Nolato AB (publ) (NOLA-B.ST) fair value

ACCE thesis

Nolato makes precision-moulded plastic components and assemblies for medical devices, including drug-delivery, diagnostic and wearable parts, with a smaller industrial and automotive business alongside. Its edge is the contract-manufacturing model: it co-develops parts with OEM customers, runs cleanroom moulding, and then stays in the bill of materials for the life of the device, which makes switching costly for the customer. The near-term driver is the medtech demand for disposables and connected devices, though reported revenue growth of 2.5% and a 9.7% operating margin show that conversion is still slow. At a 19.1x forward P/E and 13.1% ROE, the stock is priced for steady execution rather than a re-rating, so the case for a deeper look rests on whether medical volumes pick up and margins move back toward their historical range.