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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 108,1 122,65 138,86
Sales growth (%) -20,3 13,5 13,2
EBITDA 37 42 60
EBITDA margin (%) 33,8 34,5 43
EBIT adj. 33 41 55
EBIT adj. margin (%) 30,5 33,3 39,6
Pretax profit 33 40 55
EPS 3,49 4,58 6,17
EPS growth (%) -28 31,2 34,8
EPS adj. 3,52 4,58 6,17
DPS N/A N/A N/A
Dividend per share 3 5,04 6,79
EV/EBITDA (x) 20,1 16,9 11,7
EV/EBIT adj. (x) 22,2 17,5 12,7
P/E (x) 29,94 22,82 16,93
P/E adj. (x) 29,7 22,8 16,9
EV/sales (x) 6,79 5,84 5,03
FCF yield (%) 4,7 6,1 7,3
Le. adj. FCF yld. (%) 4,5 5,9 7
Dividend yield (%) 2,9 4,8 6,5
Net IB debt/EBITDA (x) -0,1 -0,5 -0,7
Le. adj. ND/EBITDA (x) -0,2 -0,7 -0,8
SEKm 2025 2026e 2027e
Sales 108,1 122,65 138,86
COGS -32 -36 -39
Gross profit 76 87 100
Other operating items -40 -44 -40
EBITDA 37 42 60
Depreciation and amortisation -4 -2 -5
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -1 0 -3
EBITA 33 40,81 55
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 40,81 55
Net financial items 0 -1 0
Pretax profit 33 40 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 4,58 6,17
EPS adj. 3,52 4,58 6,17
Total extraordinary items after tax 0 0 0
Leasing payments -2 -2 -3
Tax rate (%) 24,6 20,2 20,6
Gross margin (%) 70,4 70,8 72
EBITDA margin (%) 33,8 34,5 43
EBITA margin (%) 30,5 33,3 39,6
EBIT margin (%) 30,5 33,3 39,6
Pre-tax margin (%) 30,4 32,8 39,6
Net margin (%) 22,9 26,2 31,4
Sales growth (%) -20,3 13,5 13,2
EBITDA growth (%) -22,8 15,9 41,3
EBITA growth (%) -23,4 23,7 34,8
EBIT growth (%) -23,4 23,7 34,8
Net profit growth (%) -27,3 29,6 35,7
EPS growth (%) -28 31,2 34,8
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 27,7 39,1 47,3
ROE adj. (%) 27,7 39,1 47,3
ROCE (%) 36,6 47,7 57,6
ROCE adj. (%) 36,6 47,7 57,6
ROIC (%) 32,5 47,4 71,7
ROIC adj. (%) 32,5 47,4 71,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 37 42 60
EBITDA adj. margin (%) 33,8 34,5 43
EBITDA lease adj. 35 41 57
EBITDA lease adj. margin (%) 32,3 33 41,1
EBITA adj. 33 41 55
EBITA adj. margin (%) 30,5 33,3 39,6
EBIT adj. 33 41 55
EBIT adj. margin (%) 30,5 33,3 39,6
Pretax profit Adj. 33 40 55
Net profit Adj. 25 32 44
Net profit to shareholders adj. 25 32 44
Net adj. margin (%) 22,9 26,2 31,4
SEKm 2025 2026e 2027e
EBITDA 37 42 60
Goodwill 0 0 0
Net financial items 0 -1 0
Other intangible assets 1 0 0
Paid tax 0 0 0
Tangible fixed assets 5 4 4
Non-cash items 0 3 0
Right-of-use asset 1 6 4
Cash flow before change in WC 37 44 60
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 34 26 15
Change in working capital -2 1 -4
Fixed assets 41 36 23
Operating cash flow 35 46 56
Inventories 9 11 12
Capex tangible fixed assets -1 -1 -2
Receivables 28 29 33
Capex intangible fixed assets 0 0 0
Other current assets 3 5 6
Acquisitions and Disposals 0 0 0
Cash and liquid assets 5 27 43
Free cash flow 35 44 54
Total assets 86 109 117
Dividend paid -49 -21 -36
Shareholders equity 76 88 96
Share issues and buybacks -2 0 0
Minority 0 0 0
Total equity 76 88 96
Leasing liability amortisation -2 -2 -2
Long-term debt 0 0 0
Other non-cash items N/A N/A N/A
Other changes in net debt 1 -4 2
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 1 5 3
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 86 109 117
Net IB debt -4 -22 -40
Net IB debt excl. pension debt -4 -22 -40
Net IB debt excl. leasing -5 -27 -43
Capital employed 77 93 99
Capital invested 72 66 56
Working capital 31 29 33
Market cap. diluted (m) 739 739 739
Net IB debt adj. -4 -22 -40
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 734 716 698
Financial risk and debt service N/A N/A N/A
Total assets turnover (%) 102,7 125,8 122,8
Working capital/sales (%) 28,2 24,5 22,6
Year N/A N/A N/A
Net debt/equity (%) -5,8 -25,3 -41,7
Net debt / market cap (%) -0,6 -3 -5,4
Equity ratio (%) 88,3 81 82
Net IB debt adj. / equity (%) -5,8 -25,3 -41,7
Current ratio 4,91 4,54 5,24
EBITDA/net interest 365 304,8 1064,5
Net IB debt/EBITDA (x) -0,1 -0,5 -0,7
Net IB debt/EBITDA lease adj. (x) -0,2 -0,7 -0,8
Interest coverage 110,7 152,1 126,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 3,49 4,58 6,17
Dividend per share 3 5,04 6,79
EPS adj. 3,52 4,58 6,17
BVPS 10,77 12,47 13,61
BVPS adj. 10,67 12,43 13,61
Net IB debt/share -0,62 -3,16 -5,67
Share price 104,5 104,5 104,5
Market cap. (m) 739 739 739
Year N/A N/A N/A
P/E (x) 29,94 22,82 16,93
EV/sales (x) 6,79 5,84 5,03
EV/EBITDA (x) 20,1 16,9 11,7
EV/EBITA (x) 22,2 17,5 12,7
EV/EBIT (x) 22,2 17,5 12,7
Dividend yield (%) 2,9 4,8 6,5
FCF yield (%) 4,7 6,1 7,3
Le. adj. FCF yld. (%) 4,5 5,9 7
P/BVPS (x) 9,71 8,38 7,68
P/BVPS adj. (x) 9,8 8,41 7,68
P/E adj. (x) 29,7 22,8 16,9
EV/EBITDA adj. (x) 20,1 16,9 11,7
EV/EBITA adj. (x) 22,2 17,5 12,7
EV/EBIT adj. (x) 22,2 17,5 12,7
EV/CE (x) 9,5 7,7 7
Investment ratios N/A N/A N/A
Capex/sales (%) -0,5 -0,9 -1,3
Capex/depreciation 0,2 0,8 0,9
Capex tangibles / tangible fixed assets 9,6 24,6 38,8
Capex intangibles / definite intangibles 0 0 N/A
Depreciation on intang / def. intang 57 67 N/A
Depreciation on tangibles / tangibles 32,69 25,13 36,71

Equity research

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Media

SinterCast - Company presentation with President & CEO Vitor Anjos
SinterCast - Fireside Chat with Deputy CEO Vitor Anjos

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Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
Ulf Stenbeck inkl. bolag 9.8 % 9.8 % 27 Aug 2026
Avanza Pension 7.8 % 7.8 % 28 Sep 2026
Nordnet Pensionsförsäkring 4.2 % 4.2 % 28 Sep 2026
Lazard Frères Gestion 4.1 % 4.1 % 28 Sep 2026
Canaccord Genuity Wealth Management 3.7 % 3.7 % 28 Sep 2026
Måns Flodberg 2.5 % 2.5 % 30 Sep 2026
Jan Olof Brandels 2.5 % 2.5 % 28 Sep 2026
Gösta Hesslow 2.4 % 2.4 % 28 Sep 2026
Bergsjöholm Förvaltning AB 2.2 % 2.2 % 28 Sep 2026
Einar Ahlström 2.1 % 2.1 % 28 Sep 2026
Source: Holdings by Modular Finance AB