contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


nolato-margin-expansion-starting-to-plateau-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Nolato operates in the manufacturing industry and focuses on the development, manufacture and distribution of plastic components and systems for various industries. The company's products are used in sectors such as the automotive industry, medical technology and consumer electronics. The business is global with a main presence in Europe, North America and Asia. Nolato was founded in 1938 and is headquartered in Torekov, Sweden.

Nolato

* Q3e: Medical stable, but negative seasonality* EBITA estimates cut by 2-3%, mainly for Engineered* Share trading at 14x '26e EV/EBITAQ3e: stable Medical, but a seasonal drop in marginsWe expect...

* Q3e: Medical stable, but negative seasonality* EBITA estimates cut by 2-3%, mainly for Engineered* Share trading at 14x '26e EV/EBITAQ3e: stable Medical, but a seasonal drop in marginsWe expect Nolato will report Q3 net sales of SEK 2,324m, down 3% y-o-y, of which +1% is organic growth. We expect muted organic growth in Engineered (-2%), while we expect demand in Medical will hold up better (+4%). We noted German medical peer Gerresheimer's profit warning on 8 October, which saw its share slump 18%, but its Q3 organic growth of -1% does not worry us much as 1) the historical correlation with Nolato Medical's organic growth is only 0.25, and 2) Gerresheimer largely blamed weak cosmetics demand, which is an end-market exposure Nolato does not share. On margins, as usual, we expect a seasonal down-tick in Q3, for an EBITA of SEK 265m and a margin of 11.4% (9.8% in Q3'24, 11.6% in Q2'25).EBITA cut by 2-3%, mainly for Engineered SolutionsAt the group level, we cut EBITA by 2-3% for '25e-'27e. This stems mainly from top line-driven downgrades in Engineered Solutions, as we see subdued demand from industrial end-markets in the coming quarters. Updated FX assumptions also account for 1pp of our EBITA cuts.14x '26e EV/EBITA, slower margin expansion aheadDespite raising its EBITA margin target from 10% to 12% as recently as in March, Nolato is already just 40bp off its new target (as of Q2'25), as it has reported impressive sequential margin expansion of 90bp in Q1 followed by another 60bp in Q2. As such, we believe the pace of expansion should be slower ahead, as much of the improvement potential discussed at the CMD has been realised. We model the group EBITA margin going to 11.8-12.0% in '26-'27e, and on our estimates, the share is trading at 14x '26e EV/EBITA (5Y median 15x), while offering lease-adj. FCF yields of 5-6% for '26e-'27e.