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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 2020 2021e 2022e
Sales 9359 11149 12186
Sales growth (%) 18,2 19,1 9,3
EBITDA 1380 1578 1758
EBITDA margin (%) 14,7 14,2 14,4
EBIT adj 1079 1262 1426
EBIT adj margin (%) 11,5 11,3 11,7
Pretax profit 1014 1202 1366
EPS rep 30,17 36,01 40,9
EPS growth (%) 14,1 19,3 13,6
EPS adj 32 36,53 41,42
DPS 0 14,4 14,6
EV/EBITDA (x) 15,7 13,3 11,6
EV/EBIT adj (x) 20,1 16,7 14,3
P/E (x) 27,6 21,7 19,1
P/E adj (x) 26 21,4 18,9
EV/sales (x) 2,3 1,9 1,7
FCF yield (%) -0,6 -1,7 5,4
Dividend yield (%) 0 1,8 1,9
Net IB debt/EBITDA 0 0,4 0
N/A N/A N/A
Lease adj. FCF yield (%) -0,6 -1,7 5,4
Lease adj. ND/EBITDA -0,6 -0,1 -0,5
SEKm 2020 2021e 2022e
Sales 9359 11149 12186
COGS -7853 -9424 -10261
Gross profit 1506 1725 1925
Other operating items -126 -147 -167
EBITDA 1380 1578 1758
Depreciation on tangibles -390 -378 -394
Depreciation on intangibles 0 0 0
EBITA 1066 1276 1440
Goodwill impairment charges 0 0 0
Other impairment and amortisation -18 -14 -14
EBIT 1048 1262 1426
Other financial items 0 0 0
Net financial items -34 -60 -60
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 1014 1202 1366
Tax -208 -240 -273
Net profit 806 962 1093
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 806 962 1093
EPS 30,17 36,01 40,9
EPS Adj 32 36,53 41,42
Total extraordinary items after tax -31 0 0
Tax rate (%) -20,5 -20 -20
Gross margin (%) 16,1 15,5 15,8
EBITDA margin (%) 14,7 14,2 14,4
EBITA margin (%) 11,4 11,4 11,8
EBIT margin (%) 11,2 11,3 11,7
Pretax margin (%) 10,8 10,8 11,2
Net margin (%) 8,6 8,6 9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 18,2 19,1 9,3
EBITDA growth (%) 16,2 14,4 11,4
EBIT growth (%) 18,2 20,5 12,9
Net profit growth (%) 14,7 19,3 13,6
EPS growth (%) 14,1 19,3 13,6
Profitability 2020 2021 2022
ROE (%) 25,4 24,9 23,2
ROE Adj (%) 27 25,3 23,5
ROCE (%) 23,3 22,1 20,4
ROCE Adj(%) 24,4 22,3 20,6
ROIC (%) 23,9 22 21,8
ROIC Adj (%) 24,6 22 21,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 1411 1578 1758
EBITDA Adj margin (%) 15,1 14,2 14,4
EBITA Adj 1097 1276 1440
EBITA Adj margin (%) 11,7 11,4 11,8
EBIT Adj 1079 1262 1426
EBIT Adj margin (%) 11,5 11,3 11,7
Pretax profit Adj 1063 1216 1380
Net profit Adj 855 976 1107
Net profit to shareholders Adj 855 976 1107
Net Adj margin (%) 9,1 8,8 9,1
N/A N/A N/A
Depreciation and amortisation -314 -302 -318
Of which leasing depreciation 76 76 76
EO items -31 0 0
Impairment and PPA amortisation -18 -14 -14
EBITDA lease Adj 1411 1578 1758
EBITDA lease Adj margin (%) 15,1 14,2 14,4
SEKm 2020 2021e 2022e
EBITDA 1380 1578 1758
Net financial items -34 -60 -60
Paid tax -208 -240 -273
Non-cash items 0 0 0
Cash flow before change in WC 1138 1278 1425
Change in WC 425 -821 62
Operating cash flow 1563 457 1487
CAPEX tangible fixed assets -1695 -613 -366
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 -200 0
Free cash flow -132 -357 1121
Dividend paid 0 -385 -390
Share issues and buybacks 0 0 0
Other non cash items -367 400 0
Decrease in net IB debt -99 -741 731
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 2093 2279 2265
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2128 2363 2335
Other fixed assets 53 53 53
Fixed assets 4548 4969 4927
Inventories 1110 1322 1445
Receivables 1254 1494 1633
Other current assets 285 340 371
Cash and liquid assets 1487 1579 2310
Total assets 8684 9703 10686
Shareholders equity 3375 4352 5055
Minority 0 0 0
Total equity 3375 4352 5055
Long-term debt 846 1679 1679
Pension debt 246 246 246
Convertible debt 0 0 0
Deferred tax 110 110 110
Other long-term liabilities 499 99 99
Short-term debt 70 70 70
Accounts payable 2361 1970 2250
Other current liabilities 900 900 900
Total liabilities and equity 8684 9703 10686
Net IB debt -48 693 -38
Net IB debt excl. pension debt -294 447 -284
Capital invested 3936 5255 5226
Working capital -612 285 299
EV breakdown 2020 2021 2022
Market cap. diluted (m) 22228 20879 20879
Net IB debt Adj -571 170 -561
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 21657 21049 20318
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 126,3 121,3 119,5
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 (%) -1,8 -1,5 2,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -1,4 15,9 -0,8
Net debt / market cap (%) -0,3 3,3 -0,2
Equity ratio (%) 38,9 44,9 47,3
Net IB debt adj. / equity (%) -16,9 3,9 -11,1
Current ratio (%) 121,6 157,3 175
EBITDA / net interest (%) 4058,8 2630,7 2929,5
Net IB debt / EBITDA (%) -3,5 43,9 -2,2
Interest cover (%) 3135,3 2127,4 2399,5
N/A N/A N/A
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 274 274 274
Total other fixed assets 53 53 53
Leasing liability 277 277 277
Total other long-term liabilities 609 209 209
Net IB debt excl. leasing -848 -107 -838
Net IB debt / EBITDA lease Adj (%) -60,1 -6,8 -47,7
SEKm 2020 2021e 2022e
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 30,17 36,01 40,9
Dividend per share Adj 0 14,4 14,6
EPS Adj 32 36,53 41,42
BVPS 126,33 162,91 189,2
BVPS Adj 47,99 77,6 104,42
Net IB debt / share -1,8 26 -1,4
Share price 673 781,5 781,5
Market cap. (m) 17980 20879 20879
Valuation 2020 2021 2022
P/E 27,6 21,7 19,1
EV/sales 2,31 1,89 1,67
EV/EBITDA 15,7 13,3 11,6
EV/EBITA 20,3 16,5 14,1
EV/EBIT 20,7 16,7 14,3
Dividend yield (%) 0 1,8 1,9
FCF yield (%) -0,6 -1,7 5,4
P/BVPS 6,59 4,8 4,13
P/BVPS Adj 17,34 10,07 7,48
P/E Adj 26 21,4 18,9
EV/EBITDA Adj 15,3 13,3 11,6
EV/EBITA Adj 19,7 16,5 14,1
EV/EBIT Adj 20,1 16,7 14,3
EV/cap. employed 4,5 3,2 2,8
Investment ratios 2020 2021 2022
Capex / sales 18,1 5,5 3
Capex / depreciation 434,6 162,2 92,8
Capex tangibles / tangible fixed assets 79,7 25,9 15,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 18,3 16 16,9
N/A N/A N/A
Lease adj. FCF yield (%) -0,6 -1,7 5,4

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 3.3 % 16.0 % 31 Jan 2021
Gun Boström 3.2 % 8.9 % 31 Jan 2021
Lena Boström 2.3 % 8.5 % 31 Jan 2021
Capital Group 7.9 % 4.1 % 31 Dec 2020
Lannebo Fonder 7.3 % 3.8 % 31 Jan 2021
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 31 Jan 2021
Norges Bank 2.8 % 1.5 % 31 Jan 2021
Första AP-fonden 2.0 % 1.1 % 31 Jan 2021
Didner & Gerge Fonder 2.0 % 1.0 % 31 Jan 2021
Vanguard 1.7 % 0.9 % 31 Jan 2021
Source: Holdings by Modular Finance AB

Insider list - Nolato

Name Quantity Code Date
Jörgen Karlsson + 4 000 BUY 10 Dec 2020
Jörgen Karlsson - 4 000 SELL 8 Dec 2020
Christer Wahlquist + 4 000 BUY 25 Nov 2020
Per-Ola Holmström + 3 000 BUY 25 Nov 2020
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

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