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SinterCast

SEKm 2018 2019e 2020e
Sales 88 108 119
Sales growth (%) 33,7 22,7 11
EBITDA 32 43 51
EBITDA margin (%) 36 40 43,1
EBIT adj 29 41 48
EBIT adj margin (%) 33,5 37,8 40,1
Pretax profit 29 41 48
EPS rep 4,61 5,74 6,75
EPS growth (%) 75,8 24,5 17,5
EPS adj 4,61 5,74 6,75
DPS 5 5,5 6
EV/EBITDA (x) 17,1 21,2 17,7
EV/EBIT adj (x) 18,4 22,4 19
P/E (x) 17,5 23,3 19,8
P/E adj (x) 17,5 23,3 19,8
EV/sales (x) 6,2 8,5 7,6
FCF yield (%) 3,9 3,8 4,7
Dividend yield (%) 6,2 4,1 4,5
Net IB debt/EBITDA -2,2 -1,6 -1,5
SEKm 2018 2019e 2020e
Sales 88 108 119
COGS -19 -24 -27
Gross profit 69 84 92
Other operating items -37 -41 -41
EBITDA 32 43 51
Depreciation on tangibles -2 -2 -4
Depreciation on intangibles 0 0 0
EBITA 29 41 48
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 29 41 48
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 41 48
Tax 3 0 0
Net profit 33 41 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 33 41 48
EPS 4,61 5,74 6,75
EPS Adj 4,61 5,74 6,75
Total extraordinary items after tax 0 0 0
Tax rate (%) 11,2 0 0
Gross margin (%) 78,6 77,7 77,2
EBITDA margin (%) 36 40 43,1
EBITA margin (%) 33,5 37,8 40,1
EBIT margin (%) 33,5 37,8 40,1
Pretax margin (%) 33,5 37,8 40,1
Net margin (%) 37,3 37,8 40,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 33,7 22,7 11
EBITDA growth (%) 64,6 36,3 19,4
EBIT growth (%) 66,1 38,5 17,5
Net profit growth (%) 75,8 24,5 17,5
EPS growth (%) 75,8 24,5 17,5
Profitability 2018 2019 2020
ROE (%) 35,4 40 43,9
ROE Adj (%) 35,4 40 43,9
ROCE (%) 110,1 124,2 130,2
ROCE Adj(%) 110,1 124,2 130,2
ROIC (%) 122,5 124,2 130,2
ROIC Adj (%) 122,5 124,2 130,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 32 43 51
EBITDA Adj margin (%) 36 40 43,1
EBITA Adj 29 41 48
EBITA Adj margin (%) 33,5 37,8 40,1
EBIT Adj 29 41 48
EBIT Adj margin (%) 33,5 37,8 40,1
Pretax profit Adj 29 41 48
Net profit Adj 33 41 48
Net profit to shareholders Adj 33 41 48
Net Adj margin (%) 37,3 37,8 40,1
SEKm 2018 2019e 2020e
Inventories 7 7 8
Receivables 25 30 35
Other current assets 0 0 0
Cash and liquid assets 33 33 39
Total assets 110 117 129
Shareholders equity 99 104 113
Minority 0 0 0
Total equity 99 104 113
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 11 13 16
Other current liabilities 0 0 0
Total liabilities and equity 108 95 110
Net IB debt -69 -69 -75
Net IB debt excl. pension debt -69 -69 -75
Capital invested 30 35 38
Working capital 21 25 27
EV breakdown 2018 2019 2020
Market cap. diluted (m) 573 947 947
Net IB debt Adj -33 -33 -39
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 540 913 908
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 85,6 94,6 97,1
Capital invested turnover (%) 328,5 328,5 325
Capital employed turnover (%) 328,5 328,5 325
Inventories / sales (%) 6,1 6,5 6,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,3 11,1 11,9
Working capital / sales (%) 19,6 21,1 21,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -69,4 -66,4 -66,1
Net debt / market cap (%) -12,6 -7,3 -7,9
Equity ratio (%) 90 89,1 87,9
Net IB debt adj. / equity (%) -33,1 -31,9 -34,4
Current ratio (%) 586,4 552,1 526,6
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -217,7 -161 -145,7
Interest cover (%) N/A N/A N/A
EBITDA 32 43 51
Net financial items 0 0 0
Paid tax 3 0 0
Non-cash items -3 0 0
Cash flow before change in WC 32 43 51
Change in WC -7 -4 -3
Operating cash flow 25 39 49
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 22 36 45
Dividend paid -19 -35 -39
Share issues and buybacks 0 0 0
Other non cash items 3 0 0
Decrease in net IB debt 6 1 6
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 8 8 8
Definite intangible assets 0 0 0
Tangible fixed assets 2 3 3
Other fixed assets 36 36 36
Fixed assets 46 46 47
SEKm 2018 2019e 2020e
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 4,61 5,74 6,75
Dividend per share Adj 5 5,5 6
EPS Adj 4,61 5,74 6,75
BVPS 13,99 14,73 15,98
BVPS Adj 13,99 14,73 15,98
Net IB debt / share -9,7 -9,8 -10,6
Share price 77,07 133,5 133,5
Market cap. (m) 546 947 947
Valuation 2018 2019 2020
P/E 17,5 23,3 19,8
EV/sales 6,16 8,49 7,6
EV/EBITDA 17,1 21,2 17,7
EV/EBITA 18,4 22,4 19
EV/EBIT 18,4 22,4 19
Dividend yield (%) 6,2 4,1 4,5
FCF yield (%) 3,9 3,8 4,7
P/BVPS 5,78 9,06 8,36
P/BVPS Adj 5,78 9,06 8,36
P/E Adj 17,5 23,3 19,8
EV/EBITDA Adj 17,1 21,2 17,7
EV/EBITA Adj 18,4 22,4 19
EV/EBIT Adj 18,4 22,4 19
EV/cap. employed 17,8 26 23,7
Investment ratios 2018 2019 2020
Capex / sales 3 2,9 3,5
Capex / depreciation 118,2 132,2 116,7
Capex tangibles / tangible fixed assets 123,8 108,9 121
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 104,8 82,4 103,7

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.

19,8

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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17,9

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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7,2

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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8,3