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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.

Increased focus on higher energy efficiency and lighter diesel engines. Increasing average vehicle size. Higher penetration of the truck and commercial vehicle segments.

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 2021 2022e 2023e
Lease adj. FCF yield (%) 3 3,6 5,7
Lease adj. ND/EBITDA -0,9 -0,6 -0,6
Sales 107 132 155
Sales growth (%) 12,6 22,8 17,5
EBITDA 35 48 66
EBITDA margin (%) 32,8 36,4 42,3
EBIT adj 31 44 61
EBIT adj margin (%) 29,2 33,3 39,6
Pretax profit 29 40 61
EPS rep 4,64 6,08 9,68
EPS growth (%) 48,5 31 59,2
EPS adj 4,64 6,71 9,68
DPS 5 6,5 9,5
EV/EBITDA (x) 27,6 19 13,8
EV/EBIT adj (x) 30,9 20,8 14,7
P/E (x) 30,3 21,8 13,7
P/E adj (x) 30,3 19,7 13,7
EV/sales (x) 9 6,9 5,8
FCF yield (%) 3 3,7 5,9
Dividend yield (%) 3,6 4,9 7,2
Net IB debt/EBITDA -0,8 -0,5 -0,5
SEKm 2021 2022e 2023e
Depreciation and amortisation -4 -9 -4
Of which leasing depreciation -1 -1 -1
EO items 0 -5 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 35 51 64
EBITDA lease Adj margin (%) 32,1 38,7 41,4
Sales 107 132 155
COGS -31 -35 -39
Gross profit 76 97 116
Other operating items -41 -49 -51
EBITDA 35 48 66
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -2 -2 -2
EBITA 31 39 61
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 31 39 61
Other financial items 0 0 0
Net financial items -2 1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 40 61
Tax 4 3 8
Net profit 33 43 69
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 33 43 69
EPS 4,64 6,08 9,68
EPS Adj 4,64 6,71 9,68
Total extraordinary items after tax 0 -4,5 0
Tax rate (%) 13,4 7,5 13,2
Gross margin (%) 70,9 73,3 75
EBITDA margin (%) 32,8 36,4 42,3
EBITA margin (%) 29,2 29,9 39,6
EBIT margin (%) 29,2 29,9 39,6
Pretax margin (%) 27 30,4 39,1
Net margin (%) 30,6 32,7 44,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 12,6 22,8 17,5
EBITDA growth (%) 38,9 36,4 36,5
EBIT growth (%) 45 25,5 55,9
Net profit growth (%) 48,5 31 59,2
EPS growth (%) 48,5 31 59,2
Profitability 2021 2022 2023
ROE (%) 29,6 36,8 51,9
ROE Adj (%) 29,6 40,7 51,9
ROCE (%) 27,3 32,6 45,2
ROCE Adj(%) 27,3 36,3 45,2
ROIC (%) 42,9 47 67,8
ROIC Adj (%) 42,9 52,4 67,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 35 53 66
EBITDA Adj margin (%) 32,8 39,8 42,3
EBITA Adj 31 44 61
EBITA Adj margin (%) 29,2 33,3 39,6
EBIT Adj 31 44 61
EBIT Adj margin (%) 29,2 33,3 39,6
Pretax profit Adj 29 45 61
Net profit Adj 33 48 69
Net profit to shareholders Adj 33 48 69
Net Adj margin (%) 30,6 36,1 44,3
Leasing payments -1 -1 -1
SEKm 2021 2022e 2023e
Lease liability amortisation -1 -1 -1
Other intangible assets 6 2 3
Right-of-use asset 4 4 5
Total other fixed assets 53 56 64
Leasing liability 4 4 4
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -32 -29 -37
Net IB debt / EBITDA lease Adj (%) -92,3 -57,6 -57,5
Inventories 10 13 15
Receivables 29 40 46
Other current assets 0 0 0
Cash and liquid assets 27 25 33
Total assets 131 142 168
Shareholders equity 113 121 143
Minority 0 0 0
Total equity 113 121 143
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
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 131 142 168
Net IB debt -28 -26 -33
Net IB debt excl. pension debt -28 -26 -33
Capital invested 85 95 110
Working capital 25 35 40
EV breakdown 2021 2022 2023
Market cap. diluted (m) 998 939 939
Net IB debt Adj -28 -26 -33
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 970 913 905
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 82,9 96,5 100
Capital invested turnover (%) 117,7 133,4 150
Capital employed turnover (%) 83,9 95,1 107,1
Inventories / sales (%) 9,3 8,7 7,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,6 14,2 13,6
Working capital / sales (%) 22,7 22,6 24,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -24,6 -21,4 -23,2
Net debt / market cap (%) -2,7 -2,8 -3,5
Equity ratio (%) 86,2 85 85,5
Net IB debt adj. / equity (%) -24,6 -21,4 -23,2
Current ratio (%) 421,1 408,5 423,7
EBITDA / net interest (%) 1466,7 -6857,4 8193,3
Net IB debt / EBITDA (%) -79,2 -53,9 -50,8
Interest cover (%) 1308,3 -5628,9 7679,5
EBITDA 35 48 66
Net financial items -2 1 -1
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 33 49 65
Change in WC 1 -10 -5
Operating cash flow 33 39 59
CAPEX tangible fixed assets -1 -2 -2
CAPEX intangible fixed assets -2 -2 -2
Acquisitions and disposals 0 0 0
Free cash flow 30 35 55
Dividend paid -28 -35 -46
Share issues and buybacks 0 0 0
Other non cash items -1 0 0
Decrease in net IB debt -3 4 6
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 6 6 6
Tangible fixed assets 3 2 4
Other fixed assets 50 54 63
Fixed assets 65 65 74
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 3 3,6 5,7
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 4,64 6,08 9,68
Dividend per share Adj 5 6,5 9,5
EPS Adj 4,64 6,71 9,68
BVPS 15,97 17,05 20,23
BVPS Adj 15,13 16,71 19,87
Net IB debt / share -3,9 -3,6 -4,7
Share price 143,84 132,4 132,4
Market cap. (m) 1020 939 939
Valuation 2021 2022 2023
P/E 30,3 21,8 13,7
EV/sales 9,04 6,92 5,84
EV/EBITDA 27,6 19 13,8
EV/EBITA 30,9 23,2 14,7
EV/EBIT 30,9 23,2 14,7
Dividend yield (%) 3,6 4,9 7,2
FCF yield (%) 3 3,7 5,9
P/BVPS 8,82 7,77 6,55
P/BVPS Adj 9,31 7,92 6,66
P/E Adj 30,3 19,7 13,7
EV/EBITDA Adj 27,6 17,4 13,8
EV/EBITA Adj 30,9 20,8 14,7
EV/EBIT Adj 30,9 20,8 14,7
EV/cap. employed 8,3 7,3 6,1
Investment ratios 2021 2022 2023
Capex / sales 3 2,9 2,9
Capex / depreciation 97 48,4 144,5
Capex tangibles / tangible fixed assets 27,6 77,7 60
Capex intangibles / definite intangibles 40,5 83,2 92
Depreciation on intangibles / definite intangibles 39 232,5 86,2
Depreciation on tangibles / tangibles 34,1 99,7 25,8

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Media

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

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Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 17.1 % 17.1 % 31 Mar 2022
Nordnet Pensionsförsäkring 10.8 % 10.8 % 31 Mar 2022
Lars Ahlström Dbo 4.6 % 4.6 % 31 Mar 2022
Canaccord Genuity Wealth Management 3.7 % 3.7 % 31 Mar 2022
Ulf Stenbeck inkl. bolag 3.6 % 3.6 % 31 Mar 2022
VLTCM Ltd 2.7 % 2.7 % 31 Mar 2022
Jan Olof Brandels 2.5 % 2.5 % 31 Mar 2022
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 31 Mar 2022
Måns Flodberg 2.1 % 2.1 % 31 Mar 2022
eQ Asset Management Oy 1.8 % 1.8 % 30 Apr 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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