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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 108 114 130
Sales growth (%) -20,6 6,1 13,7
EBITDA 33 39 51
EBITDA margin (%) 30,9 34,5 39,5
EBIT adj. 32 37 48
EBIT adj. margin (%) 30,1 32,1 37,3
Pretax profit 32 37 48
EPS 3,56 4,13 5,45
EPS growth (%) -26,7 16,2 32
EPS adj. 3,56 4,13 5,45
DPS 3,91 4,55 6
EV/EBITDA (x) 20,8 17,4 13,1
EV/EBIT adj. (x) 21,3 18,7 13,9
P/E (x) 28,1 24,1 18,3
P/E adj. (x) 28,1 24,1 18,3
EV/sales (x) 6,43 6 5,18
FCF yield (%) 5,9 4,9 6,5
Le. adj. FCF yld. (%) 5,7 4,8 6,4
Dividend yield (%) 3,9 4,6 6
Net IB debt/EBITDA (x) -0,3 -0,4 -0,6
Le. adj. ND/EBITDA (x) -0,4 -0,5 -0,6
SEKm 2025 2026e 2027e
Sales 108 114 130
COGS -31 -33 -36
Gross profit 76 82 94
Other operating items -43 -42 -42
EBITDA 33 39 51
Depreciation and amortisation -1 -3 -3
of which leasing depreciation 0 -1 -1
EBITA 32 37 48
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 32 37 48
Net financial items 0 0 0
Pretax profit 32 37 48
Tax -7 -8 -10
Net profit 25 29 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 29 38
EPS 3,56 4,13 5,45
EPS adj. 3,56 4,13 5,45
Total extraordinary items after tax 0 0 0
Leasing payments -1 -1 -1
Tax rate (%) 22,3 20,6 20,6
Gross margin (%) 70,8 71,4 72
EBITDA margin (%) 30,9 34,5 39,5
EBITA margin (%) 30,1 32,1 37,3
EBIT margin (%) 30,1 32,1 37,3
Pre-tax margin (%) 30,1 32,1 37,3
Net margin (%) 23,4 25,5 29,6
Sales growth (%) -20,6 6,1 13,7
EBITDA growth (%) -29,7 18,7 30,1
EBITA growth (%) -24,7 13 32
EBIT growth (%) -24,7 13 32
Net profit growth (%) -26,3 15,8 32
EPS growth (%) -26,7 16,2 32
Profitability N/A N/A N/A
ROE (%) 28 37,6 47,2
ROE adj. (%) 28 37,6 47,2
ROCE (%) 35,5 46,8 58,8
ROCE adj. (%) 35,5 46,8 58,8
ROIC (%) 34,2 45,9 66,6
ROIC adj. (%) 34,2 45,9 66,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 66 73 N/A
EBITA adj. 32 37 48
EBITDA adj. margin (%) 41,5 42,7 N/A
EBITA adj. margin (%) 30,1 32,1 37,3
EBITDA lease adj. 65 71 N/A
EBIT adj. 32 37 48
EBITDA lease adj. margin (%) 40,6 41,9 N/A
EBIT adj. margin (%) 30,1 32,1 37,3
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 39 51
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 3 0 0
Right-of-use asset 1 1 1
Cash flow before change in WC 36 39 51
Total other fixed assets 35 27 17
Change in working capital 6 -4 -4
Fixed assets 42 34 23
Operating cash flow 43 36 48
Inventories 10 10 12
Capex tangible fixed assets -1 -1 -2
Receivables 26 27 31
Capex intangible fixed assets 0 0 0
Other current assets 4 5 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 12 18 32
Free cash flow 42 34 46
Total assets 94 94 103
Dividend paid -49 -28 -32
Shareholders equity 77 78 85
Share issues and buybacks -2 0 0
Minority 0 0 0
Total equity 77 78 85
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 3 3 4
Other current liabilities 13 11 13
Total liabilities and equity 94 94 103
Net IB debt -11 -17 -30
Net IB debt excl. pension debt -11 -17 -30
Net IB debt excl. leasing -12 -18 -32
Capital employed 78 80 86
Capital invested 66 61 54
Working capital 24 27 31
Market cap. diluted (m) 703 703 703
Net IB debt adj. -11 -17 -30
Market value of minority 0 0 0
EV 692 686 672
Reversal of shares and participations 0 0 N/A
Total assets turnover (%) 98,5 121,2 131,8
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 25 22,4 22,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -14,3 -21,9 -35,9
Net debt / market cap (%) -1,6 -2,4 -4,3
Equity ratio (%) 81,4 82,9 82,3
Net IB debt adj. / equity (%) -14,3 -21,9 -35,9
Current ratio 3,23 4,09 4,72
EBITDA/net interest 1367,9 13752,9 3721,6
Net IB debt/EBITDA (x) -0,3 -0,4 -0,6
Net IB debt/EBITDA lease adj. (x) -0,4 -0,5 -0,6
Interest coverage 539,4 159,3 212,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 3,56 4,13 5,45
Dividend per share 3,91 4,55 6
EPS adj. 3,56 4,13 5,45
BVPS 10,88 11,1 12,01
BVPS adj. 10,78 11,06 12,01
Net IB debt/share -1,55 -2,43 -4,31
Share price 99,8 99,8 99,8
Market cap. (m) 703 703 703
P/E (x) 28,1 24,1 18,3
EV/sales (x) 6,4 6 5,2
EV/EBITDA (x) 20,8 17,4 13,1
EV/EBITA (x) 21,3 18,7 13,9
EV/EBIT (x) 21,3 18,7 13,9
Dividend yield (%) 3,9 4,6 6
FCF yield (%) 5,9 4,9 6,5
Le. adj. FCF yld. (%) 5,7 4,8 6,4
P/BVPS (x) 9,17 8,99 8,31
P/BVPS adj. (x) 9,26 9,02 8,31
P/E adj. (x) 28,1 24,1 18,3
EV/EBITDA adj. (x) 10,1 9 N/A
EV/EBITA adj. (x) 21,3 18,7 13,9
EV/EBIT adj. (x) 21,3 18,7 13,9
EV/CE (x) 8,9 8,6 7,8
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1,3 1,3
Capex/depreciation 1,5 0,7 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 % 23 Dec 2025
Torbjörn Gustafsson 4.7 % 4.7 % 23 Dec 2025
Nordnet Pensionsförsäkring 4.5 % 4.5 % 23 Dec 2025
Canaccord Genuity Wealth Management 3.7 % 3.7 % 23 Dec 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 % 31 Dec 2025
Gösta Hesslow 2.4 % 2.4 % 23 Dec 2025
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 23 Dec 2025
Source: Holdings by Modular Finance AB