Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2020 2021e 2022e
Sales 9359 11240 12199
Sales growth (%) 18,2 20,1 8,5
EBITDA 1380 1731 1809
EBITDA margin (%) 14,7 15,4 14,8
EBIT adj 1062 1297 1425
EBIT adj margin (%) 11,3 11,5 11,7
Pretax profit 1014 1291 1373
EPS rep 3,02 3,82 4,03
EPS growth (%) 14,1 26,5 5,6
EPS adj 3,14 3,76 4,16
DPS 0 0 1,5
EV/EBITDA (x) 16,3 16,2 15,1
EV/EBIT adj (x) 21,2 21,6 19,2
P/E (x) 27,6 28 26,5
P/E adj (x) 26,5 28,4 25,6
EV/sales (x) 2,4 2,5 2,2
FCF yield (%) -2,4 2,7 3,7
Dividend yield (%) 0 0 1,4
Net IB debt/EBITDA 0,7 -0,1 -0,5
Lease adj. FCF yield (%) -2,4 2,7 3,7
Lease adj. ND/EBITDA 0 -0,6 -0,9
SEKm 2020 2021e 2022e
Sales 9359 11240 12199
COGS -7853 -9428 -10272
Gross profit 1506 1812 1927
Other operating items -126 -80 -118
EBITDA 1380 1731 1809
Depreciation on tangibles -390 -378 -394
Depreciation on intangibles 0 0 0
EBITA 1066 1383 1461
Goodwill impairment charges 0 0 0
Other impairment and amortisation -18 -14 -14
EBIT 1048 1347 1425
Other financial items 0 0 0
Net financial items -34 -56 -52
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 1014 1291 1373
Tax -208 -264 -288
Net profit 806 1027 1085
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 806 1027 1085
EPS 3,02 3,82 4,03
EPS Adj 3,14 3,76 4,16
Total extraordinary items after tax -14 50 0
Tax rate (%) -20,5 -20,5 -21
Gross margin (%) 16,1 16,1 15,8
EBITDA margin (%) 14,7 15,4 14,8
EBITA margin (%) 11,4 12,3 12
EBIT margin (%) 11,2 12 11,7
Pretax margin (%) 10,8 11,5 11,3
Net margin (%) 8,6 9,1 8,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 18,2 20,1 8,5
EBITDA growth (%) 16,2 25,4 4,5
EBIT growth (%) 18,2 28,5 5,8
Net profit growth (%) 14,7 27,4 5,6
EPS growth (%) 14,1 26,5 5,6
Profitability 2020 2021 2022
ROE (%) 24,2 23,3 19,8
ROE Adj (%) 25,1 23 20,5
ROCE (%) 20,3 19,7 18
ROCE Adj(%) 20,9 19,5 18,5
ROIC (%) 20,9 21,1 21,6
ROIC Adj (%) 21,2 20,4 21,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 1394 1681 1809
EBITDA Adj margin (%) 14,9 15 14,8
EBITA Adj 1080 1333 1461
EBITA Adj margin (%) 11,5 11,9 12
EBIT Adj 1062 1297 1425
EBIT Adj margin (%) 11,3 11,5 11,7
Pretax profit Adj 1046 1277 1409
Net profit Adj 838 1013 1121
Net profit to shareholders Adj 838 1013 1121
Net Adj margin (%) 9 9 9,2
Depreciation and amortisation -314 -348 -348
Of which leasing depreciation 75 76 76
EO items -14 50 0
Impairment and PPA amortisation -18 -36 -36
EBITDA lease Adj 1394 1681 1809
EBITDA lease Adj margin (%) 14,9 15 14,8
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 1380 1731 1809
Net financial items -34 -56 -52
Paid tax -208 -264 -288
Non-cash items 0 0 0
Cash flow before change in WC 1138 1411 1469
Change in WC 26 4 -51
Operating cash flow 1164 1415 1418
CAPEX tangible fixed assets -368 -651 -366
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -1322 0 0
Free cash flow -526 763 1052
Dividend paid 0 0 -404
Share issues and buybacks 0 0 0
Other non cash items -940 364 0
Decrease in net IB debt -99 -741 731
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 2093 2057 2057
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2049 2276 2218
Other fixed assets 53 53 53
Fixed assets 4548 4739 4645
Inventories 1110 899 976
Receivables 1254 1236 1342
Other current assets 258 393 427
Cash and liquid assets 1514 2641 3289
Total assets 8684 9910 10680
Shareholders equity 3699 5126 5807
Minority 0 0 0
Total equity 3699 5126 5807
Long-term debt 1010 1010 1010
Pension debt 274 274 274
Convertible debt 0 0 0
Deferred tax 110 110 110
Other long-term liabilities 499 99 99
Short-term debt 874 874 874
Accounts payable 930 765 854
Other current liabilities 1304 1304 1304
Total liabilities and equity 8684 9946 10716
Net IB debt 921 -206 -854
Net IB debt excl. pension debt 647 -480 -1128
Capital invested 4936 5199 5232
Working capital 388 460 587
EV breakdown 2020 2021 2022
Market cap. diluted (m) 22228 28740 28740
Net IB debt Adj 298 -757 -1405
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 22526 27982 27334
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 126,3 120,9 118,5
Capital invested turnover (%) 268,8 242,6 232,5
Capital employed turnover (%) 208 194,9 174,7
Inventories / sales (%) 9,5 10,9 11,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,1 19,4 17,3
Working capital / sales (%) 3,5 3,8 4,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 24,9 -4 -14,7
Net debt / market cap (%) 5,1 -0,7 -3
Equity ratio (%) 42,6 51,7 54,4
Net IB debt adj. / equity (%) 8,1 -14,8 -24,2
Current ratio (%) 130,1 171,6 194,5
EBITDA / net interest (%) 4058,8 3091,3 3478,7
Net IB debt / EBITDA (%) 66,7 -11,9 -47,2
Interest cover (%) 3135,3 2469,9 2809,5
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 353 353 317
Total other fixed assets 53 53 53
Leasing liability 277 277 277
Total other long-term liabilities 316 316 316
Net IB debt excl. leasing 21 -1034 -1682
Net IB debt / EBITDA lease Adj (%) 1,5 -61,5 -93
SEKm 2020 2021e 2022e
Shares outstanding adj. 267 269 269
Fully diluted shares Adj 267 269 269
EPS 3,02 3,82 4,03
Dividend per share Adj 0 0 1,5
EPS Adj 3,14 3,76 4,16
BVPS 13,85 19,05 21,58
BVPS Adj 6,01 11,4 13,93
Net IB debt / share 3,4 -0,8 -3,2
Share price 67,3 106,8 106,8
Market cap. (m) 17980 28740 28740
Valuation 2020 2021 2022
P/E 27,6 28 26,5
EV/sales 2,41 2,49 2,24
EV/EBITDA 16,3 16,2 15,1
EV/EBITA 21,1 20,2 18,7
EV/EBIT 21,5 20,8 19,2
Dividend yield (%) 0 0 1,4
FCF yield (%) -2,4 2,7 3,7
P/BVPS 6,01 5,61 4,95
P/BVPS Adj 13,84 9,37 7,66
P/E Adj 26,5 28,4 25,6
EV/EBITDA Adj 16,2 16,6 15,1
EV/EBITA Adj 20,9 21 18,7
EV/EBIT Adj 21,2 21,6 19,2
EV/cap. employed 3,7 3,7 3,3
Investment ratios 2020 2021 2022
Capex / sales 3,9 5,8 3
Capex / depreciation 94,6 153,7 86,3
Capex tangibles / tangible fixed assets 18 28,6 16,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19 18,6 19,1
Lease adj. FCF yield (%) -2,4 2,7 3,7

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 3.4 % 16.0 % 31 Aug 2021
Gun Boström 3.2 % 8.9 % 31 Aug 2021
Lena Boström 2.2 % 8.4 % 31 Aug 2021
Capital Group 7.5 % 3.9 % 30 Jun 2021
Lannebo Fonder 6.6 % 3.4 % 31 Aug 2021
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 31 Aug 2021
Didner & Gerge Fonder 2.6 % 1.4 % 31 Aug 2021
Första AP-fonden 2.5 % 1.3 % 31 Aug 2021
Vanguard 2.0 % 1.0 % 31 Aug 2021
Norges Bank 1.6 % 0.8 % 31 Aug 2021
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

Show More