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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 108,1 119,1 137,17
Sales growth (%) -20,3 10,2 15,2
EBITDA 37 45 60
EBITDA margin (%) 33,8 37,4 43,7
EBIT adj. 33 42 55
EBIT adj. margin (%) 30,5 35,5 40,1
Pretax profit 33 42 55
EPS 3,49 4,78 6,19
EPS growth (%) -28 37 29,4
EPS adj. 3,52 4,78 6,19
DPS N/A N/A N/A
Dividend per share 3 5,26 6,8
EV/EBITDA (x) 17,7 13,9 10
EV/EBIT adj. (x) 19,5 14,6 10,9
P/E (x) 26,3 19,2 14,84
P/E adj. (x) 26,1 19,2 14,8
EV/sales (x) 5,96 5,19 4,39
FCF yield (%) 5,4 8,3 8,3
Le. adj. FCF yld. (%) 5,1 8 8
Dividend yield (%) 3,3 5,7 7,4
Net IB debt/EBITDA (x) -0,1 -0,7 -0,8
Le. adj. ND/EBITDA (x) -0,2 -0,8 -0,9
SEKm 2025 2026e 2027e
Sales 108,1 119,1 137,17
COGS -32 -34 -38
Gross profit 76 85 99
Other operating items -40 -40 -39
EBITDA 37 45 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 42,29 55,05
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 42,29 55,05
Net financial items 0 0 0
Pretax profit 33 42 55
Tax -8 -9 -11
Net profit 25 33 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 33 44
EPS 3,49 4,78 6,19
EPS adj. 3,52 4,78 6,19
Total extraordinary items after tax 0 0 0
Leasing payments -2 -2 -3
Tax rate (%) 24,6 20,5 20,6
Gross margin (%) 70,4 71,4 72
EBITDA margin (%) 33,8 37,4 43,7
EBITA margin (%) 30,5 35,5 40,1
EBIT margin (%) 30,5 35,5 40,1
Pre-tax margin (%) 30,4 35,3 40,1
Net margin (%) 22,9 28,1 31,9
Sales growth (%) -20,3 10,2 15,2
EBITDA growth (%) -22,8 22,2 34,5
EBITA growth (%) -23,4 28,2 30,2
EBIT growth (%) -23,4 28,2 30,2
Net profit growth (%) -27,3 34,8 30,8
EPS growth (%) -28 37 29,4
Profitability N/A N/A N/A
ROE (%) 27,7 38,9 44,1
ROE adj. (%) 27,7 38,9 44,1
ROCE (%) 36,6 47,9 54
ROCE adj. (%) 36,6 47,9 54
ROIC (%) 32,5 49,3 72,9
ROIC adj. (%) 32,5 49,3 72,9
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 37 45 60
EBITDA adj. margin (%) 33,8 37,4 43,7
EBITDA lease adj. 35 42 57
EBITDA lease adj. margin (%) 32,3 35,5 41,9
EBITA adj. 33 42 55
EBITA adj. margin (%) 30,5 35,5 40,1
EBIT adj. 33 42 55
EBIT adj. margin (%) 30,5 35,5 40,1
Pretax profit Adj. 33 42 55
Net profit Adj. 25 33 44
Net profit to shareholders adj. 25 33 44
Net adj. margin (%) 22,9 28,1 31,9
SEKm 2025 2026e 2027e
EBITDA 37 45 60
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 4 4
Non-cash items 0 1 0
Right-of-use asset 1 6 4
Cash flow before change in WC 37 45 60
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 36 22
Operating cash flow 35 55 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 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 5 36 50
Free cash flow 35 54 54
Total assets 86 116 123
Dividend paid -49 -21 -37
Shareholders equity 76 96 102
Share issues and buybacks -2 0 0
Minority 0 0 0
Total equity 76 96 102
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 86 116 123
Net IB debt -4 -31 -47
Net IB debt excl. pension debt -4 -31 -47
Net IB debt excl. leasing -5 -36 -50
Capital employed 77 100 105
Capital invested 72 65 55
Working capital 31 29 33
Market cap. diluted (m) 649 649 649
Net IB debt adj. -4 -31 -47
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 644 618 602
Financial risk and debt service N/A N/A N/A
Total assets turnover (%) 102,7 117,9 114,7
Working capital/sales (%) 28,2 24,9 22,4
Year N/A N/A N/A
Net debt/equity (%) -5,8 -32,4 -46,1
Net debt / market cap (%) -0,7 -4,8 -7,3
Equity ratio (%) 88,3 82,6 83,1
Net IB debt adj. / equity (%) -5,8 -32,4 -46,1
Current ratio 4,91 5,14 5,66
EBITDA/net interest 365 271,5 6332,8
Net IB debt/EBITDA (x) -0,1 -0,7 -0,8
Net IB debt/EBITDA lease adj. (x) -0,2 -0,8 -0,9
Interest coverage 110,7 104,6 130,8
SEKm 2025 2026e 2027e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 3,49 4,78 6,19
Dividend per share 3 5,26 6,8
EPS adj. 3,52 4,78 6,19
BVPS 10,77 13,55 14,48
BVPS adj. 10,67 13,51 14,48
Net IB debt/share -0,62 -4,39 -6,67
Share price 91,8 91,8 91,8
Market cap. (m) 649 649 649
P/E (x) 26,3 19,2 14,84
EV/sales (x) 5,96 5,19 4,39
EV/EBITDA (x) 17,7 13,9 10
EV/EBITA (x) 19,5 14,6 10,9
EV/EBIT (x) 19,5 14,6 10,9
Dividend yield (%) 3,3 5,7 7,4
FCF yield (%) 5,4 8,3 8,3
Le. adj. FCF yld. (%) 5,1 8 8
P/BVPS (x) 8,53 6,77 6,34
P/BVPS adj. (x) 8,6 6,79 6,34
P/E adj. (x) 26,1 19,2 14,8
EV/EBITDA adj. (x) 17,7 13,9 10
EV/EBITA adj. (x) 19,5 14,6 10,9
EV/EBIT adj. (x) 19,5 14,6 10,9
EV/CE (x) 8,4 6,2 5,7
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -0,5 -1 -1,3
Capex/depreciation 0,2 0,6 0,9
Capex tangibles / tangible fixed assets 9,6 26,9 38,5
Capex intangibles / definite intangibles 0 0 N/A
Depreciation on intang / def. intang 57 100 N/A
Depreciation on tangibles / tangibles 32,69 38,84 36,88

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
Lazard Frères Gestion 3.7 % 3.7 % 31 Mar 2026
Canaccord Genuity Wealth Management 3.7 % 3.7 % 27 Mar 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