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SinterCast

SinterCast

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.

SEKm 2022 2023e 2024e
Sales 118 145 168
Sales growth (%) 10,3 22,8 15,8
EBITDA 41 53 65
EBITDA margin (%) 34,7 36,5 38,7
EBIT adj. 42 49 61
EBIT adj. margin (%) 35,2 33,4 36
Pretax profit 31 46 60
EPS 4,81 7 8,97
EPS growth (%) 3,7 45,4 28,1
EPS adj. 5,57 7 8,97
DPS 5 7,5 9
EV/EBITDA (x) 19,1 14,6 11,9
EV/EBIT adj. (x) 18,7 15,9 12,8
P/E (x) 23,1 15,9 12,4
P/E adj. (x) 20 15,9 12,4
EV/sales (x) 6,6 5,32 4,61
FCF yield (%) 2 5,7 6,7
Le. adj. FCF yld. (%) 1,8 5,5 6,5
Dividend yield (%) 4,5 6,7 8,1
Net IB debt/EBITDA (x) -0,2 -0,3 -0,2
Le. adj. ND/EBITDA (x) 0,2 0,3 0,2
SEKm 2022 2023e 2024e
Sales 118 145 168
COGS -30 -38 -44
Gross profit 88 108 125
Other operating items -47 -55 -59
EBITDA 41 53 65
Depreciation and amortisation -4 -4 -5
of which leasing depreciation 0 -1 -1
EBITA 37 49 61
EO Items -5 0 0
Impairment and PPA amortisation 0 0 0
EBIT 37 49 61
Net financial items -6 -3 -1
Pretax profit 31 46 60
Tax 3 4 4
Net profit 34 50 64
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 34 50 64
EPS 4,81 7 8,97
EPS adj. 5,57 7 8,97
Total extraordinary items after tax -5 0 0
Leasing payments -2 -1 -1
Tax rate (%) -9,6 -8,8 -6,7
Gross margin (%) 74,6 74 74
EBITDA margin (%) 34,7 36,5 38,7
EBITA margin (%) 31,1 33,4 36
EBIT margin (%) 31,1 33,4 36
Pre-tax margin (%) 26,3 31,4 35,4
Net margin (%) 28,8 34,1 37,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 10,3 22,8 15,8
EBITDA growth (%) 16,6 29,2 22,9
EBITA growth (%) 17,3 32 24,6
EBIT growth (%) 17,3 32 24,6
Net profit growth (%) 3,7 45,4 28,1
EPS growth (%) 3,7 45,4 28,1
Profitability N/A N/A N/A
ROE (%) 30,3 41,7 48,4
ROE adj. (%) 35,1 41,7 48,4
ROCE (%) 31,7 39,7 44,9
ROCE adj. (%) 35,9 39,7 44,9
ROIC (%) 34,9 40,9 47,9
ROIC adj. (%) 39,6 40,9 47,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 46 53 65
EBITDA adj. margin (%) 38,8 36,5 38,7
EBITDA lease adj. 44 52 64
EBITDA lease adj. margin (%) 37,5 35,5 37,9
EBITA adj. 42 49 61
EBITA adj. margin (%) 35,2 33,4 36
EBIT adj. 42 49 61
EBIT adj. margin (%) 35,2 33,4 36
Pretax profit Adj. 36 46 60
Net profit Adj. 40 50 64
Net profit to shareholders adj. 40 50 64
Net adj. margin (%) 33,4 34,1 37,8
SEKm 2022 2023e 2024e
EBITDA 41 53 65
Goodwill 0 0 0
Net financial items -6 -3 -1
Other intangible assets 4 4 3
Paid tax 0 0 0
Tangible fixed assets 3 4 6
Non-cash items 0 0 0
Right-of-use asset 5 6 6
Cash flow before change in WC 35 50 64
Total other fixed assets 52 56 60
Change in working capital -18 0 -7
Fixed assets 63 69 75
Operating cash flow 18 50 57
Inventories 15 16 19
Capex tangible fixed assets -1 -3 -2
Receivables 41 44 51
Capex intangible fixed assets -1 -2 -3
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 9 17 15
Free cash flow 16 45 53
Total assets 130 147 160
Dividend paid -35 -35 -53
Shareholders equity 112 126 136
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -2 -1 -1
Total equity 112 126 136
Other non-cash items 0 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 4 4 4
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 14 17 20
Other current liabilities 0 0 0
Total liabilities and equity 130 147 160
Net IB debt -6 -14 -12
Net IB debt excl. pension debt -6 -14 -12
Net IB debt excl. leasing -10 -18 -16
Capital employed 115 130 140
Capital invested 105 112 124
Working capital 43 43 50
EV breakdown N/A N/A N/A
Market cap. diluted (m) 788 788 788
Net IB debt adj. -6 -14 -12
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 782 774 776
Total assets turnover (%) 90,8 105,1 109,6
Working capital/sales (%) 28,5 29,4 27,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -5,8 -11,3 -9
Net debt / market cap (%) -0,8 -1,8 -1,6
Equity ratio (%) 86,3 85,7 85,2
Net IB debt adj. / equity (%) -5,8 -11,3 -9
Current ratio 4,67 4,45 4,21
EBITDA/net interest 7,2 17,7 65,2
Net IB debt/EBITDA (x) -0,2 -0,3 -0,2
Net IB debt/EBITDA lease adj. (x) -0,2 -0,3 -0,2
Interest coverage 6,5 16,2 60,6
SEKm 2022 2023e 2024e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 4,81 7 8,97
Dividend per share 5 7,5 9
EPS adj. 5,57 7 8,97
BVPS 15,78 17,78 19,25
BVPS adj. 15,18 17,25 18,76
Net IB debt/share -0,92 -2,02 -1,73
Share price 111,2 111,2 111,2
Market cap. (m) 788 788 788
Valuation N/A N/A N/A
P/E (x) 23,1 15,9 12,4
EV/sales (x) 6,6 5,32 4,61
EV/EBITDA (x) 19,1 14,6 11,9
EV/EBITA (x) 21,2 15,9 12,8
EV/EBIT (x) 21,2 15,9 12,8
Dividend yield (%) 4,5 6,7 8,1
FCF yield (%) 2 5,7 6,7
Le. adj. FCF yld. (%) 1,8 5,5 6,5
P/BVPS (x) 7,05 6,25 5,78
P/BVPS adj. (x) 7,33 6,44 5,93
P/E adj. (x) 20 15,9 12,4
EV/EBITDA adj. (x) 17 14,6 11,9
EV/EBITA adj. (x) 18,7 15,9 12,8
EV/EBIT adj. (x) 18,7 15,9 12,8
EV/CE (x) 6,8 6 5,5
Investment ratios N/A N/A N/A
Capex/sales (%) 1,7 3,5 2,9
Capex/depreciation 0,5 1,3 1,2
Capex tangibles / tangible fixed assets 36,2 64,7 41,7
Capex intangibles / definite intangibles 23,4 58,6 73,3
Depreciation on intang / def. intang 62 73 81
Depreciation on tangibles / tangibles 41,3 26,01 21,22

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Media

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

Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 13.0 % 13.0 % 28 Dec 2022
Nordnet Pensionsförsäkring 9.9 % 9.9 % 28 Dec 2022
Ulf Stenbeck inkl. bolag 5.5 % 5.5 % 28 Dec 2022
Torbjörn Gustafsson 4.7 % 4.7 % 24 Jan 2023
Lars Ahlström Dbo 4.6 % 4.6 % 28 Dec 2022
Canaccord Genuity Wealth Management 3.7 % 3.7 % 30 Sep 2022
VLTCM Ltd 2.5 % 2.5 % 28 Sep 2022
Jan Olof Brandels 2.5 % 2.5 % 28 Dec 2022
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 28 Dec 2022
Måns Flodberg 2.1 % 2.1 % 28 Dec 2022
Source: Holdings by Modular Finance AB

Insider list - SinterCast

Name Quantity Code Date
Steve Dawson + 1 642 BUY 20 Aug 2021
Steve Dawson - 1 642 SELL 20 Aug 2021
Jun Arimoto + 272 BUY 28 Dec 2020
Jun Arimoto + 24 BUY 23 Nov 2020
Daphne Uhmeier + 392 BUY 30 Oct 2020
Steve Dawson + 1 917 BUY 30 Oct 2020
Jun Arimoto + 500 BUY 3 Sep 2020
Åsa kÄLLENIUS + 1 000 BUY 8 Jul 2020
Daphne Uhmeier + 108 BUY 20 May 2020
Daphne Uhmeier + 200 BUY 18 May 2020

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