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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 7426 8262
Sales growth (%) 20,6 -8,3 11,3
EBITDA 1189 1087 1194
EBITDA margin (%) 14,7 14,6 14,5
EBIT adj 938 834 936
EBIT adj margin (%) 11,6 11,2 11,3
Pretax profit 921 812 912
EPS rep 27,3 24,09 26,9
EPS growth (%) 25,6 -11,8 11,7
EPS adj 27,49 24,39 27,26
DPS 14 14 14,2
EV/EBITDA (x) 8 9,7 8,7
EV/EBIT adj (x) 10,2 12,7 11,1
P/E (x) 13,4 17 15,2
P/E adj (x) 13,3 16,8 15
EV/sales (x) 1,2 1,4 1,3
FCF yield (%) 6,7 4,3 4,6
Dividend yield (%) 3,8 3,4 3,5
Net IB debt/EBITDA -0,1 -0,2 -0,3
SEKm 2018 2019e 2020e
Sales 8102 7426 8262
COGS -6845 -6273 -6940
Gross profit 1257 1153 1322
Other operating items -68 -66 -128
EBITDA 1189 1087 1194
Depreciation on tangibles -240 -245 -249
Depreciation on intangibles 0 0 0
EBITA 949 842 946
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -9
EBIT 941 834 936
Other financial items 0 0 0
Net financial items -20 -23 -24
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 921 812 912
Tax -199 -174 -201
Net profit 722 637 712
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 722 637 712
EPS 27,3 24,09 26,9
EPS Adj 27,49 24,39 27,26
Total extraordinary items after tax 3 0 0
Tax rate (%) -21,6 -21,5 -22
Gross margin (%) 15,5 15,5 16
EBITDA margin (%) 14,7 14,6 14,5
EBITA margin (%) 11,7 11,3 11,4
EBIT margin (%) 11,6 11,2 11,3
Pretax margin (%) 11,4 10,9 11
Net margin (%) 8,9 8,6 8,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 20,6 -8,3 11,3
EBITDA growth (%) 21,3 -8,6 9,8
EBIT growth (%) 25,6 -11,4 12,2
Net profit growth (%) 26,2 -11,8 11,7
EPS growth (%) 25,6 -11,8 11,7
Profitability 2018 2019 2020
ROE (%) 30,4 23,4 23,5
ROE Adj (%) 30,6 23,7 23,8
ROCE (%) 39,7 33,1 34,6
ROCE Adj(%) 39,9 33,5 34,9
ROIC (%) 29,2 23,6 24,1
ROIC Adj (%) 29,1 23,6 24,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1186 1087 1194
EBITDA Adj margin (%) 14,6 14,6 14,5
EBITA Adj 946 842 946
EBITA Adj margin (%) 11,7 11,3 11,4
EBIT Adj 938 834 936
EBIT Adj margin (%) 11,6 11,2 11,3
Pretax profit Adj 926 820 922
Net profit Adj 727 645 721
Net profit to shareholders Adj 727 645 721
Net Adj margin (%) 9 8,7 8,7
SEKm 2018 2019e 2020e
EBITDA 1189 1087 1194
Net financial items -20 -23 -24
Paid tax -199 -174 -201
Non-cash items 0 0 0
Cash flow before change in WC 970 890 970
Change in WC 85 -201 -11
Operating cash flow 1045 870 899
CAPEX tangible fixed assets -398 -400 -405
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 647 470 494
Dividend paid 329 370 370
Share issues and buybacks 0 0 0
Other non cash items -664 -741 -741
Decrease in net IB debt 312 100 123
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 780 755 729
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1518 1690 1863
Other fixed assets 114 114 114
Fixed assets 2412 2559 2706
Inventories 566 508 640
Receivables 1225 1607 1702
Other current assets 0 0 0
Cash and liquid assets 953 1053 1177
Total assets 5156 5727 6225
Shareholders equity 2592 2859 3200
Minority 0 0 0
Total equity 2592 2859 3200
Long-term debt 794 794 794
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 1609 1826
Other current liabilities 284 465 405
Total liabilities and equity 3924 4752 5156
Net IB debt -159 -259 -383
Net IB debt excl. pension debt -159 -259 -383
Capital invested 2603 2951 3108
Working capital 305 506 517
EV breakdown 2018 2019 2020
Market cap. diluted (m) 9694 10818 10818
Net IB debt Adj -159 -259 -383
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 9535 10559 10435
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 163,5 136,5 138,3
Capital invested turnover (%) 320,9 267,4 272,7
Capital employed turnover (%) 341,5 295,1 305
Inventories / sales (%) 6,8 7,2 7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,9 20,8 20,8
Working capital / sales (%) 4,3 5,5 6,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -6,1 -9,1 -12
Net debt / market cap (%) -1 -2,4 -3,5
Equity ratio (%) 50,3 49,9 51,4
Net IB debt adj. / equity (%) -6,1 -9,1 -12
Current ratio (%) 155 152,7 157,7
EBITDA / net interest (%) 5945 4825,5 5013,1
Net IB debt / EBITDA (%) -13,4 -23,8 -32
Interest cover (%) 4745 3738 3969,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 26 26 26
Fully diluted shares Adj 26 26 26
EPS 27,3 24,09 26,9
Dividend per share Adj 14 14 14,2
EPS Adj 27,49 24,39 27,26
BVPS 98 108,08 120,99
BVPS Adj 68,51 79,55 93,43
Net IB debt / share -6 -9,8 -14,5
Share price 589,92 409 409
Market cap. (m) 15603 10818 10818
Valuation 2018 2019 2020
P/E 13,4 17 15,2
EV/sales 1,18 1,42 1,26
EV/EBITDA 8 9,7 8,7
EV/EBITA 10 12,5 11
EV/EBIT 10,1 12,7 11,1
Dividend yield (%) 3,8 3,4 3,5
FCF yield (%) 6,7 4,3 4,6
P/BVPS 3,74 3,78 3,38
P/BVPS Adj 5,35 5,14 4,38
P/E Adj 13,3 16,8 15
EV/EBITDA Adj 8 9,7 8,7
EV/EBITA Adj 10,1 12,5 11
EV/EBIT Adj 10,2 12,7 11,1
EV/cap. employed 3,9 4,1 3,7
Investment ratios 2018 2019 2020
Capex / sales 4,9 5,4 4,9
Capex / depreciation 165,8 163,3 162,9
Capex tangibles / tangible fixed assets 26,2 23,7 21,7
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 14,5 13,3

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Main shareholders

Nolato

Main shareholders Share capital % Voting shares % Verified
Lovisa Hamrin 3.3 % 16.1 % 28 Feb 2019
Gun Boström 3.3 % 9.0 % 28 Feb 2019
Lena Boström 2.3 % 8.5 % 28 Feb 2019
Capital Group 8.5 % 4.4 % 31 Dec 2018
Carl-Olof och Jenz Hamrins Stiftelse 5.2 % 2.7 % 31 Jan 2019
Lannebo Fonder 5.1 % 2.6 % 15 Feb 2019
Handelsbanken Fonder 3.3 % 1.7 % 28 Feb 2019
Didner & Gerge Fonder 2.7 % 1.4 % 31 Dec 2018
Vanguard 1.8 % 0.9 % 31 Jan 2019
Dimensional Fund Advisors 1.7 % 0.9 % 31 Jan 2019
Source: Holdings by Modular Finance AB

Insider list

Nolato

Name Quantity Code Date
Dag Andersson Tilk - 10 540 SELL 13 Feb 2019
Carl-Olof och Jenz Hamrins stiftelse + 5 000 BUY 30 Nov 2018
Carl-Olof och Jenz Hamrins stiftelse + 5 000 BUY 30 Nov 2018
Carl-Olof och Jenz Hamrins stiftelse + 5 000 BUY 30 Nov 2018
Carl-Olof och Jenz Hamrins stiftelse + 4 000 BUY 30 Nov 2018
Carl-Mikael Lindholm + 1 500 BUY 30 Nov 2018
Johan Apell + 9 500 BUY 16 Nov 2018
Carl-Mikael Lindholm + 1 000 BUY 15 Nov 2018
Dag Andersson Tilk + 540 BUY 15 Nov 2018
Dag Andersson Tilk + 540 BUY 15 Nov 2018

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