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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 108 122 139
Sales growth (%) -20,2 12,7 13,8
EBITDA 33 44 57
EBITDA margin (%) 30,4 36,5 41,4
EBIT adj. 32 41 55
EBIT adj. margin (%) 29,5 33,8 39,4
Pretax profit 32 41 55
EPS 3,49 4,64 6,17
EPS growth (%) -27,9 32,8 33,1
EPS adj. 3,49 4,64 6,17
DPS 3,86 5,1 6,79
EV/EBITDA (x) 23,4 17,1 13
EV/EBIT adj. (x) 24,2 18,5 13,6
P/E (x) 31,8 23,9 18
P/E adj. (x) 31,8 23,9 18
EV/sales (x) 7,13 6,25 5,38
FCF yield (%) 5,3 4,8 6,7
Le. adj. FCF yld. (%) 5,1 4,7 6,6
Dividend yield (%) 3,5 4,6 6,1
Net IB debt/EBITDA (x) -0,3 -0,5 -0,6
Le. adj. ND/EBITDA (x) -0,4 -0,5 -0,7
SEKm 2025 2026e 2027e
Sales 108 122 139
COGS -31 -35 -39
Gross profit 77 87 100
Other operating items -44 -43 -43
EBITDA 33 44 57
Depreciation and amortisation -1 -3 -3
of which leasing depreciation 0 -1 -1
EBITA 32 41 55
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 32 41 55
Net financial items 0 0 0
Pretax profit 32 41 55
Tax -7 -8 -11
Net profit 25 33 43
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 33 43
EPS 3,49 4,64 6,17
EPS adj. 3,49 4,64 6,17
Total extraordinary items after tax 0 0 0
Leasing payments -1 -1 -1
Tax rate (%) 22,4 20,6 20,6
Gross margin (%) 70,9 71,4 72
EBITDA margin (%) 30,4 36,5 41,4
EBITA margin (%) 29,5 33,8 39,4
EBIT margin (%) 29,5 33,8 39,4
Pre-tax margin (%) 29,4 33,8 39,5
Net margin (%) 22,8 26,8 31,3
Sales growth (%) -20,2 12,7 13,8
EBITDA growth (%) -30,5 35,2 29,1
EBITA growth (%) -26 29,3 32,6
EBIT growth (%) -26 29,3 32,6
Net profit growth (%) -27,5 32,3 33,1
EPS growth (%) -27,9 32,8 33,1
Profitability N/A N/A N/A
ROE (%) 27,6 41,4 50,9
ROE adj. (%) 27,6 41,4 50,9
ROCE (%) 35 51,5 63,4
ROCE adj. (%) 35 51,5 63,4
ROIC (%) 33,7 51,6 75,7
ROIC adj. (%) 33,7 51,6 75,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 66 73 N/A
EBITA adj. 32 41 55
EBITDA adj. margin (%) 41,5 42,7 N/A
EBITA adj. margin (%) 29,5 33,8 39,4
EBITDA lease adj. 65 71 N/A
EBIT adj. 32 41 55
EBITDA lease adj. margin (%) 40,6 41,9 N/A
EBIT adj. margin (%) 29,5 33,8 39,4
Pretax profit Adj. 62 68 N/A
Net profit Adj. 49 54 N/A
Net profit to shareholders adj. 49 54 N/A
Net adj. margin (%) 30,7 31,8 N/A
SEKm 2025 2026e 2027e
EBITDA 33 44 57
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 1 0 0
Paid tax 0 0 0
Tangible fixed assets 5 4 4
Non-cash items 3 0 0
Right-of-use asset 1 1 1
Cash flow before change in WC 36 44 57
Total other fixed assets 35 26 15
Change in working capital 6 -5 -4
Fixed assets 42 32 20
Operating cash flow 42 39 53
Inventories 10 11 12
Capex tangible fixed assets -1 -1 -1
Receivables 0 29 33
Capex intangible fixed assets 0 0 0
Other current assets 30 5 6
Acquisitions and Disposals 0 0 0
Cash and liquid assets 12 22 37
Free cash flow 41 38 52
Total assets 94 99 109
Dividend paid -49 -27 -36
Shareholders equity 76 82 89
Share issues and buybacks -2 0 0
Minority 0 0 0
Total equity 76 82 89
Leasing liability amortisation -1 -1 -1
Long-term debt 0 0 0
Other non-cash items 0 -36 N/A
Pension debt 0 0 0
Convertible debt 0 0 N/A
Leasing liability 1 1 1
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 4 4
Other current liabilities 16 12 14
Total liabilities and equity 94 99 109
Net IB debt -11 -20 -36
Net IB debt excl. pension debt -11 -20 -36
Net IB debt excl. leasing -12 -22 -37
Capital employed 78 83 91
Capital invested 66 61 53
Working capital 24 29 33
Market cap. diluted (m) 782 782 782
Net IB debt adj. -11 -20 -36
Market value of minority 0 0 0
EV 771 761 746
Reversal of shares and participations 0 0 N/A
Total assets turnover (%) 99,2 126,5 133,7
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 25 21,8 22,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -13,8 -25 -40,1
Net debt / market cap (%) -1,3 -2,6 -4,6
Equity ratio (%) 81,2 82,6 82,2
Net IB debt adj. / equity (%) -13,8 -25 -40,1
Current ratio 3,2 4,22 4,91
EBITDA/net interest 1355,2 453,4 1302,2
Net IB debt/EBITDA (x) -0,3 -0,5 -0,6
Net IB debt/EBITDA lease adj. (x) -0,4 -0,5 -0,7
Interest coverage 530,1 177 237,5
SEKm 2025 2026e 2027e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 3,49 4,64 6,17
Dividend per share 3,86 5,1 6,79
EPS adj. 3,49 4,64 6,17
BVPS 10,82 11,6 12,67
BVPS adj. 10,72 11,55 12,67
Net IB debt/share -1,49 -2,9 -5,08
Share price 111 111 111
Market cap. (m) 782 782 782
P/E (x) 31,8 23,9 18
EV/sales (x) 7,1 6,2 5,4
EV/EBITDA (x) 23,4 17,1 13
EV/EBITA (x) 24,2 18,5 13,6
EV/EBIT (x) 24,2 18,5 13,6
Dividend yield (%) 3,5 4,6 6,1
FCF yield (%) 5,3 4,8 6,7
Le. adj. FCF yld. (%) 5,1 4,7 6,6
P/BVPS (x) 10,26 9,57 8,76
P/BVPS adj. (x) 10,35 9,61 8,76
P/E adj. (x) 31,8 23,9 18
EV/EBITDA adj. (x) 10,1 9 N/A
EV/EBITA adj. (x) 24,2 18,5 13,6
EV/EBIT adj. (x) 24,2 18,5 13,6
EV/CE (x) 9,9 9,2 8,2
Investment ratios N/A N/A N/A
Capex/sales (%) 0,8 1 1
Capex/depreciation 1,2 0,6 0,7
Capex tangibles / tangible fixed assets 22,5 28,4 N/A
Capex intangibles / definite intangibles -26,5 -25,5 N/A
Depreciation on intang / def. intang -135 -122 N/A
Depreciation on tangibles / tangibles 14,82 17,53 N/A

Equity research

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Media

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

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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 % 26 Nov 2025
Torbjörn Gustafsson 4.7 % 4.7 % 26 Nov 2025
Nordnet Pensionsförsäkring 4.5 % 4.5 % 26 Nov 2025
Canaccord Genuity Wealth Management 3.7 % 3.7 % 26 Nov 2025
Jan Olof Brandels 3.2 % 3.2 % 14 May 2024
Lazard Frères Gestion 3.2 % 3.2 % 30 Nov 2025
Måns Flodberg 2.5 % 2.5 % 28 Nov 2025
Gösta Hesslow 2.3 % 2.3 % 26 Nov 2025
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 26 Nov 2025
Source: Holdings by Modular Finance AB