We expect Nolato to deliver a ’20-’23e EBITA CAGR of 15%, 1.5pp above the expected median for M&A compounders. Meanwhile, Nolato is trading at 18x ’22e EV/EBITA, 33% below the compounder median. Despite the company’s lowered figures for Q3, we retain a positive view of Nolato’s prospects, driven by strong organic growth in both Medical Solutions and Integrated Solutions.