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SinterCast

SinterCast

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 2,7 4,2 6
Lease adj. ND/EBITDA -0,9 -0,7 -0,5
Sales 106 141 164
Sales growth (%) 11,6 32,8 16,1
EBITDA 35 56 72
EBITDA margin (%) 33,3 39,9 43,8
EBIT adj 32 52 68
EBIT adj margin (%) 29,6 37 41,3
Pretax profit 30 52 68
EPS rep 4,9 8,67 10,87
EPS growth (%) 56,8 77 25,4
EPS adj 4,9 8,67 10,87
DPS 4,9 8,67 10,87
EV/EBITDA (x) 27,5 17,2 13,5
EV/EBIT adj (x) 31 18,5 14,3
P/E (x) 28,9 16,3 13
P/E adj (x) 28,9 16,3 13
EV/sales (x) 9,2 6,8 5,9
FCF yield (%) 2,8 4,4 6,2
Dividend yield (%) 3,5 6,1 7,7
Net IB debt/EBITDA -0,8 -0,6 -0,5
SEKm 2021 2022e 2023e
Depreciation and amortisation -4 -4 -4
Of which leasing depreciation -1 -1 -1
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 34 55 71
EBITDA lease Adj margin (%) 32 38,9 43
Sales 106 141 164
COGS -30 -34 -39
Gross profit 77 107 125
Other operating items -41 -51 -53
EBITDA 35 56 72
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -2 -2 -2
EBITA 32 52 68
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 32 52 68
Other financial items 0 0 0
Net financial items -2 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 30 52 68
Tax 5 9 9
Net profit 35 61 77
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 61 77
EPS 4,9 8,67 10,87
EPS Adj 4,9 8,67 10,87
Total extraordinary items after tax 0 0 0
Tax rate (%) 17,2 17,6 13,6
Gross margin (%) 72,1 76 76
EBITDA margin (%) 33,3 39,9 43,8
EBITA margin (%) 29,6 37 41,3
EBIT margin (%) 29,6 37 41,3
Pretax margin (%) 27,8 37 41,3
Net margin (%) 32,6 43,5 46,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 11,6 32,8 16,1
EBITDA growth (%) 39,7 59,2 27,7
EBIT growth (%) 45,6 65,8 29,9
Net profit growth (%) 56,8 77 25,4
EPS growth (%) 56,8 77 25,4
Profitability 2021 2022 2023
ROE (%) 31 47,8 51,5
ROE Adj (%) 31 47,8 51,5
ROCE (%) 27,1 39,4 44,1
ROCE Adj(%) 27,1 39,4 44,1
ROIC (%) 43,6 62,7 66,5
ROIC Adj (%) 43,6 62,7 66,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 35 56 72
EBITDA Adj margin (%) 33,3 39,9 43,8
EBITA Adj 32 52 68
EBITA Adj margin (%) 29,6 37 41,3
EBIT Adj 32 52 68
EBIT Adj margin (%) 29,6 37 41,3
Pretax profit Adj 30 52 68
Net profit Adj 35 61 77
Net profit to shareholders Adj 35 61 77
Net Adj margin (%) 32,6 43,5 46,9
Leasing payments -1 -1 -1
SEKm 2021 2022e 2023e
Lease liability amortisation -1 -1 -1
Other intangible assets 5 5 6
Right-of-use asset 5 5 6
Total other fixed assets 55 64 73
Leasing liability 4 4 4
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -31 -39 -37
Net IB debt / EBITDA lease Adj (%) -90,6 -70,1 -53
Inventories 10 13 15
Receivables 33 43 50
Other current assets 0 0 0
Cash and liquid assets 25 33 32
Total assets 136 168 187
Shareholders equity 115 142 158
Minority 0 0 0
Total equity 115 142 158
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 16 22 25
Other current liabilities 0 0 0
Total liabilities and equity 136 168 187
Net IB debt -27 -34 -33
Net IB debt excl. pension debt -27 -34 -33
Capital invested 89 108 124
Working capital 26 34 40
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1003 1003 1003
Net IB debt Adj -27 -34 -33
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 976 968 969
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 80,8 93,2 92,5
Capital invested turnover (%) 133,4 150 144
Capital employed turnover (%) 95,1 107,1 106,3
Inventories / sales (%) 8,7 7,9 8,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,2 13,6 14,5
Working capital / sales (%) 23,3 21,2 22,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -23,1 -24,2 -21,1
Net debt / market cap (%) -2,6 -3,4 -3,3
Equity ratio (%) 84,8 84,5 84,2
Net IB debt adj. / equity (%) -23,1 -24,2 -21,1
Current ratio (%) 386,2 389,6 367,5
EBITDA / net interest (%) 1864,6 0 0
Net IB debt / EBITDA (%) -75,2 -60,9 -46,1
Interest cover (%) 1659,3 0 0
EBITDA 35 56 72
Net financial items -2 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 34 56 72
Change in WC -2 -8 -6
Operating cash flow 32 48 66
CAPEX tangible fixed assets -2 -2 -2
CAPEX intangible fixed assets -2 -2 -2
Acquisitions and disposals 0 0 0
Free cash flow 28 44 62
Dividend paid -28 -35 -61
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 4 6 -3
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 6 6 6
Tangible fixed assets 3 4 6
Other fixed assets 54 63 72
Fixed assets 69 79 90
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 2,7 4,2 6
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 4,9 8,67 10,87
Dividend per share Adj 4,9 8,7 10,9
EPS Adj 4,9 8,67 10,87
BVPS 16,24 20,02 22,22
BVPS Adj 15,47 19,25 21,41
Net IB debt / share -3,8 -4,8 -4,7
Share price 143,84 141,4 141,4
Market cap. (m) 1020 1003 1003
Valuation 2021 2022 2023
P/E 28,9 16,3 13
EV/sales 9,17 6,85 5,9
EV/EBITDA 27,5 17,2 13,5
EV/EBITA 31 18,5 14,3
EV/EBIT 31 18,5 14,3
Dividend yield (%) 3,5 6,1 7,7
FCF yield (%) 2,8 4,4 6,2
P/BVPS 8,71 7,06 6,36
P/BVPS Adj 9,14 7,35 6,6
P/E Adj 28,9 16,3 13
EV/EBITDA Adj 27,5 17,2 13,5
EV/EBITA Adj 31 18,5 14,3
EV/EBIT Adj 31 18,5 14,3
EV/cap. employed 8,2 6,6 6
Investment ratios 2021 2022 2023
Capex / sales 3 2,9 2,9
Capex / depreciation 96,8 131,9 153,1
Capex tangibles / tangible fixed assets 46,9 44,5 39,5
Capex intangibles / definite intangibles 29,1 39 43
Depreciation on intangibles / definite intangibles 42 40 38
Depreciation on tangibles / tangibles 29,1 20,9 16

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.

13,0

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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14,1

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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5,8

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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6,3