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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 7825 8960
Sales growth (%) 20,6 -3,4 14,5
EBITDA 1189 1232 1369
EBITDA margin (%) 14,7 15,7 15,3
EBIT adj 938 893 1033
EBIT adj margin (%) 11,6 11,4 11,5
Pretax profit 921 860 998
EPS rep 27,32 25,63 29,4
EPS growth (%) 25,7 -6,2 14,7
EPS adj 27,51 25,89 29,73
DPS 14 14 14,2
EV/EBITDA (x) 8 11,1 9,8
EV/EBIT adj (x) 10,2 15,3 12,9
P/E (x) 13,4 20,2 17,6
P/E adj (x) 13,3 20 17,4
EV/sales (x) 1,2 1,7 1,5
FCF yield (%) 6,7 4,8 4,9
Dividend yield (%) 3,8 2,7 2,7
Net IB debt/EBITDA -0,1 0 -0,3
SEKm 2018 2019e 2020e
Sales 8102 7825 8960
COGS -6845 -6589 -7527
Gross profit 1257 1236 1434
Other operating items -68 -4 -65
EBITDA 1189 1232 1369
Depreciation on tangibles -240 -332 -327
Depreciation on intangibles 0 0 0
EBITA 949 900 1042
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -7 -9
EBIT 941 893 1033
Other financial items 0 0 0
Net financial items -20 -32 -35
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 921 860 998
Tax -199 -182 -220
Net profit 722 679 779
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 722 679 779
EPS 27,32 25,63 29,4
EPS Adj 27,51 25,89 29,73
Total extraordinary items after tax 3 0 0
Tax rate (%) -21,6 -21,1 -22
Gross margin (%) 15,5 15,8 16
EBITDA margin (%) 14,7 15,7 15,3
EBITA margin (%) 11,7 11,5 11,6
EBIT margin (%) 11,6 11,4 11,5
Pretax margin (%) 11,4 11 11,1
Net margin (%) 8,9 8,7 8,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 20,6 -3,4 14,5
EBITDA growth (%) 21,3 3,6 11,1
EBIT growth (%) 25,6 -5,1 15,7
Net profit growth (%) 26,2 -6 14,7
EPS growth (%) 25,7 -6,2 14,7
Profitability 2018 2019 2020
ROE (%) 30,4 24,4 24,5
ROE Adj (%) 30,6 24,7 24,8
ROCE (%) 29,6 23,7 23,8
ROCE Adj(%) 29,7 23,9 24
ROIC (%) 28,3 23,9 24,6
ROIC Adj (%) 28,2 23,9 24,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1186 1232 1369
EBITDA Adj margin (%) 14,6 15,7 15,3
EBITA Adj 946 900 1042
EBITA Adj margin (%) 11,7 11,5 11,6
EBIT Adj 938 893 1033
EBIT Adj margin (%) 11,6 11,4 11,5
Pretax profit Adj 926 867 1007
Net profit Adj 727 686 787
Net profit to shareholders Adj 727 686 787
Net Adj margin (%) 9 8,8 8,8
SEKm 2018 2019e 2020e
EBITDA 1189 1232 1369
Net financial items -20 -32 -35
Paid tax -199 -182 -220
Non-cash items 0 0 0
Cash flow before change in WC 970 1018 1115
Change in WC 85 -56 -110
Operating cash flow 1045 1052 1113
CAPEX tangible fixed assets -398 -392 -439
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 647 660 674
Dividend paid 329 370 371
Share issues and buybacks 0 0 0
Other non cash items -664 -1142 -742
Decrease in net IB debt 312 -112 304
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 780 782 748
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1518 1944 2081
Other fixed assets 114 79 79
Fixed assets 2412 2805 2908
Inventories 566 615 695
Receivables 1225 1701 1846
Other current assets 0 0 0
Cash and liquid assets 953 1212 1515
Total assets 5156 6333 6964
Shareholders equity 2592 2972 3380
Minority 0 0 0
Total equity 2592 2972 3380
Long-term debt 794 1165 1165
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 1955 2070
Other current liabilities 284 241 350
Total liabilities and equity 3924 4752 5156
Net IB debt -159 -47 -350
Net IB debt excl. pension debt -159 -47 -350
Capital invested 2717 3166 3379
Working capital 305 361 471
EV breakdown 2018 2019 2020
Market cap. diluted (m) 9686 13706 13706
Net IB debt Adj -159 -47 -350
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 13659 13356
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 163,5 136,2 134,8
Capital invested turnover (%) 310,5 266 273,8
Capital employed turnover (%) 254,5 208 206,4
Inventories / sales (%) 6,8 7,5 7,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,9 22 22,5
Working capital / sales (%) 4,3 4,3 4,6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -6,1 -1,6 -10,4
Net debt / market cap (%) -1 -0,3 -2,6
Equity ratio (%) 50,3 46,9 48,5
Net IB debt adj. / equity (%) -6,1 -1,6 -10,4
Current ratio (%) 155 160,6 167,6
EBITDA / net interest (%) 5945 3806,1 3917,4
Net IB debt / EBITDA (%) -13,4 -3,8 -25,6
Interest cover (%) 4745 2780,3 2981,5
SEKm 2018 2019e 2020e
Shares outstanding adj. 26 26 26
Fully diluted shares Adj 26 26 26
EPS 27,32 25,63 29,4
Dividend per share Adj 14 14 14,2
EPS Adj 27,51 25,89 29,73
BVPS 98,08 112,2 127,6
BVPS Adj 68,57 82,69 99,36
Net IB debt / share -6 -1,8 -13,2
Share price 589,92 517,5 517,5
Market cap. (m) 15590 13706 13706
Valuation 2018 2019 2020
P/E 13,4 20,2 17,6
EV/sales 1,18 1,75 1,49
EV/EBITDA 8 11,1 9,8
EV/EBITA 10 15,2 12,8
EV/EBIT 10,1 15,3 12,9
Dividend yield (%) 3,8 2,7 2,7
FCF yield (%) 6,7 4,8 4,9
P/BVPS 3,74 4,61 4,06
P/BVPS Adj 5,35 6,26 5,21
P/E Adj 13,3 20 17,4
EV/EBITDA Adj 8 11,1 9,8
EV/EBITA Adj 10,1 15,2 12,8
EV/EBIT Adj 10,2 15,3 12,9
EV/cap. employed 2,8 3,3 2,9
Investment ratios 2018 2019 2020
Capex / sales 4,9 5 4,9
Capex / depreciation 165,8 118,1 134,2
Capex tangibles / tangible fixed assets 26,2 20,2 21,1
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 17,1 15,7

Equity research

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Media

Nolato - Intervju med VD Christer Wahlquist (Q1 2017)
Nolato - Intervju med VD Christer Wahlquist (Q3 2016)

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Main shareholders

Nolato

Main shareholders Share capital % Voting shares % Verified
Lovisa Hamrin 3.3 % 16.1 % 31 Jul 2019
Gun Boström 3.2 % 9.0 % 31 Jul 2019
Lena Boström 2.3 % 8.5 % 31 Jul 2019
Capital Group 8.4 % 4.4 % 30 Jun 2019
Lannebo Fonder 6.3 % 3.2 % 31 Jul 2019
Carl-Olof och Jenz Hamrins Stiftelse 5.2 % 2.7 % 30 Jun 2019
Didner & Gerge Fonder 3.9 % 2.0 % 31 Jul 2019
Handelsbanken Fonder 3.1 % 1.6 % 31 Jul 2019
Vanguard 1.8 % 0.9 % 31 Jul 2019
Dimensional Fund Advisors 1.7 % 0.9 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Nolato

Name Quantity Code Date
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
Jörgen Karlsson + 19 000 Redemp 16 Aug 2019
Jörgen Karlsson + 19 000 Redemp 16 Aug 2019

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