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SinterCast

SinterCast

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Process control solutions for compacted graphite iron

SinterCast is a leading supplier of online process control technology and know-how for the reliable high-volume production of Compacted Graphite Iron (CGI). The material is stronger than traditional iron, which enables downsizing, increased thermal and mechanical loading, and increased engine performance. The technology is primarily used in diesel engines for larger passenger vehicles such as SUVs and pick-ups as well as commercial vehicles and offroad equipment.

Automotive demand, and more specifically demand for larger passenger vehicles such as SUVs and pick-up trucks with diesel engines. Regulation relating to fossil fuels and diesel in particular poses risks to the business model.

Financials

SEKm 2022 2023e 2024e
Sales 119 137 160
Sales growth (%) 10,5 15,7 16,3
EBITDA 35 47 61
EBITDA margin (%) 29,5 34,4 38,5
EBIT adj. 36 45 57
EBIT adj. margin (%) 30 32,6 35,7
Pretax profit 30 43 57
EPS 4,7 6,04 8,49
EPS growth (%) 1,2 28,6 40,5
EPS adj. 5,45 6,25 8,49
DPS 5,5 6,5 8,5
EV/EBITDA (x) 19,9 14,5 11
EV/EBIT adj. (x) 19,6 15,4 11,9
P/E (x) 21,3 16,6 11,8
P/E adj. (x) 18,3 16 11,8
EV/sales (x) 5,87 5 4,25
FCF yield (%) 3,3 7,1 7,8
Le. adj. FCF yld. (%) 3,1 7 7,6
Dividend yield (%) 5,5 6,5 8,5
Net IB debt/EBITDA (x) -0,3 -0,5 -0,5
Le. adj. ND/EBITDA (x) 0,4 0,5 0,5
SEKm 2022 2023e 2024e
Sales 119 137 160
COGS -32 -37 -43
Gross profit 87 100 117
Other operating items -52 -53 -55
EBITDA 35 47 61
Depreciation and amortisation -4 -4 -4
of which leasing depreciation -1 0 -1
EBITA 31 43 57
EO Items -5 -2 0
Impairment and PPA amortisation 0 0 0
EBIT 31 43 57
Net financial items 0 0 0
Pretax profit 30 43 57
Tax 3 0 4
Net profit 33 43 60
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 33 43 60
EPS 4,7 6,04 8,49
EPS adj. 5,45 6,25 8,49
Total extraordinary items after tax -5 -1 0
Leasing payments -2 -1 -1
Tax rate (%) -9,5 0,2 -6,2
Gross margin (%) 73,1 72,9 73
EBITDA margin (%) 29,5 34,4 38,5
EBITA margin (%) 25,9 31,5 35,7
EBIT margin (%) 25,9 31,5 35,7
Pre-tax margin (%) 25,6 31,2 35,5
Net margin (%) 28,1 31,2 37,7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 10,5 15,7 16,3
EBITDA growth (%) -0,6 34,9 30,2
EBITA growth (%) -2,2 40,8 32
EBIT growth (%) -2,2 40,8 32
Net profit growth (%) 1,2 28,6 40,5
EPS growth (%) 1,2 28,6 40,5
Profitability N/A N/A N/A
ROE (%) 29,6 37,6 49
ROE adj. (%) 34,4 38,9 49
ROCE (%) 26,5 37,2 45,9
ROCE adj. (%) 30,7 38,5 45,9
ROIC (%) 36,3 44,5 62,7
ROIC adj. (%) 42,1 46,1 62,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 40 49 61
EBITDA adj. margin (%) 33,6 35,5 38,5
EBITDA lease adj. 38 48 60
EBITDA lease adj. margin (%) 32,3 34,7 37,6
EBITA adj. 36 45 57
EBITA adj. margin (%) 30 32,6 35,7
EBIT adj. 36 45 57
EBIT adj. margin (%) 30 32,6 35,7
Pretax profit Adj. 35 44 57
Net profit Adj. 39 44 60
Net profit to shareholders adj. 39 44 60
Net adj. margin (%) 32,6 32,3 37,7
SEKm 2022 2023e 2024e
EBITDA 35 47 61
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 5 3 2
Paid tax 0 0 0
Tangible fixed assets 3 5 5
Non-cash items 1 0 0
Right-of-use asset 3 3 4
Cash flow before change in WC 36 47 61
Total other fixed assets 52 52 55
Change in working capital -10 7 -2
Fixed assets 62 63 67
Operating cash flow 25 54 59
Inventories 17 16 16
Capex tangible fixed assets -1 -3 -2
Receivables 37 34 40
Capex intangible fixed assets -1 -1 -2
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 14 23 31
Free cash flow 24 50 55
Total assets 131 137 154
Dividend paid -36 -39 -46
Shareholders equity 112 116 130
Minority 0 0 0
Share issues and buybacks 0 0 0
Leasing liability amortisation -2 -1 -1
Total equity 112 116 130
Other non-cash items -3 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 3 2 2
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 16 19 22
Other current liabilities 0 0 0
Total liabilities and equity 131 137 154
Net IB debt -12 -22 -30
Net IB debt excl. pension debt -12 -22 -30
Net IB debt excl. leasing -15 -24 -32
Capital employed 115 117 131
Capital invested 100 94 100
Working capital 39 32 34
EV breakdown N/A N/A N/A
Market cap. diluted (m) 709 709 709
Net IB debt adj. -12 -22 -30
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 697 687 679
Total assets turnover (%) 90,6 102,8 110
Working capital/sales (%) 26,7 25,5 20,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -10,6 -19,1 -23,2
Net debt / market cap (%) -1,7 -3,1 -4,2
Equity ratio (%) 85,7 84,7 84,4
Net IB debt adj. / equity (%) -10,6 -19,1 -23,2
Current ratio 4,38 3,84 3,89
EBITDA/net interest 116,7 157,4 153,7
Net IB debt/EBITDA (x) -0,3 -0,5 -0,5
Net IB debt/EBITDA lease adj. (x) -0,4 -0,5 -0,5
Interest coverage 102,3 144,1 142,7
SEKm 2022 2023e 2024e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 4,7 6,04 8,49
Dividend per share 5,5 6,5 8,5
EPS adj. 5,45 6,25 8,49
BVPS 15,78 16,32 18,31
BVPS adj. 15,12 15,95 18,03
Net IB debt/share -1,68 -3,12 -4,25
Share price 100 100 100
Market cap. (m) 709 709 709
Valuation N/A N/A N/A
P/E (x) 21,3 16,6 11,8
EV/sales (x) 5,87 5 4,25
EV/EBITDA (x) 19,9 14,5 11
EV/EBITA (x) 22,7 15,9 11,9
EV/EBIT (x) 22,7 15,9 11,9
Dividend yield (%) 5,5 6,5 8,5
FCF yield (%) 3,3 7,1 7,8
Le. adj. FCF yld. (%) 3,1 7 7,6
P/BVPS (x) 6,34 6,13 5,46
P/BVPS adj. (x) 6,61 6,27 5,55
P/E adj. (x) 18,3 16 11,8
EV/EBITDA adj. (x) 17,5 14,1 11
EV/EBITA adj. (x) 19,6 15,4 11,9
EV/EBIT adj. (x) 19,6 15,4 11,9
EV/CE (x) 6,1 5,9 5,2
Investment ratios N/A N/A N/A
Capex/sales (%) 1,4 2,5 2,3
Capex/depreciation 0,4 0,9 0,9
Capex tangibles / tangible fixed assets 35,5 59,1 29,9
Capex intangibles / definite intangibles 12,8 18,9 104,3
Depreciation on intang / def. intang 57 97 137
Depreciation on tangibles / tangibles 36,77 22,32 21,94

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SinterCast - Company presentation with President & CEO Steve Dawson
SinterCast - Company presentation with President & CEO Steve Dawson

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Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 13.0 % 13.0 % 29 Aug 2023
Ulf Stenbeck inkl. bolag 9.4 % 9.4 % 29 Mar 2023
Nordnet Pensionsförsäkring 5.7 % 5.7 % 29 Aug 2023
Torbjörn Gustafsson 4.8 % 4.8 % 29 Aug 2023
Lars Ahlström dödsbo 4.5 % 4.5 % 29 Aug 2023
Canaccord Genuity Wealth Management 3.7 % 3.7 % 30 Jun 2023
Jan Olof Brandels 2.5 % 2.5 % 29 Aug 2023
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 29 Aug 2023
Måns Flodberg 2.1 % 2.1 % 29 Aug 2023
Hans Christer Lund 2.0 % 2.0 % 29 Aug 2023
Source: Holdings by Modular Finance AB