 777
Receivables 1655 1827 2085
Other current assets 0 0 0
Cash and liquid assets 1171 1555 1945
Total assets 6330 7015 7783
Shareholders equity 3004 3430 3957
Minority 0 0 0
Total equity 3004 3430 3957
Long-term debt 898 898 898
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 1753 1979 2154
Other current liabilities 313 346 412
Total liabilities and equity 4752 5156 6330
Net IB debt 89 -295 -685
Net IB debt excl. pension debt 89 -295 -685
Capital invested 3406 3481 3684
Working capital 500 536 708
EV breakdown 2019 2020 2021
Market cap. diluted (m) 15897 15897 15897
Net IB debt Adj 89 -295 -685
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 15987 15603 15212
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 134,4 132,9 135,5
Capital invested turnover (%) 252,1 257,6 279,8
Capital employed turnover (%) 201,8 198,2 202,3
Inventories / sales (%) 7,5 7,2 7,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21 21 20,6
Working capital / sales (%) 5,2 5,8 6,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 3 -8,6 -17,3
Net debt / market cap (%) 0,7 -1,9 -4,3
Equity ratio (%) 47,5 48,9 50,8
Net IB debt adj. / equity (%) 3 -8,6 -17,3
Current ratio (%) 160,3 169,9 182,4
EBITDA / net interest (%) 4302,7 4343,1 4792
Net IB debt / EBITDA (%) 7,3 -21,1 -44,5
Interest cover (%) 3088 3296,2 3680,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 25,15 30,05 34,08
Dividend per share Adj 14 14,2 14,3
EPS Adj 26,15 31,6 34,57
BVPS 113,17 129,22 149,1
BVPS Adj 82,68 100,09 121,36
Net IB debt / share 3,4 -11,1 -25,8
Share price 487,52 599 599
Market cap. (m) 12939 15897 15897
Valuation 2019 2020 2021
P/E 23,8 19,9 17,6
EV/sales 2,07 1,76 1,52
EV/EBITDA 13,1 11,2 9,9
EV/EBITA 18,2 14,7 12,9
EV/EBIT 18,4 15,1 13
Dividend yield (%) 2,3 2,4 2,4
FCF yield (%) 3,3 4,8 4,8
P/BVPS 5,29 4,64 4,02
P/BVPS Adj 7,24 5,98 4,94
P/E Adj 22,9 19 17,3
EV/EBITDA Adj 12,9 11 9,9
EV/EBITA Adj 17,9 14,5 12,9
EV/EBIT Adj 18,1 14,8 13
EV/cap. employed 3,7 3,3 2,9
Investment ratios 2019 2020 2021
Capex / sales 6,1 4,5 4
Capex / depreciation 223,6 196,3 179
Capex tangibles / tangible fixed assets 28,6 21,4 19,4
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 12,8 10,9 10,9

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 Dec 2019
Gun Boström 3.2 % 9.0 % 31 Dec 2019
Lena Boström 2.3 % 8.5 % 31 Dec 2019
Capital Group 7.2 % 3.7 % 31 Dec 2019
Lannebo Fonder 6.9 % 3.5 % 31 Dec 2019
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 31 Dec 2019
Didner & Gerge Fonder 3.8 % 2.0 % 31 Dec 2019
Handelsbanken Fonder 2.4 % 1.2 % 31 Dec 2019
Nordea Fonder 2.1 % 1.1 % 31 Dec 2019
Norges Bank 1.9 % 1.0 % 31 Dec 2019
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
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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