Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

SinterCast

SinterCast

Send subscription Close

SinterCast is the globally leading supplier of process control technology and know-how for the reliable high-volume production of Compacted Graphite Iron (CGI). The technology is primarily used in diesel engines for commercial vehicles, as well as larger passenger vehicles such as pick-ups and SUVs. CGI is stronger than traditional iron, which enables downsizing, increased thermal and mechanical loading, and increased engine performance. SinterCast charges its customers a running production fee for every tonne of CGI produced using the company's technology, ensuring a lucrative recurring revenue stream.

Sustainability information

The company is dependent on automotive demand, and more specifically demand for commercial and larger passenger vehicles such as pick-up trucks and SUVs with diesel engines. Regulation and technology transitions relating to fossil fuels and diesel in particular pose risks to the business model, although SinterCast-CGI engines can also be used with zero and net-zero fuels such as hydrogen, HVO, renewable natural gas and synthetic fuels.

Financials

SEKm 2024 2025e 2026e
Sales 136 123 137
Sales growth (%) 0,8 -9,4 11,3
EBITDA 47 46 56
EBITDA margin (%) 34,9 37,9 40,6
EBIT adj. 43 43 52
EBIT adj. margin (%) 31,8 35,4 38,1
Pretax profit 43 43 52
EPS 4,85 4,86 5,88
EPS growth (%) -18,4 0,1 21,1
EPS adj. 4,82 4,86 5,88
DPS 7 5,32 6,47
EV/EBITDA (x) 17,2 17,5 14,5
EV/EBIT adj. (x) 18,8 18,7 15,4
P/E (x) 24,3 24,3 20,1
P/E adj. (x) 24,5 24,3 20,1
EV/sales (x) 5,98 6,63 5,88
FCF yield (%) 6,9 5,8 5,8
Le. adj. FCF yld. (%) 6,7 5,7 5,7
Dividend yield (%) 5,9 4,5 5,5
Net IB debt/EBITDA (x) -0,5 -0,4 -0,5
Le. adj. ND/EBITDA (x) -0,5 -0,4 -0,5
SEKm 2024 2025e 2026e
Sales 136 123 137
COGS -37 -35 -39
Gross profit 98 88 98
Other operating items -51 -41 -43
EBITDA 47 46 56
Depreciation and amortisation -4 -3 -3
of which leasing depreciation -2 -1 -1
EBITA 43 43 52
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 43 43 52
Net financial items 0 0 0
Pretax profit 43 43 52
Tax -9 -9 -11
Net profit 34 34 41
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 34 34 41
EPS 4,85 4,86 5,88
EPS adj. 4,82 4,86 5,88
Total extraordinary items after tax 0 0 0
Leasing payments -2 -1 -1
Tax rate (%) 20,9 21,6 20,6
Gross margin (%) 72,5 71,4 71,7
EBITDA margin (%) 34,9 37,9 40,6
EBITA margin (%) 31,8 35,4 38,1
EBIT margin (%) 31,8 35,4 38,1
Pre-tax margin (%) 31,8 35,4 38,1
Net margin (%) 25,1 27,8 30,3
Sales growth (%) 0,8 -9,4 11,3
EBITDA growth (%) -3,3 -1,7 19,4
EBITA growth (%) 0,9 0,9 19,9
EBIT growth (%) 0,9 0,9 19,9
Net profit growth (%) -19 0 21,4
EPS growth (%) -18,4 0,1 21,1
Profitability N/A N/A N/A
ROE (%) 31,5 36,2 47,3
ROE adj. (%) 31,5 36,2 47,3
ROCE (%) 39,5 45,6 58,8
ROCE adj. (%) 39,5 45,6 58,8
ROIC (%) 36,9 45,5 63,4
ROIC adj. (%) 36,9 45,5 63,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 59 66 73
EBITA adj. 43 43 52
EBITDA adj. margin (%) 40,1 41,5 42,7
EBITA adj. margin (%) 31,8 35,4 38,1
EBITDA lease adj. 58 65 71
EBIT adj. 43 43 52
EBITDA lease adj. margin (%) 39,2 40,6 41,9
EBIT adj. margin (%) 31,8 35,4 38,1
Pretax profit Adj. 55 62 68
Net profit Adj. 54 49 54
Net profit to shareholders adj. 54 49 54
Net adj. margin (%) 36,6 30,7 31,8
SEKm 2024 2025e 2026e
EBITDA 47 46 56
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 1 1 0
Paid tax 0 0 0
Tangible fixed assets 6 5 5
Non-cash items 1 1 0
Right-of-use asset 2 1 1
Cash flow before change in WC 48 47 56
Total other fixed assets 42 33 22
Change in working capital 12 2 -6
Fixed assets 51 40 28
Operating cash flow 60 49 50
Inventories 12 12 14
Capex tangible fixed assets -2 -1 -1
Receivables 34 0 33
Capex intangible fixed assets 0 0 0
Other current assets 4 34 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 23 19 29
Free cash flow 58 48 48
Total assets 124 106 109
Dividend paid -43 -49 -37
Shareholders equity 103 86 89
Share issues and buybacks -2 -2 0
Minority 0 0 0
Total equity 103 86 89
Leasing liability amortisation -2 -1 -1
Long-term debt 0 0 0
Other non-cash items 0 0 -36
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 2 2 2
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 3 0 4
Other current liabilities 17 18 14
Total liabilities and equity 124 106 109
Net IB debt -21 -17 -27
Net IB debt excl. pension debt -21 -17 -27
Net IB debt excl. leasing -23 -19 -29
Capital employed 105 87 91
Capital invested 82 68 62
Working capital 30 28 34
Market cap. diluted (m) 833 831 831
Net IB debt adj. -21 -17 -27
Market value of minority 0 0 0
EV 811 814 804
Reversal of shares and participations 0 0 0
Total assets turnover (%) 106 106,8 127,5
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 26,5 23,8 22,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -20,7 -20,1 -30,5
Net debt / market cap (%) -2,6 -2,1 -3,3
Equity ratio (%) 82,7 81 82,3
Net IB debt adj. / equity (%) -20,7 -20,1 -30,5
Current ratio 3,69 3,56 4,54
EBITDA/net interest N/A 555,7 9131,1
Net IB debt/EBITDA (x) -0,5 -0,4 -0,5
Net IB debt/EBITDA lease adj. (x) -0,5 -0,4 -0,5
Interest coverage 108,8 221 208,5
SEKm 2024 2025e 2026e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 4,85 4,86 5,88
Dividend per share 7 5,32 6,47
EPS adj. 4,82 4,86 5,88
BVPS 14,57 12,15 12,71
BVPS adj. 14,41 12,06 12,66
Net IB debt/share -3,02 -2,44 -3,87
Share price 118 118 118
Market cap. (m) 833 831 831
P/E (x) 24,3 24,3 20,1
EV/sales (x) 5,98 6,63 5,88
EV/EBITDA (x) 17,2 17,5 14,5
EV/EBITA (x) 18,8 18,7 15,4
EV/EBIT (x) 18,8 18,7 15,4
Dividend yield (%) 5,9 4,5 5,5
FCF yield (%) 6,9 5,8 5,8
Le. adj. FCF yld. (%) 6,7 5,7 5,7
P/BVPS (x) 8,1 9,71 9,29
P/BVPS adj. (x) 8,19 9,79 9,32
P/E adj. (x) 24,5 24,3 20,1
EV/EBITDA adj. (x) 11,6 10,1 9
EV/EBITA adj. (x) 18,8 18,7 15,4
EV/EBIT adj. (x) 18,8 18,7 15,4
EV/CE (x) 7,8 9,3 8,8
Investment ratios N/A N/A N/A
Capex/sales (%) 1,3 0,9 1
Capex/depreciation 0,7 0,5 0,6
Capex tangibles / tangible fixed assets 36,2 22,5 28,4
Capex intangibles / definite intangibles 0 -26,5 -25,5
Depreciation on intang / def. intang -154 -135 -122
Depreciation on tangibles / tangibles 12,67 14,82 17,53

Equity research

Read earlier research

Media

SinterCast - Fireside chat with CEO Steve Dawson
SinterCast - Company presentation with Operations Director Vitor Anjos

View more media

Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 10.5 % 10.5 % 26 Jun 2025
Ulf Stenbeck inkl. bolag 9.3 % 9.3 % 28 Apr 2025
Torbjörn Gustafsson 4.7 % 4.7 % 26 Jun 2025
Nordnet Pensionsförsäkring 4.2 % 4.2 % 17 Jul 2025
Canaccord Genuity Wealth Management 3.7 % 3.7 % 26 Jun 2025
Jan Olof Brandels 3.2 % 3.2 % 14 May 2024
Måns Flodberg 2.5 % 2.5 % 30 Jun 2025
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 26 Jun 2025
Einar Ahlström 2.1 % 2.1 % 26 Jun 2025
Sofie Ramel 1.9 % 1.9 % 26 Jun 2025
Source: Holdings by Modular Finance AB