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SinterCast

SinterCast

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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 136 121 136
Sales growth (%) 0,8 -11,1 12,6
EBITDA 47 43 55
EBITDA margin (%) 34,9 36,1 40,4
EBIT adj. 43 41 52
EBIT adj. margin (%) 31,8 34,4 37,9
Pretax profit 43 41 52
EPS 4,85 4,59 5,81
EPS growth (%) -18,4 -5,4 26,6
EPS adj. 4,82 4,59 5,81
DPS 7 5,06 6,39
EV/EBITDA (x) 15,8 17,3 13,5
EV/EBIT adj. (x) 17,3 18,1 14,3
P/E (x) 22,5 23,8 18,8
P/E adj. (x) 22,6 23,8 18,8
EV/sales (x) 5,51 6,22 5,44
FCF yield (%) 7,5 6,2 6,2
Le. adj. FCF yld. (%) 7,3 6,1 6,1
Dividend yield (%) 6,4 4,6 5,9
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 136 121 136
COGS -37 -35 -39
Gross profit 98 86 97
Other operating items -51 -42 -42
EBITDA 47 43 55
Depreciation and amortisation -4 -2 -3
of which leasing depreciation -2 -1 -1
EBITA 43 41 52
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 43 41 52
Net financial items 0 0 0
Pretax profit 43 41 52
Tax -9 -9 -11
Net profit 34 32 41
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 34 32 41
EPS 4,85 4,59 5,81
EPS adj. 4,82 4,59 5,81
Total extraordinary items after tax 0 0 0
Leasing payments -2 -1 -1
Tax rate (%) 20,9 21,8 20,6
Gross margin (%) 72,5 71,1 71,4
EBITDA margin (%) 34,9 36,1 40,4
EBITA margin (%) 31,8 34,4 37,9
EBIT margin (%) 31,8 34,4 37,9
Pre-tax margin (%) 31,8 34,3 37,9
Net margin (%) 25,1 26,8 30,1
Sales growth (%) 0,8 -11,1 12,6
EBITDA growth (%) -3,3 -8,1 26,1
EBITA growth (%) 0,9 -3,7 24,2
EBIT growth (%) 0,9 -3,7 24,2
Net profit growth (%) -19 -5,1 26,3
EPS growth (%) -18,4 -5,4 26,6
Profitability N/A N/A N/A
ROE (%) 31,5 34,6 47,1
ROE adj. (%) 31,5 34,6 47,1
ROCE (%) 39,5 43,7 58,7
ROCE adj. (%) 39,5 43,7 58,7
ROIC (%) 36,9 43,7 63,8
ROIC adj. (%) 36,9 43,7 63,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 59 66 73
EBITA adj. 43 41 52
EBITDA adj. margin (%) 40,1 41,5 42,7
EBITA adj. margin (%) 31,8 34,4 37,9
EBITDA lease adj. 58 65 71
EBIT adj. 43 41 52
EBITDA lease adj. margin (%) 39,2 40,6 41,9
EBIT adj. margin (%) 31,8 34,4 37,9
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 43 55
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 6 5
Non-cash items 1 2 0
Right-of-use asset 2 1 1
Cash flow before change in WC 48 45 55
Total other fixed assets 42 33 22
Change in working capital 12 4 -6
Fixed assets 51 40 29
Operating cash flow 60 49 49
Inventories 12 11 12
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 30
Free cash flow 58 48 47
Total assets 124 104 109
Dividend paid -43 -49 -36
Shareholders equity 103 84 89
Share issues and buybacks -2 -2 0
Minority 0 0 0
Total equity 103 84 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 1 1
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 124 104 109
Net IB debt -21 -17 -28
Net IB debt excl. pension debt -21 -17 -28
Net IB debt excl. leasing -23 -19 -30
Capital employed 105 86 91
Capital invested 82 67 61
Working capital 30 27 33
Market cap. diluted (m) 769 768 768
Net IB debt adj. -21 -17 -28
Market value of minority 0 0 0
EV 748 750 739
Reversal of shares and participations 0 0 0
Total assets turnover (%) 106 105,8 128
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 26,5 23,5 21,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -20,7 -20,4 -31,6
Net debt / market cap (%) -2,8 -2,2 -3,7
Equity ratio (%) 82,7 81,2 82,5
Net IB debt adj. / equity (%) -20,7 -20,4 -31,6
Current ratio 3,69 3,49 4,53
EBITDA/net interest N/A 1503,6 5226,3
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 108,8 346,7 218,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 4,85 4,59 5,81
Dividend per share 7 5,06 6,39
EPS adj. 4,82 4,59 5,81
BVPS 14,57 11,95 12,7
BVPS adj. 14,41 11,85 12,65
Net IB debt/share -3,02 -2,44 -4,02
Share price 109 109 109
Market cap. (m) 769 768 768
P/E (x) 22,5 23,8 18,8
EV/sales (x) 5,5 6,2 5,4
EV/EBITDA (x) 15,8 17,3 13,5
EV/EBITA (x) 17,3 18,1 14,3
EV/EBIT (x) 17,3 18,1 14,3
Dividend yield (%) 6,4 4,6 5,9
FCF yield (%) 7,5 6,2 6,2
Le. adj. FCF yld. (%) 7,3 6,1 6,1
P/BVPS (x) 7,48 9,12 8,58
P/BVPS adj. (x) 7,56 9,2 8,61
P/E adj. (x) 22,6 23,8 18,8
EV/EBITDA adj. (x) 11,6 10,1 9
EV/EBITA adj. (x) 17,3 18,1 14,3
EV/EBIT adj. (x) 17,3 18,1 14,3
EV/CE (x) 7,2 8,8 8,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,3 0,9 1
Capex/depreciation 0,7 0,8 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

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Media

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

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Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 10.4 % 10.4 % 29 Jul 2025
Ulf Stenbeck inkl. bolag 9.3 % 9.3 % 28 Apr 2025
Torbjörn Gustafsson 4.7 % 4.7 % 29 Jul 2025
Nordnet Pensionsförsäkring 4.2 % 4.2 % 29 Jul 2025
Canaccord Genuity Wealth Management 3.7 % 3.7 % 29 Jul 2025
Jan Olof Brandels 3.2 % 3.2 % 14 May 2024
Måns Flodberg 2.5 % 2.5 % 31 Jul 2025
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 29 Jul 2025
Einar Ahlström 2.1 % 2.1 % 29 Jul 2025
Sofie Ramel 1.9 % 1.9 % 29 Jul 2025
Source: Holdings by Modular Finance AB