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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 108,1 123,9 139,62
Sales growth (%) -20,3 14,6 12,7
EBITDA 37 45 62
EBITDA margin (%) 33,8 36,2 44,3
EBIT adj. 33 44 57
EBIT adj. margin (%) 30,5 35,8 41,1
Pretax profit 33 44 57
EPS 3,49 5 6,45
EPS growth (%) -28 43,2 29,1
EPS adj. 3,52 5 6,45
DPS N/A N/A N/A
Dividend per share 3 5,5 7,09
EV/EBITDA (x) 20,7 16,3 11,6
EV/EBIT adj. (x) 22,9 16,5 12,5
P/E (x) 30,8 21,51 16,67
P/E adj. (x) 30,5 21,5 16,7
EV/sales (x) 6,99 5,92 5,13
FCF yield (%) 4,6 6,4 7,4
Le. adj. FCF yld. (%) 4,4 6,2 7,1
Dividend yield (%) 2,8 5,1 6,6
Net IB debt/EBITDA (x) -0,1 -0,6 -0,7
Le. adj. ND/EBITDA (x) -0,2 -0,7 -0,8
SEKm 2025 2026e 2027e
Sales 108,1 123,9 139,62
COGS -32 -37 -39
Gross profit 76 87 101
Other operating items -40 -42 -39
EBITDA 37 45 62
Depreciation and amortisation -4 -1 -4
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -1 0 -3
EBITA 33 44,39 57,41
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 44,39 57,41
Net financial items 0 -1 0
Pretax profit 33 44 57
Tax -8 -9 -12
Net profit 25 35 46
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 35 46
EPS 3,49 5 6,45
EPS adj. 3,52 5 6,45
Total extraordinary items after tax 0 0 0
Leasing payments -2 -1 -3
Tax rate (%) 24,6 19,9 20,6
Gross margin (%) 70,4 70,3 72
EBITDA margin (%) 33,8 36,2 44,3
EBITA margin (%) 30,5 35,8 41,1
EBIT margin (%) 30,5 35,8 41,1
Pre-tax margin (%) 30,4 35,3 41,1
Net margin (%) 22,9 28,3 32,6
Sales growth (%) -20,3 14,6 12,7
EBITDA growth (%) -22,8 23 37,8
EBITA growth (%) -23,4 34,5 29,3
EBIT growth (%) -23,4 34,5 29,3
Net profit growth (%) -27,3 41,2 30,1
EPS growth (%) -28 43,2 29,1
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 27,7 41,9 48,2
ROE adj. (%) 27,7 41,9 48,2
ROCE (%) 36,6 50,7 58,7
ROCE adj. (%) 36,6 50,7 58,7
ROIC (%) 32,5 52 76
ROIC adj. (%) 32,5 52 76
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 37 45 62
EBITDA adj. margin (%) 33,8 36,2 44,3
EBITDA lease adj. 35 43 59
EBITDA lease adj. margin (%) 32,3 35,1 42,3
EBITA adj. 33 44 57
EBITA adj. margin (%) 30,5 35,8 41,1
EBIT adj. 33 44 57
EBIT adj. margin (%) 30,5 35,8 41,1
Pretax profit Adj. 33 44 57
Net profit Adj. 25 35 46
Net profit to shareholders adj. 25 35 46
Net adj. margin (%) 22,9 28,3 32,6
SEKm 2025 2026e 2027e
EBITDA 37 45 62
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 4 0
Right-of-use asset 1 5 3
Cash flow before change in WC 37 48 62
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 34 26 14
Change in working capital -2 1 -4
Fixed assets 41 35 21
Operating cash flow 35 49 58
Inventories 9 11 13
Capex tangible fixed assets -1 -1 -2
Receivables 28 30 34
Capex intangible fixed assets 0 0 0
Other current assets 3 5 6
Acquisitions and Disposals 0 0 0
Cash and liquid assets 5 31 46
Free cash flow 35 48 56
Total assets 86 112 119
Dividend paid -49 -21 -39
Shareholders equity 76 91 98
Share issues and buybacks -2 0 0
Minority 0 0 0
Total equity 76 91 98
Leasing liability amortisation -2 -1 -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 86 112 119
Net IB debt -4 -26 -43
Net IB debt excl. pension debt -4 -26 -43
Net IB debt excl. leasing -5 -31 -46
Capital employed 77 96 101
Capital invested 72 65 55
Working capital 31 30 34
Market cap. diluted (m) 760 760 760
Net IB debt adj. -4 -26 -43
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 755 734 717
Financial risk and debt service N/A N/A N/A
Total assets turnover (%) 102,7 124,9 120,7
Working capital/sales (%) 28,2 24,4 22,6
Year N/A N/A N/A
Net debt/equity (%) -5,8 -28,7 -43,9
Net debt / market cap (%) -0,6 -3,4 -5,7
Equity ratio (%) 88,3 81,2 82,1
Net IB debt adj. / equity (%) -5,8 -28,7 -43,9
Current ratio 4,91 4,78 5,39
EBITDA/net interest 365 853,6 10950,5
Net IB debt/EBITDA (x) -0,1 -0,6 -0,7
Net IB debt/EBITDA lease adj. (x) -0,2 -0,7 -0,8
Interest coverage 110,7 337,3 128,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS 3,49 5 6,45
Dividend per share 3 5,5 7,09
EPS adj. 3,52 5 6,45
BVPS 10,77 12,89 13,84
BVPS adj. 10,67 12,85 13,84
Net IB debt/share -0,62 -3,7 -6,08
Share price 107,5 107,5 107,5
Market cap. (m) 760 760 760
Year N/A N/A N/A
P/E (x) 30,8 21,51 16,67
EV/sales (x) 6,99 5,92 5,13
EV/EBITDA (x) 20,7 16,3 11,6
EV/EBITA (x) 22,9 16,5 12,5
EV/EBIT (x) 22,9 16,5 12,5
Dividend yield (%) 2,8 5,1 6,6
FCF yield (%) 4,6 6,4 7,4
Le. adj. FCF yld. (%) 4,4 6,2 7,1
P/BVPS (x) 9,98 8,34 7,76
P/BVPS adj. (x) 10,08 8,37 7,76
P/E adj. (x) 30,5 21,5 16,7
EV/EBITDA adj. (x) 20,7 16,3 11,6
EV/EBITA adj. (x) 22,9 16,5 12,5
EV/EBIT adj. (x) 22,9 16,5 12,5
EV/CE (x) 9,8 7,6 7,1
Investment ratios N/A N/A N/A
Capex/sales (%) -0,5 -0,5 -1,3
Capex/depreciation 0,2 1,1 0,9
Capex tangibles / tangible fixed assets 9,6 16 40,1
Capex intangibles / definite intangibles 0 0 N/A
Depreciation on intang / def. intang 57 33 N/A
Depreciation on tangibles / tangibles 32,69 12 35,92

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 % 30 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