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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 108,1 118,4 136,9
Sales growth (%) -20,3 9,5 15,6
EBITDA 37 44 57
EBITDA margin (%) 33,8 36,8 42
EBIT adj. 33 41 55
EBIT adj. margin (%) 30,5 34,5 40
Pretax profit 33 41 55
EPS 3,49 4,61 6,18
EPS growth (%) -28 32,1 34,1
EPS adj. 3,52 4,61 6,18
DPS N/A N/A N/A
Dividend per share 3 5,07 6,8
EV/EBITDA (x) 17,4 13,9 10,3
EV/EBIT adj. (x) 19,2 14,8 10,8
P/E (x) 25,9 19,61 14,62
P/E adj. (x) 25,7 19,6 14,6
EV/sales (x) 5,87 5,11 4,31
FCF yield (%) 5,5 8,1 8,1
Le. adj. FCF yld. (%) 5,2 8 8
Dividend yield (%) 3,3 5,6 7,5
Net IB debt/EBITDA (x) -0,1 -0,8 -0,9
Le. adj. ND/EBITDA (x) -0,2 -0,8 -0,9
SEKm 2025 2026e 2027e
Sales 108,1 118,4 136,9
COGS -32 -34 -38
Gross profit 76 84 99
Other operating items -40 -41 -41
EBITDA 37 44 57
Depreciation and amortisation -4 -3 -3
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -1 -1 0
EBITA 33 40,82 54,8
EO Items N/A N/A N/A
Operating EO items 0 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT 33 40,82 54,8
Net financial items 0 0 0
Pretax profit 33 41 55
Tax -8 -8 -11
Net profit 25 32 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 32 44
EPS 3,49 4,61 6,18
EPS adj. 3,52 4,61 6,18
Total extraordinary items after tax 0 0 0
Leasing payments -2 -1 -1
Tax rate (%) 24,6 20,6 20,6
Gross margin (%) 70,4 71,3 72
EBITDA margin (%) 33,8 36,8 42
EBITA margin (%) 30,5 34,5 40
EBIT margin (%) 30,5 34,5 40
Pre-tax margin (%) 30,4 34,5 40,2
Net margin (%) 22,9 27,4 31,9
Sales growth (%) -20,3 9,5 15,6
EBITDA growth (%) -22,8 19,2 32
EBITA growth (%) -23,4 23,7 34,2
EBIT growth (%) -23,4 23,7 34,2
Net profit growth (%) -27,3 30,9 34,6
EPS growth (%) -28 32,1 34,1
Profitability N/A N/A N/A
ROE (%) 27,7 38 44,4
ROE adj. (%) 27,7 38 44,4
ROCE (%) 36,6 47,6 55,5
ROCE adj. (%) 36,6 47,6 55,5
ROIC (%) 32,5 49,1 76,5
ROIC adj. (%) 32,5 49,1 76,5
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 37 44 57
EBITDA adj. margin (%) 33,8 36,8 42
EBITDA lease adj. 35 43 57
EBITDA lease adj. margin (%) 32,3 36,3 41,5
EBITA adj. 33 41 55
EBITA adj. margin (%) 30,5 34,5 40
EBIT adj. 33 41 55
EBIT adj. margin (%) 30,5 34,5 40
Pretax profit Adj. 33 41 55
Net profit Adj. 25 32 44
Net profit to shareholders adj. 25 32 44
Net adj. margin (%) 22,9 27,4 31,9
SEKm 2025 2026e 2027e
EBITDA 37 44 57
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 0 0 0
Right-of-use asset 1 1 1
Cash flow before change in WC 37 44 58
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 34 26 14
Change in working capital -2 9 -4
Fixed assets 41 32 20
Operating cash flow 35 53 53
Inventories 9 11 12
Capex tangible fixed assets -1 -1 -2
Receivables 28 28 33
Capex intangible fixed assets 0 0 0
Other current assets 3 5 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 5 35 50
Free cash flow 35 51 52
Total assets 86 111 121
Dividend paid -49 -21 -36
Shareholders equity 76 95 102
Share issues and buybacks -2 0 0
Minority 0 0 0
Total equity 76 95 102
Leasing liability amortisation -2 0 -1
Long-term debt 0 0 0
Other non-cash items N/A N/A N/A
Other changes in net debt 1 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 1 1 1
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 2 4 4
Other current liabilities 7 12 14
Total liabilities and equity 86 111 121
Net IB debt -4 -34 -49
Net IB debt excl. pension debt -4 -34 -49
Net IB debt excl. leasing -5 -35 -50
Capital employed 77 96 104
Capital invested 72 60 53
Working capital 31 28 33
Market cap. diluted (m) 639 639 639
Net IB debt adj. -4 -34 -49
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 635 605 590
Financial risk and debt service N/A N/A N/A
Total assets turnover (%) 102,7 120,1 117,8
Working capital/sales (%) 28,2 25 22,4
Year N/A N/A N/A
Net debt/equity (%) -5,8 -36 -47,9
Net debt / market cap (%) -0,7 -5,3 -7,7
Equity ratio (%) 88,3 85,2 84,3
Net IB debt adj. / equity (%) -5,8 -36 -47,9
Current ratio 4,91 5,13 5,67
EBITDA/net interest 365 764,2 255,7
Net IB debt/EBITDA (x) -0,1 -0,8 -0,9
Net IB debt/EBITDA lease adj. (x) -0,2 -0,8 -0,9
Interest coverage 110,7 203,7 257,7
SEKm 2025 2026e 2027e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 3,49 4,61 6,18
Dividend per share 3 5,07 6,8
EPS adj. 3,52 4,61 6,18
BVPS 10,77 13,37 14,49
BVPS adj. 10,67 13,33 14,49
Net IB debt/share -0,62 -4,82 -6,94
Share price 90,4 90,4 90,4
Market cap. (m) 639 639 639
P/E (x) 25,9 19,61 14,62
EV/sales (x) 5,87 5,11 4,31
EV/EBITDA (x) 17,4 13,9 10,3
EV/EBITA (x) 19,2 14,8 10,8
EV/EBIT (x) 19,2 14,8 10,8
Dividend yield (%) 3,3 5,6 7,5
FCF yield (%) 5,5 8,1 8,1
Le. adj. FCF yld. (%) 5,2 8 8
P/BVPS (x) 8,4 6,76 6,24
P/BVPS adj. (x) 8,47 6,78 6,24
P/E adj. (x) 25,7 19,6 14,6
EV/EBITDA adj. (x) 17,4 13,9 10,3
EV/EBITA adj. (x) 19,2 14,8 10,8
EV/EBIT adj. (x) 19,2 14,8 10,8
EV/CE (x) 8,2 6,3 5,7
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -0,5 -1,3 -1,3
Capex/depreciation 0,2 0,7 0,8
Capex tangibles / tangible fixed assets 9,6 29,7 35,5
Capex intangibles / definite intangibles 0 0 N/A
Depreciation on intang / def. intang 57 133 N/A
Depreciation on tangibles / tangibles 32,69 36,14 38,72

Equity research

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Media

SinterCast - Fireside Chat with Deputy CEO Vitor Anjos
SinterCast - Company presentation with Operations Officer Vitor Anjos

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Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
Ulf Stenbeck inkl. bolag 9.6 % 9.6 % 25 Feb 2026
Avanza Pension 8.3 % 8.3 % 27 Mar 2026
Torbjörn Gustafsson 4.6 % 4.6 % 27 Mar 2026
Nordnet Pensionsförsäkring 4.2 % 4.2 % 27 Mar 2026
Canaccord Genuity Wealth Management 3.7 % 3.7 % 27 Mar 2026
Lazard Frères Gestion 3.3 % 3.3 % 28 Feb 2026
Måns Flodberg 2.5 % 2.5 % 31 Mar 2026
Jan Olof Brandels 2.5 % 2.5 % 27 Mar 2026
Gösta Hesslow 2.4 % 2.4 % 27 Mar 2026
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 27 Mar 2026
Source: Holdings by Modular Finance AB