Nolato AB (publ) (NOLA-B.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-2.2%

SEK 49.99

vs SEK 51.10 price

Levered DCF

SEK 52.27

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.88

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.46×	22.21×	32.24×	21.1×	24.98×	27.46×	20.68×	13.69×
P/B	3.01×	2.54×	2.7×	2.73×	6.08×	5.99×	4.9×	3.81×
P/S	1.76×	1.51×	1.46×	1.37×	2.5×	2.37×	1.84×	1.22×
EV / EBITDA	11.07×	10.26×	11.83×	10.67×	15.31×	15.63×	11.31×	7.98×
Gross margin	18.3%	16.7%	14.0%	13.3%	15.7%	16.1%	15.8%	15.5%
Operating margin	10.3%	9.4%	6.9%	8.0%	11.5%	11.2%	11.2%	11.6%
Net margin	8.2%	6.8%	4.6%	6.5%	10.0%	8.6%	8.9%	8.9%
Current ratio	1.73×	2×	2.06×	1.8×	1.57×	1.32×	1.8×	1.66×
Debt / equity	0.26×	0.27×	0.36×	0.38×	0.38×	0.58×	0.33×	0.24×
Interest coverage	18.07×	13.23×	9.39×	15.48×	31.74×	27.58×	25.34×	39.21×
Dividend yield	2.4%	2.8%	3.7%	3.5%	1.5%	0.0%	2.5%	3.3%
Payout ratio	52.0%	61.4%	117.7%	73.5%	36.9%	0.0%	52.3%	45.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.0%	11.5%	8.4%	12.9%	24.3%	21.8%	23.7%	27.9%
Return on invested capital	10.3%	9.1%	6.1%	8.7%	15.4%	13.0%	16.6%	22.4%
Return on assets	8.4%	6.8%	4.7%	7.0%	11.5%	9.3%	11.5%	14.0%
Free cash flow yield	1.7%	5.1%	2.5%	-0.3%	1.5%	3.6%	5.5%	6.0%
Earnings yield	4.7%	4.5%	3.1%	4.7%	4.0%	3.6%	4.8%	7.3%
Enterprise value	SEK 17.6B	SEK 15.5B	SEK 15.2B	SEK 15.7B	SEK 29.3B	SEK 22.8B	SEK 14.1B	SEK 9.5B
Net debt / EBITDA	0.61×	0.57×	0.93×	0.69×	0.18×	0.45×	-0.31×	-0.29×
Cash conversion cycle (days)	82	90	95	84	58	54	43	50