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SinterCast

SinterCast

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 2,7 3,1 4,6
Lease adj. ND/EBITDA -1,4 -0,9 -0,7
Sales 95 115 149
Sales growth (%) -18,1 20,7 29,3
EBITDA 25 43 62
EBITDA margin (%) 26,6 37 41,6
EBIT adj 21 39 58
EBIT adj margin (%) 22,1 33,5 38,9
Pretax profit 22 37 58
EPS rep 3,12 5,64 9,46
EPS growth (%) -54 80,6 67,7
EPS adj 3,04 5,64 9,46
DPS 4 5,64 9,46
EV/EBITDA (x) 33,6 23,5 16,1
EV/EBIT adj (x) 40,5 26 17,2
P/E (x) 39,8 25,9 15,4
P/E adj (x) 40,9 25,9 15,4
EV/sales (x) 8,9 8,7 6,7
FCF yield (%) 2,8 3,3 4,8
Dividend yield (%) 3,2 3,9 6,5
Net IB debt/EBITDA -1,1 -0,7 -0,6
SEKm 2020 2021e 2022e
Depreciation and amortisation -4 -4 -4
Of which leasing depreciation -1 -1 -1
EO items 1 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 24 41 61
EBITDA lease Adj margin (%) 24,8 35,8 40,7
Sales 95 115 149
COGS -27 -30 -36
Gross profit 68 85 113
Other operating items -43 -43 -51
EBITDA 25 43 62
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -2 -2 -2
EBITA 22 39 58
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 22 39 58
Other financial items 0 0 0
Net financial items 1 -2 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 22 37 58
Tax 0 3 9
Net profit 22 40 67
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 22 40 67
EPS 3,12 5,64 9,46
EPS Adj 3,04 5,64 9,46
Total extraordinary items after tax 0,6 0 0
Tax rate (%) -0,4 8,2 15,9
Gross margin (%) 71,6 74 76
EBITDA margin (%) 26,6 37 41,6
EBITA margin (%) 22,7 33,5 38,9
EBIT margin (%) 22,7 33,5 38,9
Pretax margin (%) 23,3 32,1 38,9
Net margin (%) 23,2 34,7 45
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -18,1 20,7 29,3
EBITDA growth (%) -41,5 68,3 45,3
EBIT growth (%) -46 78,1 50,1
Net profit growth (%) -54 80,6 67,7
EPS growth (%) -54 80,6 67,7
Profitability 2020 2021 2022
ROE (%) 20,1 34,9 50,1
ROE Adj (%) 19,5 34,9 50,1
ROCE (%) 19 32,5 41,9
ROCE Adj(%) 18,5 32,5 41,9
ROIC (%) 26,6 49,3 68,4
ROIC Adj (%) 25,9 49,3 68,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 25 43 62
EBITDA Adj margin (%) 25,9 37 41,6
EBITA Adj 21 39 58
EBITA Adj margin (%) 22,1 33,5 38,9
EBIT Adj 21 39 58
EBIT Adj margin (%) 22,1 33,5 38,9
Pretax profit Adj 22 37 58
Net profit Adj 22 40 67
Net profit to shareholders Adj 22 40 67
Net Adj margin (%) 22,6 34,7 45
Leasing payments -1 -1 -1
SEKm 2020 2021e 2022e
Lease liability amortisation -1 -1 -1
Other intangible assets 6 6 6
Right-of-use asset 4 5 5
Total other fixed assets 50 53 62
Leasing liability 4 4 4
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -32 -36 -44
Net IB debt / EBITDA lease Adj (%) -135,7 -87,4 -72,9
Inventories 9 10 13
Receivables 29 35 45
Other current assets 0 0 0
Cash and liquid assets 26 30 38
Total assets 128 142 175
Shareholders equity 109 120 148
Minority 0 0 0
Total equity 109 120 148
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 15 18 23
Other current liabilities 0 0 0
Total liabilities and equity 128 142 175
Net IB debt -28 -32 -40
Net IB debt excl. pension debt -28 -32 -40
Capital invested 81 89 108
Working capital 24 28 36
EV breakdown 2020 2021 2022
Market cap. diluted (m) 881 1035 1035
Net IB debt Adj -28 -32 -40
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 853 1003 995
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 74,7 85,3 94
Capital invested turnover (%) 117,7 133,4 150
Capital employed turnover (%) 83,9 95,1 107,1
Inventories / sales (%) 9,3 8,7 7,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,6 14,2 13,6
Working capital / sales (%) 26 22,4 21,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -25,6 -26,4 -27,1
Net debt / market cap (%) -2,7 -3,1 -3,9
Equity ratio (%) 85,2 84,6 84,5
Net IB debt adj. / equity (%) -25,6 -26,4 -27,1
Current ratio (%) 413,1 404,1 406
EBITDA / net interest (%) -4225 2666,1 0
Net IB debt / EBITDA (%) -110,1 -74,6 -64,5
Interest cover (%) -3608,3 2409,8 0
EBITDA 25 43 62
Net financial items 1 -2 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 26 41 62
Change in WC 2 -4 -8
Operating cash flow 28 37 54
CAPEX tangible fixed assets -2 -2 -2
CAPEX intangible fixed assets -1 -2 -2
Acquisitions and disposals 0 0 0
Free cash flow 25 34 50
Dividend paid -25 -28 -40
Share issues and buybacks 0 0 0
Other non cash items -1 0 0
Decrease in net IB debt -3 4 6
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 6 6 6
Tangible fixed assets 3 4 5
Other fixed assets 50 54 63
Fixed assets 63 67 77
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 2,7 3,1 4,6
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 3,12 5,64 9,46
Dividend per share Adj 4 5,6 9,5
EPS Adj 3,04 5,64 9,46
BVPS 15,35 16,99 20,8
BVPS Adj 14,47 16,2 20,01
Net IB debt / share -3,9 -4,5 -5,6
Share price 146,12 146 146
Market cap. (m) 1036 1035 1035
Valuation 2020 2021 2022
P/E 39,8 25,9 15,4
EV/sales 8,94 8,71 6,68
EV/EBITDA 33,6 23,5 16,1
EV/EBITA 39,4 26 17,2
EV/EBIT 39,4 26 17,2
Dividend yield (%) 3,2 3,9 6,5
FCF yield (%) 2,8 3,3 4,8
P/BVPS 8,09 8,6 7,02
P/BVPS Adj 8,58 9,01 7,3
P/E Adj 40,9 25,9 15,4
EV/EBITDA Adj 34,5 23,5 16,1
EV/EBITA Adj 40,5 26 17,2
EV/EBIT Adj 40,5 26 17,2
EV/cap. employed 7,5 8,1 6,6
Investment ratios 2020 2021 2022
Capex / sales 2,9 3 2,9
Capex / depreciation 93,3 101,6 138,8
Capex tangibles / tangible fixed assets 57,1 49,3 44,7
Capex intangibles / definite intangibles 19,4 31,1 39,9
Depreciation on intangibles / definite intangibles 33,9 42,9 38,8
Depreciation on tangibles / tangibles 32,1 29,1 20

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

15,4

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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16,9

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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6,6

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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6,9