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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 136 108 122
Sales growth (%) 0,8 -20,2 12,7
EBITDA 47 33 44
EBITDA margin (%) 34,9 30,4 36,5
EBIT adj. 43 32 41
EBIT adj. margin (%) 31,8 29,5 33,8
Pretax profit 43 32 41
EPS 4,85 3,49 4,64
EPS growth (%) -18,4 -27,9 32,8
EPS adj. 4,82 3,49 4,64
DPS 7 3,86 5,1
EV/EBITDA (x) 16,1 23,4 17,1
EV/EBIT adj. (x) 17,7 24,2 18,5
P/E (x) 22,9 31,8 23,9
P/E adj. (x) 23 31,8 23,9
EV/sales (x) 5,62 7,13 6,25
FCF yield (%) 7,4 5,3 4,8
Le. adj. FCF yld. (%) 7,1 5,1 4,7
Dividend yield (%) 6,3 3,5 4,6
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 136 108 122
COGS -37 -31 -35
Gross profit 98 77 87
Other operating items -51 -44 -43
EBITDA 47 33 44
Depreciation and amortisation -4 -1 -3
of which leasing depreciation -2 0 -1
EBITA 43 32 41
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 43 32 41
Net financial items 0 0 0
Pretax profit 43 32 41
Tax -9 -7 -8
Net profit 34 25 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 34 25 33
EPS 4,85 3,49 4,64
EPS adj. 4,82 3,49 4,64
Total extraordinary items after tax 0 0 0
Leasing payments -2 -1 -1
Tax rate (%) 20,9 22,4 20,6
Gross margin (%) 72,5 70,9 71,4
EBITDA margin (%) 34,9 30,4 36,5
EBITA margin (%) 31,8 29,5 33,8
EBIT margin (%) 31,8 29,5 33,8
Pre-tax margin (%) 31,8 29,4 33,8
Net margin (%) 25,1 22,8 26,8
Sales growth (%) 0,8 -20,2 12,7
EBITDA growth (%) -3,3 -30,5 35,2
EBITA growth (%) 0,9 -26 29,3
EBIT growth (%) 0,9 -26 29,3
Net profit growth (%) -19 -27,5 32,3
EPS growth (%) -18,4 -27,9 32,8
Profitability N/A N/A N/A
ROE (%) 31,5 27,6 41,4
ROE adj. (%) 31,5 27,6 41,4
ROCE (%) 39,5 35 51,5
ROCE adj. (%) 39,5 35 51,5
ROIC (%) 36,9 33,7 51,6
ROIC adj. (%) 36,9 33,7 51,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 59 66 73
EBITA adj. 43 32 41
EBITDA adj. margin (%) 40,1 41,5 42,7
EBITA adj. margin (%) 31,8 29,5 33,8
EBITDA lease adj. 58 65 71
EBIT adj. 43 32 41
EBITDA lease adj. margin (%) 39,2 40,6 41,9
EBIT adj. margin (%) 31,8 29,5 33,8
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 33 44
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 4
Non-cash items 1 3 0
Right-of-use asset 2 1 1
Cash flow before change in WC 48 36 44
Total other fixed assets 42 35 26
Change in working capital 12 6 -5
Fixed assets 51 42 32
Operating cash flow 60 42 39
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 30 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 23 12 22
Free cash flow 58 41 38
Total assets 124 94 99
Dividend paid -43 -49 -27
Shareholders equity 103 76 82
Share issues and buybacks -2 -2 0
Minority 0 0 0
Total equity 103 76 82
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 16 12
Total liabilities and equity 124 94 99
Net IB debt -21 -11 -20
Net IB debt excl. pension debt -21 -11 -20
Net IB debt excl. leasing -23 -12 -22
Capital employed 105 78 83
Capital invested 82 66 61
Working capital 30 24 29
Market cap. diluted (m) 783 782 782
Net IB debt adj. -21 -11 -20
Market value of minority 0 0 0
EV 762 771 761
Reversal of shares and participations 0 0 0
Total assets turnover (%) 106 99,2 126,5
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 26,5 25 21,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -20,7 -13,8 -25
Net debt / market cap (%) -2,7 -1,3 -2,6
Equity ratio (%) 82,7 81,2 82,6
Net IB debt adj. / equity (%) -20,7 -13,8 -25
Current ratio 3,69 3,2 4,22
EBITDA/net interest N/A 1355,2 453,4
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 108,8 530,1 177
SEKm 2024 2025e 2026e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 4,85 3,49 4,64
Dividend per share 7 3,86 5,1
EPS adj. 4,82 3,49 4,64
BVPS 14,57 10,82 11,6
BVPS adj. 14,41 10,72 11,55
Net IB debt/share -3,02 -1,49 -2,9
Share price 111 111 111
Market cap. (m) 783 782 782
P/E (x) 22,9 31,8 23,9
EV/sales (x) 5,6 7,1 6,2
EV/EBITDA (x) 16,1 23,4 17,1
EV/EBITA (x) 17,7 24,2 18,5
EV/EBIT (x) 17,7 24,2 18,5
Dividend yield (%) 6,3 3,5 4,6
FCF yield (%) 7,4 5,3 4,8
Le. adj. FCF yld. (%) 7,1 5,1 4,7
P/BVPS (x) 7,62 10,26 9,57
P/BVPS adj. (x) 7,7 10,35 9,61
P/E adj. (x) 23 31,8 23,9
EV/EBITDA adj. (x) 11,6 10,1 9
EV/EBITA adj. (x) 17,7 24,2 18,5
EV/EBIT adj. (x) 17,7 24,2 18,5
EV/CE (x) 7,3 9,9 9,2
Investment ratios N/A N/A N/A
Capex/sales (%) 1,3 0,8 1
Capex/depreciation 0,7 1,2 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
Ulf Stenbeck inkl. bolag 9.3 % 9.3 % 28 Apr 2025
Avanza Pension 8.1 % 8.1 % 29 Oct 2025
Torbjörn Gustafsson 4.7 % 4.7 % 29 Oct 2025
Nordnet Pensionsförsäkring 4.5 % 4.5 % 29 Oct 2025
Canaccord Genuity Wealth Management 3.7 % 3.7 % 29 Oct 2025
Jan Olof Brandels 3.2 % 3.2 % 14 May 2024
Måns Flodberg 2.5 % 2.5 % 31 Oct 2025
Gösta Hesslow 2.3 % 2.3 % 29 Oct 2025
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 29 Oct 2025
Einar Ahlström 2.1 % 2.1 % 29 Oct 2025
Source: Holdings by Modular Finance AB