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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 108 113 130
Sales growth (%) -20,4 4,4 15,1
EBITDA 33 40 52
EBITDA margin (%) 30,3 35,6 40,3
EBIT adj. 33 37 50
EBIT adj. margin (%) 30,3 33,2 38,3
Pretax profit 33 37 50
EPS 3,49 4,23 5,62
EPS growth (%) -28 21,1 33
EPS adj. 3,49 4,23 5,62
DPS 3 4,65 6,18
EV/EBITDA (x) 18,6 14,6 11
EV/EBIT adj. (x) 18,6 15,7 11,6
P/E (x) 25,2 20,8 15,7
P/E adj. (x) 25,2 20,8 15,7
EV/sales (x) 5,64 5,21 4,43
FCF yield (%) 5,6 8 7,5
Le. adj. FCF yld. (%) 5,4 7,9 7,5
Dividend yield (%) 3,4 5,3 7
Net IB debt/EBITDA (x) -0,1 -0,8 -0,9
Le. adj. ND/EBITDA (x) -0,4 -0,8 -0,9
SEKm 2025 2026e 2027e
Sales 108 113 130
COGS -32 -32 -36
Gross profit 76 80 93
Other operating items -43 -40 -41
EBITDA 33 40 52
Depreciation and amortisation 0 -3 -3
of which leasing depreciation 0 -1 0
EBITA 33 37 50
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 33 37 50
Net financial items 0 0 0
Pretax profit 33 37 50
Tax -8 -8 -10
Net profit 25 30 40
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 30 40
EPS 3,49 4,23 5,62
EPS adj. 3,49 4,23 5,62
Total extraordinary items after tax 0 0 0
Leasing payments -2 -1 -1
Tax rate (%) 24,6 20,6 20,6
Gross margin (%) 70,3 71,2 72
EBITDA margin (%) 30,3 35,6 40,3
EBITA margin (%) 30,3 33,2 38,3
EBIT margin (%) 30,3 33,2 38,3
Pre-tax margin (%) 30,1 33,3 38,4
Net margin (%) 22,7 26,4 30,5
Sales growth (%) -20,4 4,4 15,1
EBITDA growth (%) -30,9 22,7 30,3
EBITA growth (%) -24,1 14,5 32,7
EBIT growth (%) -24,1 14,5 32,7
Net profit growth (%) -28,2 21,5 33
EPS growth (%) -28 21,1 33
Profitability N/A N/A N/A
ROE (%) 27,3 35,3 41,6
ROE adj. (%) 27,3 35,3 41,6
ROCE (%) 35,7 44,2 52
ROCE adj. (%) 35,7 44,2 52
ROIC (%) 33 46,5 69,9
ROIC adj. (%) 33 46,5 69,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 66 73 N/A
EBITA adj. 33 37 50
EBITDA adj. margin (%) 41,5 42,7 N/A
EBITA adj. margin (%) 30,3 33,2 38,3
EBITDA lease adj. 65 71 N/A
EBIT adj. 33 37 50
EBITDA lease adj. margin (%) 40,6 41,9 N/A
EBIT adj. margin (%) 30,3 33,2 38,3
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 40 52
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 5 5
Non-cash items 4 0 0
Right-of-use asset 1 1 1
Cash flow before change in WC 37 40 52
Total other fixed assets 34 26 16
Change in working capital -1 11 -4
Fixed assets 41 33 22
Operating cash flow 35 51 48
Inventories 9 10 12
Capex tangible fixed assets -1 -1 -2
Receivables 0 27 31
Capex intangible fixed assets 0 0 0
Other current assets 31 5 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 5 33 47
Free cash flow 35 49 47
Total assets 86 107 117
Dividend paid -49 -21 -33
Shareholders equity 77 92 99
Share issues and buybacks -2 0 0
Minority 0 0 0
Total equity 77 92 99
Leasing liability amortisation -2 0 -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 3 4
Other current liabilities 13 11 13
Total liabilities and equity 90 107 117
Net IB debt -4 -32 -45
Net IB debt excl. pension debt -4 -32 -45
Net IB debt excl. leasing -5 -33 -47
Capital employed 78 93 100
Capital invested 68 60 53
Working capital 27 27 31
Market cap. diluted (m) 620 620 620
Net IB debt adj. -11 -32 -45
Market value of minority 0 0 0
EV 609 588 574
Reversal of shares and participations 0 0 N/A
Total assets turnover (%) 102,5 116,4 115,8
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 26,5 24 22,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -5,6 -35 -46,1
Net debt / market cap (%) -0,7 -5,2 -7,3
Equity ratio (%) 88,9 85,4 84,6
Net IB debt adj. / equity (%) -14,3 -35 -46,1
Current ratio 3,49 5,1 5,61
EBITDA/net interest N/A 929,3 297,7
Net IB debt/EBITDA (x) -0,1 -0,8 -0,9
Net IB debt/EBITDA lease adj. (x) -0,4 -0,8 -0,9
Interest coverage N/A 187,5 236,8
SEKm 2025 2026e 2027e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 3,49 4,23 5,62
Dividend per share 3 4,65 6,18
EPS adj. 3,49 4,23 5,62
BVPS 10,88 13,03 14
BVPS adj. 10,78 12,99 14
Net IB debt/share -1,55 -4,56 -6,46
Share price 88 88 88
Market cap. (m) 620 620 620
P/E (x) 25,2 20,8 15,7
EV/sales (x) 5,6 5,2 4,4
EV/EBITDA (x) 18,6 14,6 11
EV/EBITA (x) 18,6 15,7 11,6
EV/EBIT (x) 18,6 15,7 11,6
Dividend yield (%) 3,4 5,3 7
FCF yield (%) 5,6 8 7,5
Le. adj. FCF yld. (%) 5,4 7,9 7,5
P/BVPS (x) 8,09 6,75 6,28
P/BVPS adj. (x) 8,16 6,77 6,28
P/E adj. (x) 25,2 20,8 15,7
EV/EBITDA adj. (x) 10,1 9 N/A
EV/EBITA adj. (x) 18,6 15,7 11,6
EV/EBIT adj. (x) 18,6 15,7 11,6
EV/CE (x) 7,9 6,3 5,8
Investment ratios N/A N/A N/A
Capex/sales (%) 0,6 1,3 1,3
Capex/depreciation N/A 0,6 0,8
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 % 28 Jan 2026
Torbjörn Gustafsson 4.6 % 4.6 % 28 Jan 2026
Nordnet Pensionsförsäkring 4.5 % 4.5 % 28 Jan 2026
Canaccord Genuity Wealth Management 3.7 % 3.7 % 28 Jan 2026
Lazard Frères Gestion 3.3 % 3.3 % 31 Dec 2025
Jan Olof Brandels 3.2 % 3.2 % 14 May 2024
Måns Flodberg 2.5 % 2.5 % 31 Jan 2026
Gösta Hesslow 2.4 % 2.4 % 28 Jan 2026
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 28 Jan 2026
Source: Holdings by Modular Finance AB