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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 9162 11128
Sales growth (%) -2,3 15,7 21,5
EBITDA 1263 1365 1613
EBITDA margin (%) 15,9 14,9 14,5
EBIT adj 909 1006 1221
EBIT adj margin (%) 11,5 11 11
Pretax profit 857 948 1161
EPS rep 26,45 28,69 35,17
EPS growth (%) -3,1 8,5 22,6
EPS adj 27,58 29,52 35,62
DPS 13,99 0 14,4
EV/EBITDA (x) 11 16,7 14
EV/EBIT adj (x) 15,3 22,7 18,5
P/E (x) 20,8 29,6 24,2
P/E adj (x) 19,9 28,8 23,9
EV/sales (x) 1,8 2,5 2
FCF yield (%) 4,9 -3,9 2,9
Dividend yield (%) 2,5 0 1,7
Net IB debt/EBITDA -0,1 0,6 0,3
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 7919 9162 11128
COGS -6671 -7787 -9435
Gross profit 1248 1375 1694
Other operating items 15 -10 -81
EBITDA 1263 1365 1613
Depreciation on tangibles -368 -365 -380
Depreciation on intangibles 0 0 0
EBITA 895 1000 1233
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -12
EBIT 887 992 1221
Other financial items 0 0 0
Net financial items -30 -44 -60
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 857 948 1161
Tax -154 -186 -226
Net profit 703 762 935
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 703 762 935
EPS 26,45 28,69 35,17
EPS Adj 27,58 29,52 35,62
Total extraordinary items after tax -22 -14 0
Tax rate (%) -18 -19,6 -19,5
Gross margin (%) 15,8 15 15,2
EBITDA margin (%) 15,9 14,9 14,5
EBITA margin (%) 11,3 10,9 11,1
EBIT margin (%) 11,2 10,8 11
Pretax margin (%) 10,8 10,3 10,4
Net margin (%) 8,9 8,3 8,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -2,3 15,7 21,5
EBITDA growth (%) 6,2 8,1 18,2
EBIT growth (%) -5,7 11,9 23,1
Net profit growth (%) -2,6 8,5 22,6
EPS growth (%) -3,1 8,5 22,6
Profitability 2019 2020 2021
ROE (%) 25,3 24,2 24,5
ROE Adj (%) 26,4 24,9 24,9
ROCE (%) 23,4 20,2 20
ROCE Adj(%) 24,2 20,7 20,2
ROIC (%) 25,7 20,6 20,2
ROIC Adj (%) 26,3 20,8 20,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1285 1379 1613
EBITDA Adj margin (%) 16,2 15,1 14,5
EBITA Adj 917 1014 1233
EBITA Adj margin (%) 11,6 11,1 11,1
EBIT Adj 909 1006 1221
EBIT Adj margin (%) 11,5 11 11
Pretax profit Adj 887 970 1173
Net profit Adj 733 784 947
Net profit to shareholders Adj 733 784 947
Net Adj margin (%) 9,3 8,6 8,5
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 1263 1365 1613
Net financial items -30 -44 -60
Paid tax -154 -186 -226
Non-cash items 0 0 0
Cash flow before change in WC 1079 1135 1327
Change in WC 81 49 -143
Operating cash flow 1160 1185 1184
CAPEX tangible fixed assets -355 -277 -334
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -93 -1800 -200
Free cash flow 712 -892 650
Dividend paid -368 0 -383
Share issues and buybacks 0 0 0
Other non cash items -300 -449 400
Decrease in net IB debt -13 -941 267
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 852 2344 2532
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1565 1788 1746
Other fixed assets 61 61 61
Fixed assets 2752 4467 4613
Inventories 667 787 956
Receivables 1051 1032 1253
Other current assets 297 324 394
Cash and liquid assets 1367 1499 1766
Total assets 6134 8109 8982
Shareholders equity 2966 3331 4283
Minority 0 0 0
Total equity 2966 3331 4283
Long-term debt 627 1700 1700
Pension debt 246 246 246
Convertible debt 0 0 0
Deferred tax 110 110 110
Other long-term liabilities 99 499 99
Short-term debt 70 70 70
Accounts payable 839 976 1297
Other current liabilities 900 900 900
Total liabilities and equity 6134 8109 8982
Net IB debt -147 794 527
Net IB debt excl. pension debt -393 548 281
Capital invested 3028 4734 5019
Working capital 276 268 406
EV breakdown 2019 2020 2021
Market cap. diluted (m) 14617 22590 22590
Net IB debt Adj -666 271 4
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 13951 22861 22594
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 140,3 128,6 130,2
Capital invested turnover (%) 279,5 236,1 228,2
Capital employed turnover (%) 209,1 186,8 182,4
Inventories / sales (%) 7,8 7,9 7,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 9 9,9 10,2
Working capital / sales (%) 3,2 3 3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -5 23,8 12,3
Net debt / market cap (%) -1,1 3,5 2,3
Equity ratio (%) 48,4 41,1 47,7
Net IB debt adj. / equity (%) -22,5 8,1 0,1
Current ratio (%) 180 180,7 187
EBITDA / net interest (%) 4210 3102,6 2688,4
Net IB debt / EBITDA (%) -11,6 58,1 32,6
Interest cover (%) 2983,3 2273,1 2055
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 26,45 28,69 35,17
Dividend per share Adj 14 0 14,4
EPS Adj 27,58 29,52 35,62
BVPS 111,6 125,35 161,17
BVPS Adj 79,54 37,16 65,9
Net IB debt / share -5,5 29,9 19,8
Share price 487,52 850 850
Market cap. (m) 12957 22590 22590
Valuation 2019 2020 2021
P/E 20,8 29,6 24,2
EV/sales 1,76 2,5 2,03
EV/EBITDA 11 16,7 14
EV/EBITA 15,6 22,9 18,3
EV/EBIT 15,7 23 18,5
Dividend yield (%) 2,5 0 1,7
FCF yield (%) 4,9 -3,9 2,9
P/BVPS 4,93 6,78 5,27
P/BVPS Adj 6,91 22,88 12,9
P/E Adj 19,9 28,8 23,9
EV/EBITDA Adj 10,9 16,6 14
EV/EBITA Adj 15,2 22,5 18,3
EV/EBIT Adj 15,3 22,7 18,5
EV/cap. employed 3,3 4,1 3,4
Investment ratios 2019 2020 2021
Capex / sales 4,5 3 3
Capex / depreciation 96,5 75,8 87,9
Capex tangibles / tangible fixed assets 22,7 15,5 19,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,5 20,4 21,8
N/A N/A N/A

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)

Main shareholders - Nolato

Main shareholders Share capital % Voting shares % Verified
Lovisa Hamrin 3.3 % 16.0 % 31 Aug 2020
Gun Boström 3.2 % 9.0 % 31 Aug 2020
Lena Boström 2.3 % 8.5 % 31 Aug 2020
Capital Group 7.7 % 4.0 % 30 Jun 2020
Lannebo Fonder 6.4 % 3.3 % 31 Aug 2020
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 31 Aug 2020
Didner & Gerge Fonder 2.2 % 1.1 % 31 Aug 2020
Norges Bank 2.1 % 1.1 % 31 Aug 2020
Handelsbanken Fonder 2.0 % 1.0 % 31 Aug 2020
Vanguard 1.9 % 1.0 % 31 Aug 2020
Source: Holdings by Modular Finance AB

Insider list - Nolato

Name Quantity Code Date
Johan Apell - 6 500 SELL 9 Sep 2020
Per-Ola Holmström - 17 000 SELL 8 Sep 2020
Johan Iveberg - 17 000 SELL 8 Sep 2020
Johan Arvidsson - 18 000 SELL 8 Sep 2020
Christer Wahlquist - 34 000 SELL 8 Sep 2020
Johan Iveberg + 19 000 Redemp 7 Sep 2020
Per-Ola Holmström - 19 000 Redemp 7 Sep 2020
Johan Apell + 6 500 Redemp 7 Sep 2020
Christer Wahlquist - 38 000 Redemp 7 Sep 2020
Per-Ola Holmström + 19 000 Redemp 7 Sep 2020

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