Analyser av Nolato

Nolato: Back in form - ABG

- Q3 EBITA 3% above IR consensus, 5% above ABGSCe - Focus on continued strong trend in Medical Solutions - 15.

ABG Sundal Collier • 28 Oct 08:11

Nolato: Somewhat better than expected - ABG

- EBITA SEK 235m (+5% vs. ABG, +3% vs. IR consensus) - Medical Solutions +5% vs.

ABG Sundal Collier • 25 Oct 11:58

Nolato: Medical stable, cyclical risk in Engineered - ABG

Q3e: Medical stable, cyclical risk in Engineered Estimates lowered by 2% p.

ABG Sundal Collier • 18 Oct 07:24

Nolato: Finally back to double-digit EBITA margin - ABG

- A sizeable margin improvement in both segments - EBITA estimates left largely unchanged - Trading at 15.

ABG Sundal Collier • 19 Jul 08:28

Nolato: Lower sales, but higher margin - ABG

- EBITA SEK 245m (0% vs. ABGSCe, +2% vs. Modular Finance IR cons) - Company expects bigger vacation effect in Q3 than recent years - We expe...

ABG Sundal Collier • 18 Jul 13:32

Nolato: Yet more ground to gain on margins - ABG

- Q2e: Slight margin improvements expected - Org. estimates mostly unchanged, EBITA down 2-3% on FX - More ground to gain on margins, 19-16x...

ABG Sundal Collier • 15 Jul 08:39

Nolato: Clear margin improvement - ABG

21% EBITA beat vs. consensus mainly margin-driven Lower costs and favourable mix to persist, EBITA up by 10-7% Now trading at 17-15x '24e-'2...

ABG Sundal Collier • 07 May 08:56

Nolato: EBITA 21% above consensus - ABG

EBITA SEK 238m (+22% vs. ABGSCe, +21% vs. FactSet cons) We expect cons.

ABG Sundal Collier • 06 May 13:48

Nolato: Expect gradual improvements throughout '24e - ABG

Q1e: still some de-stocking weighing on Medical Minor revisions, '25e-'26e EBITA up by 1% on FX Strong recent performance, cons.

ABG Sundal Collier • 03 May 07:13

Nolato: Obesity contract with 'existing customer' - ABG

- Confirms a long-term obesity and diabetes device contract - No material impact next 2Y, ~SEK 700m sales p.

ABG Sundal Collier • 02 Apr 09:42

Nolato: No quick fix for margin improvements - ABG

Underwhelming performance continues in Q4 EBITA down 7-3%, lower in both segments Share trading at 15x '24e EV/EBITA EBITA 9% below cons.

ABG Sundal Collier • 07 Feb 09:31

Nolato: Soft report with EBITA 9% below cons. - ABG

EBITA SEK 177m (-11% vs. ABGSCe, -9% vs. cons) We expect cons.

ABG Sundal Collier • 06 Feb 14:51

Nolato: Back to earnings growth, still ground to cover - ABG

Q4e: first quarter since Q4'21 with positive y-o-y EBITA growth Gradual margin improvement expected throughout '24e Share trading at 15x '24...

ABG Sundal Collier • 02 Feb 09:59

Nolato: Q3 a step back, improvement expected in Q4 - ABG

A poor quarter, but Q4e should be better Adj. EBITA down 4-5% for '23e-'25e 14x '24e EV/EBITA, 19% '23e-'25e adj.

ABG Sundal Collier • 27 Oct 2023 08:41

Nolato: Adj. EBITA -3% vs. cons, soft in Medical - ABG

Adj. EBITA SEK 193m (-4% vs. ABGSCe, -3% vs. cons) We expect cons.

ABG Sundal Collier • 26 Oct 2023 14:59

Nolato: Thoughts on the GLP-1 potential - ABG

Escalating peer comments on GLP-1 obesity drugs No comment yet from Nolato, but there are some clues Speculative, but exciting given USD 100...

ABG Sundal Collier • 13 Oct 2023 07:22

Nolato: Downsized VHP business reflected in ests. - ABG

Gradual q-o-q margin improvement should continue New estimates reflect downsizing of tobacco business 13x '24e EV/EBITA, 19% '23e-'25e adj.

ABG Sundal Collier • 11 Oct 2023 07:29

Nolato: No smoking - ABG

Will scale down VHP (tobacco) business by ~50% We expect initial revisions to be conservative (c.

ABG Sundal Collier • 24 Aug 2023 09:23

Nolato: Marginal, yet underwhelming improvements - ABG

• Less margin expansion than we hoped for in Q2 • EBITA down 9-7% (-3% FX), mostly from Integrated • Comps getting significantly easier in H...

ABG Sundal Collier • 21 Jul 2023 08:29

Nolato: EBITA 8% below cons, only Industrial beats - ABG

• EBITA SEK 198m (-11% vs. ABGSCe, -8% vs. cons) • We expect cons.

ABG Sundal Collier • 20 Jul 2023 14:32

Nolato: Margins creeping up - ABG

• Q2 report due on Thursday, 20 July • Sequential earnings growth to continue, but down y-o-y • H2 comps looking easier, 16-12x '23e-'24e EV...

ABG Sundal Collier • 12 Jul 2023 08:33

Nolato: Finally breaking the negative earnings trend - ABG

Sequential improvements signal start of the recovery journey Integrated at a "more stable situation", according to mgmt.

ABG Sundal Collier • 05 May 2023 08:58

Nolato: The tide is starting to turn - ABG

Q1 report due on Wednesday, 3 May We expect the earnings trend to turn positive in Q1e 16-12x '23e-'24e EV/EBITA, fair value SEK 50-80/sh (4...

ABG Sundal Collier • 18 Apr 2023 08:35

Nolato - Medical the bright spot in a disappointing report - ABG

Q4 a disappointment overall, but Medical beat expectations Nolato reported Q4 EBITA 15% below our expectations and 12% below FactSet consens...

ABG Sundal Collier • 09 Feb 2023 12:40

Nolato: Still struggling, a bit more than expected - ABG

Q4 15% below us on EBITA, but Medical beat expectations Integrated the main driver of estimate downgrades 15-12x '23e-'24e EV/EBITA, margin ...

ABG Sundal Collier • 09 Feb 2023 09:49

Nolato: VHP production stop hurt Q4, Q1 better - ABG

Q4 report due on Wednesday, 8 February Lower FX and more cautious on margin recovery timeline 15x '23e EV/EBITA, ~20% '22e-'24e adj.

ABG Sundal Collier • 01 Feb 2023 10:19

Nolato - Permit granted, time to produce - ABG

Nolato gets the VHP permit, reiterates Q4 guidance Nolato has announced that it has now been granted the permit to produce vaporiser heating...

ABG Sundal Collier • 05 Dec 2022 09:10

Nolato: Looking ahead at the ’23e margin recovery - ABG

Several factors weighed on Q3 margins We maintain our view on a ’23e margin recovery 11x ’22e EV/EBITA, fair value SEK 45-85 (50-90) Q3: Lo...

ABG Sundal Collier • 28 Oct 2022 10:36

Nolato: Continued challenges - ABG

EBITA SEK 214m (-8% vs. cons. 232m) Consensus ’23e-’24e EBITA likely down by ~1-2% Trading at 11x ’23e EV/EBITA on pre-Q3 numbers Q3 outcom...

ABG Sundal Collier • 27 Oct 2022 15:56

Nolato: Permit needed to play in China - ABG

Stricter regulation of VHP in China Q4 Integrated sales SEK 0.

ABG Sundal Collier • 21 Oct 2022 11:06

Nolato: Making sense of oil, plastic and energy prices - ABG

Oil coming down, ~60% of material costs linked to oil Valuation now just 5% above 2020 trough levels Q3 preview: margin pressure and FX ta...

ABG Sundal Collier • 28 Sep 2022 07:51

Nolato: VHP sales expected to bottom out in Q3 - ABG

Weak guidance for Integrated Solutions in Q3… …but the worst should be behind us Clarity on dual sourcing lowers risk of more downgrades Q2 ...

ABG Sundal Collier • 21 Jul 2022 07:22

Nolato: Guides for continued VHP decline in Q3 - ABG

Adj. EBITA SEK 264m (+10% vs. Infront cons. 241m) Expect 4-6% cons.

ABG Sundal Collier • 20 Jul 2022 14:38

Nolato: VHP continues to struggle in Q2 - ABG

Q2 report due on Wednesday, 20 July Adj. EBITA lowered by 5-3% for ’22e-’24e Trading at 14-11x ’22e-’24e EV/EBITA (adj.

ABG Sundal Collier • 14 Jul 2022 07:55

Nolato: Take-aways from CMD - ABG

Main growth opportunities in Medical and EMC Not looking to sign new customers in VHP Financial targets reiterated, as expected Aims to gro...

ABG Sundal Collier • 02 Jun 2022 07:52

Nolato: Expectations ahead of CMD on 1 June - ABG

We expect focus on Medical Solutions and EMC Margin, cash conversion and leverage targets likely kept Look for news on dual-sourcing VHP and...

ABG Sundal Collier • 31 May 2022 07:51

Nolato: Headwinds in Integrated Solutions - ABG

Guiding for -20% q-o-q growth in Integrated Solutions… …and largest customer might switch to dual sourcing 14x ’22e EV/EBITA, fair value SEK...

ABG Sundal Collier • 04 May 2022 07:41

Nolato: Lower Q2 guidance for Integrated Solutions - ABG

Adj. EBITA SEK 267m (+10% vs. Infront cons. 242m) Guides for -20% q-o-q growth in Integrated Solutions 14-11x ’22e-’23e EV/EBITA on pre-Q1 n...

ABG Sundal Collier • 03 May 2022 14:50

Nolato: Steady as she goes - ABG

Q2 results Sales SEK 2,786m (-2% vs ABGSCe 2,850m, -3% vs.

ABG/Introduce • 21 Jul 2021 07:31

Nolato: Adj. EBITA relatively in line with expectations - ABG