Nolato: Strong finish to the year - ABG
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Strong Q4 driven by Engineered Solutions
EBITA up 2% organically, but cancelled out by weaker FX
Share trading at 16-15x '25e-'26e EV/EBITA
Strong Q4 numbers with EMC driving the beat
Nolato reported a strong set of Q4 numbers, with EBITA 3% above Modular Finance IR consensus and 2% above our expectations, with Engineered Solutions driving the majority of the beat. More specifically, the high-margin electromagnetic compatibility (EMC) products sub-segment, which has been struggling for several quarters, saw 20% organic growth, making for a substantially positive mix effect within Engineered. The company also managed a strong working capital release, leading to FCF/net profit conversion of 189%, and leverage is now the lowest it has been since 2021.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/nolato/Equity-research/2025/2/nolato---strong-finish-to-the-year/