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Nolato AB: 1 director

A director at Nolato AB sold 10,000 shares at 54.700SEK and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

Erik Cassel
  • Erik Cassel

Nolato - Solid outlook for VHP products

Q1 EBIT 3% better than ABGSCe We increase ’21-‘23e EBITA by 3-2% New fair value range of SEK 830-900/share

Erik Cassel
  • Erik Cassel

Nolato - Better guidance for Integrated solutions

EBITA +3% vs. ABGSCe, +1% vs. cons Estimate should come up 2-3% on guidance 18x EBIT, 40% discount to compounders

Erik Cassel
  • Erik Cassel

Nolato - Upbeat Integrated Solutions guidance

EBITA 3% better than ABGSCe We increase ‘21e-22e EBITA by 2% New fair value range of 800-870/share

Erik Cassel
  • Erik Cassel

Nolato - Strong guidance for Integrated Solutions

2% organic sales decline, 1% EBITA growth Adj. EBITA margin declined from 11.8% to 11.4% y-o-y 18x EV/EBITA ‘21e, on 4% FCF yield

Erik Cassel ... (+2)
  • Erik Cassel
  • Oskar Vikström

Nolato - Weak guidance eclipses strong quarter

Q3 adj. EBITA 25% better than expectations We lower ’21e-’22e EBIT by 4% New fair value range of SEK 800-860/share

Erik Cassel ... (+2)
  • Erik Cassel
  • Oskar Vikström

Nolato - Q3 results beating expectations

Sales SEK 2,500m 26% growth (22% organic) Adj. EBITA SEK 304m (25% vs. ABGSCe, 13% vs. cons) Growth driven primarily by HTP volumes

Erik Cassel ... (+2)
  • Erik Cassel
  • Oskar Vikström

Nolato - Limited COVID impact and continued growth

Q3 report due 23 October Expect Q3 sales of SEK 2,232m & EBITA of SEK 220m Expecting an NRI of SEK 23m relating to the acquisition

Erik Cassel ... (+2)
  • Erik Cassel
  • Oskar Vikström

Nolato - Impressive US Medical Solutions acquisition

Long-awaited US medical acquisition Adds c. 19% to ‘21e sales New fair value range of SEK 740-830

Erik Cassel ... (+2)
  • Erik Cassel
  • Oskar Vikström

Nolato - US acquisition in Medical Solutions

Nolato acquires medical device company for ~16x EBITA Adds ~19% to ‘21e sales, 11% to ‘21e EBITA Strengthens position in the major US market

Erik Cassel ... (+2)
  • Erik Cassel
  • Oskar Vikström

Nolato - Standing firm in an unstable world

Organic growth of 12%, EBITA margin unchanged y-o-y Mixed, but overall positive outlook Trading at 15x ‘21e EV/EBITA

Erik Cassel ... (+2)
  • Erik Cassel
  • Oskar Vikström

Nolato - Expect a strong Q2 for Integrated Solutions

Look for Q2 sales of SEK 2,187 & EBITA of SEK 250m Expect EBITA growth of 7%, margin -30bp y-o-y Report on 17 July

Oskar Vikström
  • Oskar Vikström

Nolato - Solid Q1, despite the challenging environment

Adj. EBITA of SEK 241m, up 38% y-o-y Integrated Solutions returning 50% organic growth Trading at 13.1x ’20e EV/EBITA

Oskar Vikström
  • Oskar Vikström

Nolato - Q1 results beating expectations

Sales SEK 2,065m 25% growth (17% organic) Adj. EBITA SEK 241m (+24% vs. ABGSCe) Growth driven primarily by HTP volumes

Oskar Vikström
  • Oskar Vikström

Nolato - Automotive causing further estimate cuts

Expect Q1’20 sales up 5% (-1% organic) ’20e burdened by automotive exposure (10% of group) Share trading in the middle of our value range

Oskar Vikström
  • Oskar Vikström

Nolato - Medical division a welcomed buffer in ‘20e

Conference call with ABGSC and investors on 16 March Industrial Solutions expected to take a hit in 2020 Fair value range SEK 440-520 (490-580)

Oskar Vikström
  • Oskar Vikström

Nolato - Strong finish to a shaky year

Adj. EBITA SEK 271m up 27% y-o-y (+9% vs. ABGSCe) Integrated Solutions +56%, partly by inventory build-up At the high end of our fair value range: SEK 490-580

Oskar Vikström
  • Oskar Vikström

Nolato - Ending the year strong

Sales SEK 2,296m +29% growth (+22% excl. FX) Adj. EBITA SEK 271m (+9% vs. ABGSCe) Strong developments across all segments

Oskar Vikström
  • Oskar Vikström

Nolato - Expect growth to return in Integrated Solutions

Expect sales +18% driven by HTP and FX SEK 35m cost following closing of Medical Solutions site Fair value range of SEK 490-580

Oskar Vikström
  • Oskar Vikström

Nolato - Q3: a mixed bag of Integrated Solutions

Medical Solutions above expectations; Integrated still lags Adj. EBITA up 7% at SEK 238m in line with ABGSCe We maintain fair value range SEK 490-580

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