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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 2025 2026e 2027e
Sales 108,1 113,52 134,2
Sales growth (%) -20,3 5 18,2
EBITDA 37 38 57
EBITDA margin (%) 33,8 33,6 42,6
EBIT adj. 33 37 52
EBIT adj. margin (%) 30,5 32,3 39,1
Pretax profit 33 36 52
EPS 3,49 4,11 5,88
EPS growth (%) -28 17,7 43,2
EPS adj. 3,52 4,11 5,88
DPS N/A N/A N/A
Dividend per share 3 4,52 6,47
EV/EBITDA (x) 21,1 19,8 12,9
EV/EBIT adj. (x) 23,3 20,6 14
P/E (x) 31,38 26,65 18,61
P/E adj. (x) 31,1 26,6 18,6
EV/sales (x) 7,12 6,64 5,48
FCF yield (%) 4,5 5,5 6,5
Le. adj. FCF yld. (%) 4,3 5,3 6,2
Dividend yield (%) 2,7 4,1 5,9
Net IB debt/EBITDA (x) -0,1 -0,5 -0,7
Le. adj. ND/EBITDA (x) -0,2 -0,7 -0,8
SEKm 2025 2026e 2027e
Sales 108,1 113,52 134,2
COGS -32 -33 -38
Gross profit 76 80 97
Other operating items -40 -42 -39
EBITDA 37 38 57
Depreciation and amortisation -4 -2 -5
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -1 0 -3
EBITA 33 36,65 52,49
EO Items N/A N/A N/A
Operating EO items 0 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT 33 36,65 52,49
Net financial items 0 -1 0
Pretax profit 33 36 52
Tax -8 -7 -11
Net profit 25 29 42
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 29 42
EPS 3,49 4,11 5,88
EPS adj. 3,52 4,11 5,88
Total extraordinary items after tax 0 0 0
Leasing payments -2 -2 -3
Tax rate (%) 24,6 20,2 20,6
Gross margin (%) 70,4 70,7 72
EBITDA margin (%) 33,8 33,6 42,6
EBITA margin (%) 30,5 32,3 39,1
EBIT margin (%) 30,5 32,3 39,1
Pre-tax margin (%) 30,4 31,8 39
Net margin (%) 22,9 25,4 31
Sales growth (%) -20,3 5 18,2
EBITDA growth (%) -22,8 4,5 49,9
EBITA growth (%) -23,4 11 43,2
EBIT growth (%) -23,4 11 43,2
Net profit growth (%) -27,3 16,2 44,3
EPS growth (%) -28 17,7 43,2
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 27,7 35,8 46,4
ROE adj. (%) 27,7 35,8 46,4
ROCE (%) 36,6 43,7 56,5
ROCE adj. (%) 36,6 43,7 56,5
ROIC (%) 32,5 43 69,2
ROIC adj. (%) 32,5 43 69,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 37 38 57
EBITDA adj. margin (%) 33,8 33,6 42,6
EBITDA lease adj. 35 36 55
EBITDA lease adj. margin (%) 32,3 32 40,6
EBITA adj. 33 37 52
EBITA adj. margin (%) 30,5 32,3 39,1
EBIT adj. 33 37 52
EBIT adj. margin (%) 30,5 32,3 39,1
Pretax profit Adj. 33 36 52
Net profit Adj. 25 29 42
Net profit to shareholders adj. 25 29 42
Net adj. margin (%) 22,9 25,4 31
SEKm 2025 2026e 2027e
EBITDA 37 38 57
Goodwill 0 0 0
Net financial items 0 -1 0
Other intangible assets 1 0 0
Paid tax 0 0 0
Tangible fixed assets 5 4 4
Non-cash items 0 3 0
Right-of-use asset 1 6 3
Cash flow before change in WC 37 40 57
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 34 27 16
Change in working capital -2 4 -5
Fixed assets 41 37 24
Operating cash flow 35 44 52
Inventories 9 10 12
Capex tangible fixed assets -1 -1 -2
Receivables 28 27 32
Capex intangible fixed assets 0 0 0
Other current assets 3 5 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 5 25 41
Free cash flow 35 43 50
Total assets 86 104 115
Dividend paid -49 -21 -32
Shareholders equity 76 85 94
Share issues and buybacks -2 0 0
Minority 0 0 0
Total equity 76 85 94
Leasing liability amortisation -2 -2 -2
Long-term debt 0 0 0
Other non-cash items N/A N/A N/A
Other changes in net debt 1 -4 2
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 1 5 3
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 2 3 4
Other current liabilities 7 11 13
Total liabilities and equity 86 104 115
Net IB debt -4 -20 -38
Net IB debt excl. pension debt -4 -20 -38
Net IB debt excl. leasing -5 -25 -41
Capital employed 77 90 97
Capital invested 72 64 56
Working capital 31 27 32
Market cap. diluted (m) 774 774 774
Net IB debt adj. -4 -20 -38
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 769 753 736
Financial risk and debt service N/A N/A N/A
Total assets turnover (%) 102,7 119,2 122,4
Working capital/sales (%) 28,2 25,5 22,2
Year N/A N/A N/A
Net debt/equity (%) -5,8 -24,1 -40,5
Net debt / market cap (%) -0,6 -2,6 -4,9
Equity ratio (%) 88,3 81,3 82,2
Net IB debt adj. / equity (%) -5,8 -24,1 -40,5
Current ratio 4,91 4,55 5,22
EBITDA/net interest 365 260 460,7
Net IB debt/EBITDA (x) -0,1 -0,5 -0,7
Net IB debt/EBITDA lease adj. (x) -0,2 -0,7 -0,8
Interest coverage 110,7 137,1 121,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 3,49 4,11 5,88
Dividend per share 3 4,52 6,47
EPS adj. 3,52 4,11 5,88
BVPS 10,77 12 13,36
BVPS adj. 10,67 11,96 13,36
Net IB debt/share -0,62 -2,9 -5,42
Share price 109,5 109,5 109,5
Market cap. (m) 774 774 774
Year N/A N/A N/A
P/E (x) 31,38 26,65 18,61
EV/sales (x) 7,12 6,64 5,48
EV/EBITDA (x) 21,1 19,8 12,9
EV/EBITA (x) 23,3 20,6 14
EV/EBIT (x) 23,3 20,6 14
Dividend yield (%) 2,7 4,1 5,9
FCF yield (%) 4,5 5,5 6,5
Le. adj. FCF yld. (%) 4,3 5,3 6,2
P/BVPS (x) 10,17 9,12 8,19
P/BVPS adj. (x) 10,26 9,16 8,19
P/E adj. (x) 31,1 26,6 18,6
EV/EBITDA adj. (x) 21,1 19,8 12,9
EV/EBITA adj. (x) 23,3 20,6 14
EV/EBIT adj. (x) 23,3 20,6 14
EV/CE (x) 10 8,4 7,5
Investment ratios N/A N/A N/A
Capex/sales (%) -0,5 -0,8 -1,3
Capex/depreciation 0,2 0,7 0,9
Capex tangibles / tangible fixed assets 9,6 22,6 38,6
Capex intangibles / definite intangibles 0 0 N/A
Depreciation on intang / def. intang 57 67 N/A
Depreciation on tangibles / tangibles 32,69 25,8 36,82

Equity research

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Media

SinterCast - Company presentation with President & CEO Vitor Anjos
SinterCast - Fireside Chat with Deputy CEO Vitor Anjos

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Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
Ulf Stenbeck inkl. bolag 9.6 % 9.6 % 25 Feb 2026
Avanza Pension 8.5 % 8.5 % 29 Jul 2026
Torbjörn Gustafsson 4.6 % 4.6 % 29 Jul 2026
Nordnet Pensionsförsäkring 4.3 % 4.3 % 29 Jul 2026
Lazard Frères Gestion 4.0 % 4.0 % 30 Jun 2026
Canaccord Genuity Wealth Management 3.7 % 3.7 % 29 Jul 2026
Måns Flodberg 2.5 % 2.5 % 31 Jul 2026
Jan Olof Brandels 2.5 % 2.5 % 29 Jul 2026
Gösta Hesslow 2.4 % 2.4 % 29 Jul 2026
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 29 Jul 2026
Source: Holdings by Modular Finance AB