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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 7898 9168
Sales growth (%) 20,6 -2,5 16,1
EBITDA 1189 1250 1393
EBITDA margin (%) 14,7 15,8 15,2
EBIT adj 938 897 1057
EBIT adj margin (%) 11,6 11,4 11,5
Pretax profit 921 865 1022
EPS rep 27,32 25,76 30,1
EPS growth (%) 25,7 -5,7 16,9
EPS adj 27,51 26,17 30,5
DPS 14 14 14,2
EV/EBITDA (x) 8 11,9 10,4
EV/EBIT adj (x) 10,2 16,5 13,7
P/E (x) 13,4 21,6 18,5
P/E adj (x) 13,3 21,3 18,2
EV/sales (x) 1,2 1,9 1,6
FCF yield (%) 6,7 3,6 4,9
Dividend yield (%) 3,8 2,5 2,6
Net IB debt/EBITDA -0,1 0,1 -0,2
SEKm 2018 2019e 2020e
Sales 8102 7898 9168
COGS -6845 -6651 -7702
Gross profit 1257 1247 1467
Other operating items -68 3 -74
EBITDA 1189 1250 1393
Depreciation on tangibles -240 -209 -193
Depreciation on intangibles 0 0 0
EBITA 949 908 1068
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -11 -10
EBIT 941 897 1057
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 921 865 1022
Tax -199 -183 -225
Net profit 722 682 797
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 722 682 797
EPS 27,32 25,76 30,1
EPS Adj 27,51 26,17 30,5
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 15,8 15,2
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 8,6 8,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 20,6 -2,5 16,1
EBITDA growth (%) 21,3 5,1 11,4
EBIT growth (%) 25,6 -4,7 17,8
Net profit growth (%) 26,2 -5,5 16,9
EPS growth (%) 25,7 -5,7 16,9
Profitability 2018 2019 2020
ROE (%) 30,4 24,5 25
ROE Adj (%) 30,6 24,9 25,3
ROCE (%) 29,6 23,6 23,9
ROCE Adj(%) 29,7 23,9 24,1
ROIC (%) 28,3 23,2 24
ROIC Adj (%) 28,2 23,2 24
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1186 1250 1393
EBITDA Adj margin (%) 14,6 15,8 15,2
EBITA Adj 946 908 1068
EBITA Adj margin (%) 11,7 11,5 11,6
EBIT Adj 938 897 1057
EBIT Adj margin (%) 11,6 11,4 11,5
Pretax profit Adj 926 876 1033
Net profit Adj 727 693 808
Net profit to shareholders Adj 727 693 808
Net Adj margin (%) 9 8,8 8,8
SEKm 2018 2019e 2020e
EBITDA 1189 1250 1393
Net financial items -20 -32 -35
Paid tax -199 -183 -225
Non-cash items 0 0 0
Cash flow before change in WC 970 1035 1133
Change in WC 85 -203 -36
Operating cash flow 1045 992 1133
CAPEX tangible fixed assets -398 -467 -413
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 647 525 721
Dividend paid 329 370 371
Share issues and buybacks 0 0 0
Other non cash items -759 -1169 -778
Decrease in net IB debt 312 -244 350
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 780 780 747
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1518 1645 1888
Other fixed assets 114 79 79
Fixed assets 2412 2866 2943
Inventories 566 635 711
Receivables 1225 1755 1889
Other current assets 0 0 0
Cash and liquid assets 953 1150 1500
Total assets 5156 6406 7042
Shareholders equity 2592 2975 3402
Minority 0 0 0
Total equity 2592 2975 3402
Long-term debt 794 873 873
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 1881 2055
Other current liabilities 284 314 350
Total liabilities and equity 3924 4752 5156
Net IB debt -159 85 -265
Net IB debt excl. pension debt -159 85 -265
Capital invested 2717 3374 3487
Working capital 305 508 544
EV breakdown 2018 2019 2020
Market cap. diluted (m) 9686 14739 14739
Net IB debt Adj -159 85 -265
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 14824 14474
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 163,5 136,6 136,4
Capital invested turnover (%) 310,5 259,3 267,3
Capital employed turnover (%) 254,5 207,9 207,3
Inventories / sales (%) 6,8 7,6 7,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,9 21,3 21,5
Working capital / sales (%) 4,3 5,1 5,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -6,1 2,8 -7,8
Net debt / market cap (%) -1 0,6 -1,8
Equity ratio (%) 50,3 46,4 48,3
Net IB debt adj. / equity (%) -6,1 2,8 -7,8
Current ratio (%) 155 156,2 165,6
EBITDA / net interest (%) 5945 3864,4 3986
Net IB debt / EBITDA (%) -13,4 6,8 -19
Interest cover (%) 4745 2807,3 3054,5
SEKm 2018 2019e 2020e
Shares outstanding adj. 26 26 26
Fully diluted shares Adj 26 26 26
EPS 27,32 25,76 30,1
Dividend per share Adj 14 14 14,2
EPS Adj 27,51 26,17 30,5
BVPS 98,08 112,33 128,44
BVPS Adj 68,57 82,87 100,25
Net IB debt / share -6 3,2 -10
Share price 589,92 556,5 556,5
Market cap. (m) 15590 14739 14739
Valuation 2018 2019 2020
P/E 13,4 21,6 18,5
EV/sales 1,18 1,88 1,58
EV/EBITDA 8 11,9 10,4
EV/EBITA 10 16,3 13,6
EV/EBIT 10,1 16,5 13,7
Dividend yield (%) 3,8 2,5 2,6
FCF yield (%) 6,7 3,6 4,9
P/BVPS 3,74 4,95 4,33
P/BVPS Adj 5,35 6,71 5,55
P/E Adj 13,3 21,3 18,2
EV/EBITDA Adj 8 11,9 10,4
EV/EBITA Adj 10,1 16,3 13,6
EV/EBIT Adj 10,2 16,5 13,7
EV/cap. employed 2,8 3,5 3,1
Investment ratios 2018 2019 2020
Capex / sales 4,9 5,9 4,5
Capex / depreciation 165,8 223,4 214,3
Capex tangibles / tangible fixed assets 26,2 28,4 21,9
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 12,7 10,2

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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 % 30 Sep 2019
Gun Boström 3.2 % 9.0 % 30 Sep 2019
Lena Boström 2.3 % 8.5 % 30 Sep 2019
Capital Group 7.3 % 3.8 % 30 Sep 2019
Lannebo Fonder 6.5 % 3.4 % 30 Sep 2019
Carl-Olof och Jenz Hamrins Stiftelse 5.2 % 2.7 % 30 Sep 2019
Didner & Gerge Fonder 3.9 % 2.0 % 30 Sep 2019
Handelsbanken Fonder 2.5 % 1.3 % 30 Sep 2019
Nordea Fonder 1.8 % 0.9 % 30 Sep 2019
Vanguard 1.8 % 0.9 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Nolato

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

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