Nolato
Nolato - Q3 results beating expectations (ABG Sundal Collier)

2020-10-23 15:02
Sales SEK 2,500m 26% growth (22% organic)
Adj. EBITA SEK 304m (25% vs. ABGSCe, 13% vs. cons)
Growth driven primarily by HTP volumes
Q3 results
Sales SEK 2,500m (12% vs ABGSCe 2,232m, 9% vs. Infront cons 2,302) 22% organically (ABGSCe +9%). Adj. EBITA SEK 304m (25% vs ABGSCe 243m, 13% vs. cons 269m), on margin of 12.2% (ABGSCe 10.9%, cons 11.7%). Profits negatively impacted by NRI of SEK 17m related to the acquisition of GW plastics (ABGSCe SEK 23m) which cons did not have in estimates. Net Income SEK 211m (29% vs. ABGSC 163m, 4% vs. cons 202m). Beat driven by stronger than expected integrated solutions (VHP/HTP products), this quarter should be all new VHP/HTP product line sales, and the strong margin for the segment (13.8% EBITA) signals that doubts regarding margin for new products should be gone.

Estimate changes and outlook
On our figures the Q3 results alone would imply a 3% and 6% increase to ‘20e sales and adj. EBITA estimates, respectively. However, Nolato guides for weaker Q4e at SEK 900m sales for integrated solutions, we have SEK 1,023 in estimates, meaning it will come down by c. 12%.

Share price view
Strong beat on earnings for the quarter, but weaker guidance should result in a neutral or slightly weak share reaction. The share is up c. 58% YTD and is currently trading at the high end of our fair value range SEK 830 – 890. More information expected during conference call at CET 15.30 Dial-in: FR: +33170750720 DE: +4969222239166 SE: +46850558366 CH: +41225675632 UK: +443333009265 US: +18335268382 Webcast: https://tv.streamfabriken.com/nolato-q3-2020


  • Läs mer på Introduce

  • Läsaren av innehållet kan anta att ABG Sundal Collier har erhållit eller kommer att erhålla betalning för utförandet av finansiella företagstjänster från bolaget. Ersättningen är på förhand avtalad och är inte beroende av innehållet.

research@abgsc.com (Introduce.se)
ABG Sundal Collier - Introduce.se

Nolato B - I dag

{point.key}

Marknadsöversikt

Stockholmsbörsen, OMXS30

I dag
-
Senast
-
{point.key}

Världsindex

Index +/- % Senast
DAX - -
Hang Seng - -
Nikkei - -

Valutor

Valuta +/- % Senast
USD/SEK - -
EUR/SEK - -
GBP/SEK - -
EUR/USD - -

Räntor

Ränta +/- % Senast
5-års ränta - -
10-års ränta - -

Råvaror

Råvara +/- % Senast
Guld - -
Silver - -
Koppar - -