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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 2018 2019e 2020e
Sales 8102 7757 8921
Sales growth (%) 20,6 -4,3 15
EBITDA 1189 1244 1397
EBITDA margin (%) 14,7 16 15,7
EBIT adj 938 890 1037
EBIT adj margin (%) 11,6 11,5 11,6
Pretax profit 921 862 1004
EPS rep 27,32 25,8 30,08
EPS growth (%) 25,7 -5,6 16,6
EPS adj 27,51 26,14 30,49
DPS 14 14 14,2
EV/EBITDA (x) 8 11,3 9,8
EV/EBIT adj (x) 10,2 15,8 13,2
P/E (x) 13,4 20,4 17,5
P/E adj (x) 13,3 20,1 17,2
EV/sales (x) 1,2 1,8 1,5
FCF yield (%) 6,7 3,8 5,4
Dividend yield (%) 3,8 2,7 2,7
Net IB debt/EBITDA -0,1 0,1 -0,2
SEKm 2018 2019e 2020e
Sales 8102 7757 8921
COGS -6845 -6525 -7489
Gross profit 1257 1232 1432
Other operating items -68 12 -35
EBITDA 1189 1244 1397
Depreciation on tangibles -240 -212 -216
Depreciation on intangibles 0 0 0
EBITA 949 899 1048
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -9 -11
EBIT 941 890 1037
Other financial items 0 0 0
Net financial items -20 -28 -32
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 921 862 1004
Tax -199 -177 -206
Net profit 722 685 798
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 722 685 798
EPS 27,32 25,8 30,08
EPS Adj 27,51 26,14 30,49
Total extraordinary items after tax 3 0 0
Tax rate (%) -21,6 -20,5 -20,5
Gross margin (%) 15,5 15,9 16,1
EBITDA margin (%) 14,7 16 15,7
EBITA margin (%) 11,7 11,6 11,7
EBIT margin (%) 11,6 11,5 11,6
Pretax margin (%) 11,4 11,1 11,3
Net margin (%) 8,9 8,8 8,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 20,6 -4,3 15
EBITDA growth (%) 21,3 4,6 12,3
EBIT growth (%) 25,6 -5,4 16,5
Net profit growth (%) 26,2 -5,2 16,6
EPS growth (%) 25,7 -5,6 16,6
Profitability 2018 2019 2020
ROE (%) 30,4 24,4 24,7
ROE Adj (%) 30,6 24,7 25
ROCE (%) 29,6 23,2 23,1
ROCE Adj(%) 29,7 23,5 23,3
ROIC (%) 28,3 23,1 23,9
ROIC Adj (%) 28,2 23,1 23,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1186 1244 1397
EBITDA Adj margin (%) 14,6 16 15,7
EBITA Adj 946 899 1048
EBITA Adj margin (%) 11,7 11,6 11,7
EBIT Adj 938 890 1037
EBIT Adj margin (%) 11,6 11,5 11,6
Pretax profit Adj 926 871 1015
Net profit Adj 727 694 809
Net profit to shareholders Adj 727 694 809
Net Adj margin (%) 9 8,9 9,1
SEKm 2018 2019e 2020e
EBITDA 1189 1244 1397
Net financial items -20 -28 -32
Paid tax -199 -177 -206
Non-cash items 0 0 0
Cash flow before change in WC 970 1039 1158
Change in WC 85 -197 -35
Operating cash flow 1045 1008 1156
CAPEX tangible fixed assets -398 -474 -401
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 647 534 755
Dividend paid 329 370 372
Share issues and buybacks 0 0 0
Other non cash items -759 -1166 -777
Decrease in net IB debt 312 -233 383
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 780 809 773
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1518 1655 1865
Other fixed assets 114 80 80
Fixed assets 2412 2906 2947
Inventories 566 610 692
Receivables 1225 1686 1838
Other current assets 0 0 0
Cash and liquid assets 953 1186 1569
Total assets 5156 6387 7046
Shareholders equity 2592 3021 3447
Minority 0 0 0
Total equity 2592 3021 3447
Long-term debt 794 898 898
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 1486 1793 1992
Other current liabilities 284 313 347
Total liabilities and equity 3924 4752 5156
Net IB debt -159 74 -309
Net IB debt excl. pension debt -159 74 -309
Capital invested 2717 3408 3485
Working capital 305 502 537
EV breakdown 2018 2019 2020
Market cap. diluted (m) 9686 13947 13947
Net IB debt Adj -159 74 -309
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 9527 14021 13637
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 163,5 134,4 132,8
Capital invested turnover (%) 310,5 253,3 258,9
Capital employed turnover (%) 254,5 202,3 198,5
Inventories / sales (%) 6,8 7,6 7,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,9 21,1 21,2
Working capital / sales (%) 4,3 5,2 5,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -6,1 2,5 -9
Net debt / market cap (%) -1 0,5 -2,2
Equity ratio (%) 50,3 47,3 48,9
Net IB debt adj. / equity (%) -6,1 2,5 -9
Current ratio (%) 155 160 170,2
EBITDA / net interest (%) 5945 4380,6 4346,7
Net IB debt / EBITDA (%) -13,4 6 -22,2
Interest cover (%) 4745 3165,8 3260,2
SEKm 2018 2019e 2020e
Shares outstanding adj. 26 27 27
Fully diluted shares Adj 26 27 27
EPS 27,32 25,8 30,08
Dividend per share Adj 14 14 14,2
EPS Adj 27,51 26,14 30,49
BVPS 98,08 113,82 129,89
BVPS Adj 68,57 83,33 100,76
Net IB debt / share -6 2,8 -11,7
Share price 589,92 525,5 525,5
Market cap. (m) 15590 13947 13947
Valuation 2018 2019 2020
P/E 13,4 20,4 17,5
EV/sales 1,18 1,81 1,53
EV/EBITDA 8 11,3 9,8
EV/EBITA 10 15,6 13
EV/EBIT 10,1 15,8 13,2
Dividend yield (%) 3,8 2,7 2,7
FCF yield (%) 6,7 3,8 5,4
P/BVPS 3,74 4,62 4,05
P/BVPS Adj 5,35 6,31 5,22
P/E Adj 13,3 20,1 17,2
EV/EBITDA Adj 8 11,3 9,8
EV/EBITA Adj 10,1 15,6 13
EV/EBIT Adj 10,2 15,8 13,2
EV/cap. employed 2,8 3,3 2,9
Investment ratios 2018 2019 2020
Capex / sales 4,9 6,1 4,5
Capex / depreciation 165,8 223,6 185,8
Capex tangibles / tangible fixed assets 26,2 28,6 21,5
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 15,8 12,8 11,6

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 % 30 Nov 2019
Gun Boström 3.2 % 9.0 % 30 Nov 2019
Lena Boström 2.3 % 8.5 % 30 Nov 2019
Capital Group 7.3 % 3.8 % 30 Sep 2019
Lannebo Fonder 6.6 % 3.4 % 31 Oct 2019
Carl-Olof och Jenz Hamrins Stiftelse 4.9 % 2.5 % 30 Oct 2019
Didner & Gerge Fonder 3.8 % 2.0 % 30 Nov 2019
Handelsbanken Fonder 2.3 % 1.2 % 30 Nov 2019
Nordea Fonder 2.1 % 1.1 % 31 Oct 2019
Norges Bank 1.9 % 1.0 % 30 Nov 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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