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SinterCast

SinterCast

Process control solutions for compacted graphite iron

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.

SEKm 2023 2024e 2025e
Sales 135 148 166
Sales growth (%) 13,3 10,2 11,9
EBITDA 49 53 69
EBITDA margin (%) 36,4 35,6 41,9
EBIT adj. 47 50 67
EBIT adj. margin (%) 34,6 33,8 40,2
Pretax profit 42 50 67
EPS 5,94 5,66 7,48
EPS growth (%) 26,9 -4,6 32
EPS adj. 6,49 5,66 7,48
DPS 6,1 6,23 8,23
EV/EBITDA (x) 17,5 16 11,9
EV/EBIT adj. (x) 18,3 16,8 12,4
P/E (x) 20,5 21,5 16,3
P/E adj. (x) 18,8 21,5 16,3
EV/sales (x) 6,34 5,69 4,97
FCF yield (%) 4,6 6,6 7,3
Le. adj. FCF yld. (%) 4,4 6,5 7,2
Dividend yield (%) 5 5,1 6,7
Net IB debt/EBITDA (x) -0,2 -0,4 -0,6
Le. adj. ND/EBITDA (x) -0,2 -0,5 -0,6
SEKm 2023 2024e 2025e
Sales 135 148 166
COGS -36 -40 -44
Gross profit 99 108 122
Other operating items -50 -55 -53
EBITDA 49 53 69
Depreciation and amortisation -6 -3 -3
of which leasing depreciation -2 -1 -1
EBITA 43 50 67
EO Items -4 0 0
Impairment and PPA amortisation 0 0 0
EBIT 43 50 67
Net financial items 0 0 0
Pretax profit 42 50 67
Tax 0 -10 -14
Net profit 42 40 53
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 42 40 53
EPS 5,94 5,66 7,48
EPS adj. 6,49 5,66 7,48
Total extraordinary items after tax -4 0 0
Leasing payments -2 -1 -1
Tax rate (%) 0,9 20 20,6
Gross margin (%) 73,3 72,8 73,7
EBITDA margin (%) 36,4 35,6 41,9
EBITA margin (%) 31,7 33,8 40,2
EBIT margin (%) 31,7 33,8 40,2
Pre-tax margin (%) 31,6 33,9 40,3
Net margin (%) 31,3 27,1 32
Sales growth (%) 13,3 10,2 11,9
EBITDA growth (%) 38,9 7,9 31,6
EBITA growth (%) 39,1 17,3 33
EBIT growth (%) 39,1 17,3 33
Net profit growth (%) 26,4 -4,6 32
EPS growth (%) 26,9 -4,6 32
Profitability N/A N/A N/A
ROE (%) 37,3 36 46,5
ROE adj. (%) 40,8 36 46,5
ROCE (%) 37,2 44,4 58
ROCE adj. (%) 40,6 44,4 58
ROIC (%) 41,4 42,1 64,1
ROIC adj. (%) 45,2 42,1 64,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 53 59 66
EBITA adj. 47 50 67
EBITDA adj. margin (%) 39,4 40,1 41,5
EBITA adj. margin (%) 34,6 33,8 40,2
EBITDA lease adj. 51 58 65
EBIT adj. 47 50 67
EBITDA lease adj. margin (%) 38,2 39,2 40,6
EBIT adj. margin (%) 34,6 33,8 40,2
Pretax profit Adj. 47 55 62
Net profit Adj. 46 54 49
Net profit to shareholders adj. 46 54 49
Net adj. margin (%) 34,3 36,6 30,7
SEKm 2023 2024e 2025e
EBITDA 49 53 69
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 2 1 2
Paid tax 0 0 0
Tangible fixed assets 7 6 6
Non-cash items 0 1 0
Right-of-use asset 2 1 2
Cash flow before change in WC 49 54 70
Total other fixed assets 51 41 28
Change in working capital -3 5 -4
Fixed assets 62 50 36
Operating cash flow 45 59 65
Inventories 14 15 17
Capex tangible fixed assets -5 -1 -2
Receivables 37 36 40
Capex intangible fixed assets -1 0 0
Other current assets 7 6 7
Acquisitions and Disposals 0 0 0
Cash and liquid assets 12 24 42
Free cash flow 40 57 63
Total assets 132 130 142
Dividend paid -39 -43 -44
Shareholders equity 114 110 119
Minority 0 0 0
Share issues and buybacks -1 -1 0
Leasing liability amortisation -2 -1 -1
Total equity 114 110 119
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 2 1 2
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 4 4 5
Other current liabilities 12 15 17
Total liabilities and equity 132 130 142
Net IB debt -10 -23 -41
Net IB debt excl. pension debt -10 -23 -41
Net IB debt excl. leasing -12 -24 -42
Capital employed 116 111 120
Capital invested 103 87 78
Working capital 42 37 41
Market cap. diluted (m) 864 865 865
Net IB debt adj. -10 -23 -41
Market value of minority 0 0 0
EV 853 842 824
Reversal of shares and participations 0 0 0
Total assets turnover (%) 102,6 113,1 121,9
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 29,8 26,5 23,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -9,1 -20,5 -34,3
Net debt / market cap (%) -1,2 -2,6 -4,7
Equity ratio (%) 86,3 84,1 83,7
Net IB debt adj. / equity (%) -9,1 -20,5 -34,3
Current ratio 4,37 4,17 4,88
EBITDA/net interest 244,5 246,4 343,2
Net IB debt/EBITDA (x) -0,2 -0,4 -0,6
Net IB debt/EBITDA lease adj. (x) -0,2 -0,5 -0,6
Interest coverage 107,2 268,6 272,3
SEKm 2023 2024e 2025e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 5,94 5,66 7,48
Dividend per share 6,1 6,23 8,23
EPS adj. 6,49 5,66 7,48
BVPS 16,05 15,47 16,72
BVPS adj. 15,81 15,26 16,5
Net IB debt/share -1,46 -3,18 -5,74
Share price 122 122 122
Market cap. (m) 864 865 865
P/E (x) 20,5 21,5 16,3
EV/sales (x) 6,34 5,69 4,97
EV/EBITDA (x) 17,5 16 11,9
EV/EBITA (x) 20 16,8 12,4
EV/EBIT (x) 20 16,8 12,4
Dividend yield (%) 5 5,1 6,7
FCF yield (%) 4,6 6,6 7,3
Le. adj. FCF yld. (%) 4,4 6,5 7,2
P/BVPS (x) 7,6 7,89 7,3
P/BVPS adj. (x) 7,72 7,99 7,39
P/E adj. (x) 18,8 21,5 16,3
EV/EBITDA adj. (x) 13,2 11,6 10,1
EV/EBITA adj. (x) 18,3 16,8 12,4
EV/EBIT adj. (x) 18,3 16,8 12,4
EV/CE (x) 7,4 7,6 6,9
Investment ratios N/A N/A N/A
Capex/sales (%) 4,2 1 1,3
Capex/depreciation 1,2 0,7 0,9
Capex tangibles / tangible fixed assets 80,4 36,2 22,5
Capex intangibles / definite intangibles 58,1 0 -26,5
Depreciation on intang / def. intang 505 -154 -135
Depreciation on tangibles / tangibles 29,34 12,67 14,82

Equity research

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Media

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

Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 11.1 % 11.1 % 29 May 2024
Ulf Stenbeck inkl. bolag 9.9 % 9.9 % 29 May 2024
Nordnet Pensionsförsäkring 5.0 % 5.0 % 29 May 2024
Torbjörn Gustafsson 4.7 % 4.7 % 29 May 2024
Canaccord Genuity Wealth Management 3.7 % 3.7 % 29 May 2024
Jan Olof Brandels 3.2 % 3.2 % 14 May 2024
Måns Flodberg 2.5 % 2.5 % 31 May 2024
Einar Ahlström 2.2 % 2.2 % 29 May 2024
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 29 May 2024
Hans Christer Lund 1.9 % 1.9 % 29 May 2024
Source: Holdings by Modular Finance AB