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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 9390 11081
Sales growth (%) -2,3 18,6 18
EBITDA 1188 1360 1553
EBITDA margin (%) 15 14,5 14
EBIT adj 909 1076 1237
EBIT adj margin (%) 11,5 11,5 11,2
Pretax profit 857 1001 1177
EPS rep 26,45 29,95 35,24
EPS growth (%) -3,1 13,2 17,7
EPS adj 27,58 31,58 35,76
DPS 13,99 0 14,4
EV/EBITDA (x) 11,7 15,4 13,3
EV/EBIT adj (x) 15,3 19,5 16,8
P/E (x) 20,8 25,7 21,9
P/E adj (x) 19,9 24,4 21,5
EV/sales (x) 1,8 2,2 1,9
FCF yield (%) 4,9 -0,6 3,3
Dividend yield (%) 2,5 0 1,9
Net IB debt/EBITDA -0,1 0,7 0,4
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 7919 9390 11081
COGS -6671 -7924 -9384
Gross profit 1248 1466 1696
Other operating items -60 -105 -144
EBITDA 1188 1360 1553
Depreciation on tangibles -368 -379 -378
Depreciation on intangibles 0 0 0
EBITA 895 1058 1251
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -13 -14
EBIT 887 1045 1237
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 1001 1177
Tax -154 -201 -235
Net profit 703 800 941
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 703 800 941
EPS 26,45 29,95 35,24
EPS Adj 27,58 31,58 35,76
Total extraordinary items after tax -22 -31 0
Tax rate (%) -18 -20,1 -20
Gross margin (%) 15,8 15,6 15,3
EBITDA margin (%) 15 14,5 14
EBITA margin (%) 11,3 11,3 11,3
EBIT margin (%) 11,2 11,1 11,2
Pretax margin (%) 10,8 10,7 10,6
Net margin (%) 8,9 8,5 8,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -2,3 18,6 18
EBITDA growth (%) -0,1 14,5 14,1
EBIT growth (%) -5,7 17,9 18,3
Net profit growth (%) -2,6 13,8 17,7
EPS growth (%) -3,1 13,2 17,7
Profitability 2019 2020 2021
ROE (%) 25,3 25,3 24,5
ROE Adj (%) 26,4 26,6 24,8
ROCE (%) 23,4 20,7 19,4
ROCE Adj(%) 24,2 21,6 19,6
ROIC (%) 25,7 21 19,5
ROIC Adj (%) 26,3 21,6 19,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1210 1391 1553
EBITDA Adj margin (%) 15,3 14,8 14
EBITA Adj 917 1089 1251
EBITA Adj margin (%) 11,6 11,6 11,3
EBIT Adj 909 1076 1237
EBIT Adj margin (%) 11,5 11,5 11,2
Pretax profit Adj 887 1045 1191
Net profit Adj 733 844 955
Net profit to shareholders Adj 733 844 955
Net Adj margin (%) 9,3 9 8,6
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 1188 1360 1553
Net financial items -30 -44 -60
Paid tax -154 -201 -235
Non-cash items 0 0 0
Cash flow before change in WC 1004 1115 1257
Change in WC 156 426 -50
Operating cash flow 1160 1542 1207
CAPEX tangible fixed assets -355 -1669 -332
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -93 0 -200
Free cash flow 712 -127 675
Dividend paid -368 0 -385
Share issues and buybacks 0 0 0
Other non cash items -300 -1383 400
Decrease in net IB debt -13 -1110 290
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 852 2275 2461
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1565 2108 2062
Other fixed assets 61 60 60
Fixed assets 2752 4717 4857
Inventories 667 1199 1415
Receivables 1051 1394 1645
Other current assets 297 414 488
Cash and liquid assets 1367 1572 1862
Total assets 6134 9296 10268
Shareholders equity 2966 3369 4326
Minority 0 0 0
Total equity 2966 3369 4326
Long-term debt 627 1942 1942
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 1882 2298
Other current liabilities 900 900 900
Total liabilities and equity 6134 9296 10268
Net IB debt -147 963 673
Net IB debt excl. pension debt -393 717 427
Capital invested 3028 4941 5208
Working capital 276 225 351
EV breakdown 2019 2020 2021
Market cap. diluted (m) 14617 20571 20571
Net IB debt Adj -666 440 150
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 21011 20721
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 140,3 121,7 113,3
Capital invested turnover (%) 279,5 235,7 218,4
Capital employed turnover (%) 209,1 186,1 173,6
Inventories / sales (%) 7,8 9,9 11,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 9 14,5 18,9
Working capital / sales (%) 3,2 2,7 2,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -5 28,6 15,6
Net debt / market cap (%) -1,1 4,7 3,3
Equity ratio (%) 48,4 36,2 42,1
Net IB debt adj. / equity (%) -22,5 13,1 3,5
Current ratio (%) 180 156,7 162,1
EBITDA / net interest (%) 3960 3092 2588
Net IB debt / EBITDA (%) -12,4 70,8 43,3
Interest cover (%) 2983,3 2404,5 2084,7
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 29,95 35,24
Dividend per share Adj 14 0 14,4
EPS Adj 27,58 31,58 35,76
BVPS 111,6 126,11 161,92
BVPS Adj 79,54 40,98 69,82
Net IB debt / share -5,5 36 25,2
Share price 487,52 770 770
Market cap. (m) 12957 20571 20571
Valuation 2019 2020 2021
P/E 20,8 25,7 21,9
EV/sales 1,76 2,24 1,87
EV/EBITDA 11,7 15,4 13,3
EV/EBITA 15,6 19,9 16,6
EV/EBIT 15,7 20,1 16,8
Dividend yield (%) 2,5 0 1,9
FCF yield (%) 4,9 -0,6 3,3
P/BVPS 4,93 6,11 4,76
P/BVPS Adj 6,91 18,79 11,03
P/E Adj 19,9 24,4 21,5
EV/EBITDA Adj 11,5 15,1 13,3
EV/EBITA Adj 15,2 19,3 16,6
EV/EBIT Adj 15,3 19,5 16,8
EV/cap. employed 3,3 3,6 3
Investment ratios 2019 2020 2021
Capex / sales 4,5 17,8 3
Capex / depreciation 96,5 440,8 87,9
Capex tangibles / tangible fixed assets 22,7 79,2 16,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,5 18 18,3
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 Oct 2020
Gun Boström 3.2 % 8.9 % 31 Oct 2020
Lena Boström 2.3 % 8.5 % 31 Oct 2020
Capital Group 7.9 % 4.1 % 30 Sep 2020
Lannebo Fonder 6.9 % 3.6 % 31 Oct 2020
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 31 Oct 2020
Norges Bank 2.7 % 1.4 % 31 Oct 2020
Didner & Gerge Fonder 2.0 % 1.0 % 31 Oct 2020
Nordea Fonder 1.8 % 0.9 % 30 Sep 2020
Vanguard 1.8 % 0.9 % 31 Oct 2020
Source: Holdings by Modular Finance AB

Insider list - Nolato

Name Quantity Code Date
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
Per-Ola Holmström - 19 000 Redemp 7 Sep 2020
Johan Apell + 6 500 Redemp 7 Sep 2020

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