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 136 110 123
Sales growth (%) 0,8 -18,8 11,4
EBITDA 47 36 45
EBITDA margin (%) 34,9 32,3 37
EBIT adj. 43 34 42
EBIT adj. margin (%) 31,8 30,5 34,4
Pretax profit 43 33 42
EPS 4,85 3,69 4,74
EPS growth (%) -18,4 -23,8 28,4
EPS adj. 4,82 3,69 4,74
DPS 7 4,07 5,22
EV/EBITDA (x) 15,8 21,2 16,4
EV/EBIT adj. (x) 17,3 22,5 17,7
P/E (x) 22,5 29,5 23
P/E adj. (x) 22,6 29,5 23
EV/sales (x) 5,51 6,87 6,09
FCF yield (%) 7,5 5,5 5,1
Le. adj. FCF yld. (%) 7,3 5,3 5
Dividend yield (%) 6,4 3,7 4,8
Net IB debt/EBITDA (x) -0,5 -0,3 -0,5
Le. adj. ND/EBITDA (x) -0,5 -0,4 -0,5
SEKm 2024 2025e 2026e
Sales 136 110 123
COGS -37 -33 -35
Gross profit 98 77 88
Other operating items -51 -42 -42
EBITDA 47 36 45
Depreciation and amortisation -4 -2 -3
of which leasing depreciation -2 -1 -1
EBITA 43 34 42
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 43 34 42
Net financial items 0 0 0
Pretax profit 43 33 42
Tax -9 -7 -9
Net profit 34 26 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 34 26 33
EPS 4,85 3,69 4,74
EPS adj. 4,82 3,69 4,74
Total extraordinary items after tax 0 0 0
Leasing payments -2 -1 -1
Tax rate (%) 20,9 22,1 20,6
Gross margin (%) 72,5 70,2 71,4
EBITDA margin (%) 34,9 32,3 37
EBITA margin (%) 31,8 30,5 34,4
EBIT margin (%) 31,8 30,5 34,4
Pre-tax margin (%) 31,8 30,4 34,3
Net margin (%) 25,1 23,7 27,2
Sales growth (%) 0,8 -18,8 11,4
EBITDA growth (%) -3,3 -24,8 27,6
EBITA growth (%) 0,9 -22,1 25,5
EBIT growth (%) 0,9 -22,1 25,5
Net profit growth (%) -19 -23,5 28,1
EPS growth (%) -18,4 -23,8 28,4
Profitability N/A N/A N/A
ROE (%) 31,5 28,9 41,6
ROE adj. (%) 31,5 28,9 41,6
ROCE (%) 39,5 36,6 51,9
ROCE adj. (%) 39,5 36,6 51,9
ROIC (%) 36,9 35,4 52,5
ROIC adj. (%) 36,9 35,4 52,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 59 66 73
EBITA adj. 43 34 42
EBITDA adj. margin (%) 40,1 41,5 42,7
EBITA adj. margin (%) 31,8 30,5 34,4
EBITDA lease adj. 58 65 71
EBIT adj. 43 34 42
EBITDA lease adj. margin (%) 39,2 40,6 41,9
EBIT adj. margin (%) 31,8 30,5 34,4
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 36 45
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 2 0
Right-of-use asset 2 1 1
Cash flow before change in WC 48 37 45
Total other fixed assets 42 35 26
Change in working capital 12 6 -5
Fixed assets 51 42 32
Operating cash flow 60 43 40
Inventories 12 10 11
Capex tangible fixed assets -2 -1 -1
Receivables 34 0 29
Capex intangible fixed assets 0 0 0
Other current assets 4 31 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 23 13 23
Free cash flow 58 42 39
Total assets 124 96 100
Dividend paid -43 -49 -29
Shareholders equity 103 78 83
Share issues and buybacks -2 -2 0
Minority 0 0 0
Total equity 103 78 83
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 17 12
Total liabilities and equity 124 96 100
Net IB debt -21 -12 -21
Net IB debt excl. pension debt -21 -12 -21
Net IB debt excl. leasing -23 -13 -23
Capital employed 105 79 84
Capital invested 82 66 61
Working capital 30 24 29
Market cap. diluted (m) 769 768 768
Net IB debt adj. -21 -12 -21
Market value of minority 0 0 0
EV 748 756 746
Reversal of shares and participations 0 0 0
Total assets turnover (%) 106 100 125,4
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 26,5 24,7 21,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -20,7 -15 -25,8
Net debt / market cap (%) -2,8 -1,5 -2,8
Equity ratio (%) 82,7 81,3 82,7
Net IB debt adj. / equity (%) -20,7 -15 -25,8
Current ratio 3,69 3,26 4,26
EBITDA/net interest N/A 4466,6 550,1
Net IB debt/EBITDA (x) -0,5 -0,3 -0,5
Net IB debt/EBITDA lease adj. (x) -0,5 -0,4 -0,5
Interest coverage 108,8 283,4 183
SEKm 2024 2025e 2026e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 4,85 3,69 4,74
Dividend per share 7 4,07 5,22
EPS adj. 4,82 3,69 4,74
BVPS 14,57 11,06 11,73
BVPS adj. 14,41 10,96 11,68
Net IB debt/share -3,02 -1,66 -3,02
Share price 109 109 109
Market cap. (m) 769 768 768
P/E (x) 22,5 29,5 23
EV/sales (x) 5,5 6,9 6,1
EV/EBITDA (x) 15,8 21,2 16,4
EV/EBITA (x) 17,3 22,5 17,7
EV/EBIT (x) 17,3 22,5 17,7
Dividend yield (%) 6,4 3,7 4,8
FCF yield (%) 7,5 5,5 5,1
Le. adj. FCF yld. (%) 7,3 5,3 5
P/BVPS (x) 7,48 9,86 9,29
P/BVPS adj. (x) 7,56 9,95 9,33
P/E adj. (x) 22,6 29,5 23
EV/EBITDA adj. (x) 11,6 10,1 9
EV/EBITA adj. (x) 17,3 22,5 17,7
EV/EBIT adj. (x) 17,3 22,5 17,7
EV/CE (x) 7,2 9,5 8,9
Investment ratios N/A N/A N/A
Capex/sales (%) 1,3 0,9 1
Capex/depreciation 0,7 0,7 0,5
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 % 6 Oct 2025
Ulf Stenbeck inkl. bolag 9.3 % 9.3 % 28 Apr 2025
Torbjörn Gustafsson 4.7 % 4.7 % 26 Sep 2025
Nordnet Pensionsförsäkring 4.6 % 4.6 % 26 Sep 2025
Canaccord Genuity Wealth Management 3.7 % 3.7 % 26 Sep 2025
Jan Olof Brandels 3.2 % 3.2 % 14 May 2024
Måns Flodberg 2.5 % 2.5 % 30 Sep 2025
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 26 Sep 2025
Einar Ahlström 2.1 % 2.1 % 26 Sep 2025
Sofie Ramel 1.9 % 1.9 % 26 Sep 2025
Source: Holdings by Modular Finance AB