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SinterCast

SinterCast

Process control solutions for compacted graphite iron

SinterCast is a leading supplier of online process control technology and know-how for the reliable high-volume production of Compacted Graphite Iron (CGI). The material is stronger than traditional iron, which enables downsizing, increased thermal and mechanical loading, and increased engine performance. The technology is primarily used in diesel engines for larger passenger vehicles such as SUVs and pick-ups as well as commercial vehicles and offroad equipment.

Increased focus on higher energy efficiency and lighter diesel engines. Increasing average vehicle size. Higher penetration of the truck and commercial vehicle segments.

Automotive demand, and more specifically demand for larger passenger vehicles such as SUVs and pick-up trucks with diesel engines. Regulation relating to fossil fuels and diesel in particular poses risks to the business model.

SEKm 2019 2020e 2021e
Sales 116 128 136
Sales growth (%) 32,1 10 6,5
EBITDA 51 57 63
EBITDA margin (%) 44,2 44,4 46,5
EBIT adj 47 53 59
EBIT adj margin (%) 41 41,4 43,5
Pretax profit 47 53 59
EPS rep 7,05 7,9 8,79
EPS growth (%) 52,8 12,2 11,2
EPS adj 7,05 7,9 8,79
DPS 7 8 9
EV/EBITDA (x) 27,3 24,6 21,9
EV/EBIT adj (x) 29,5 26,4 23,5
P/E (x) 28,8 25,7 23,1
P/E adj (x) 28,8 25,7 23,1
EV/sales (x) 12,1 10,9 10,2
FCF yield (%) 3,3 4 4,4
Dividend yield (%) 3,4 3,9 4,4
Net IB debt/EBITDA -0,8 -0,8 -0,8
SEKm 2019 2020e 2021e
Sales 116 128 136
COGS -25 -27 -27
Gross profit 91 101 109
Other operating items -40 -44 -45
EBITDA 51 57 63
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 47 53 59
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 47 53 59
Other financial items 0 0 0
Net financial items -1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 47 53 59
Tax 3 3 3
Net profit 50 56 62
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 50 56 62
EPS 7,05 7,9 8,79
EPS Adj 7,05 7,9 8,79
Total extraordinary items after tax 0 0 0
Tax rate (%) 6,8 6,1 5,4
Gross margin (%) 78,8 79,1 79,9
EBITDA margin (%) 44,2 44,4 46,5
EBITA margin (%) 41 41,4 43,5
EBIT margin (%) 41 41,4 43,5
Pretax margin (%) 40,3 41,4 43,5
Net margin (%) 43,1 43,9 45,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 32,1 10 6,5
EBITDA growth (%) 62,2 10,5 11,6
EBIT growth (%) 61,4 11,3 11,9
Net profit growth (%) 52,8 12,2 11,2
EPS growth (%) 52,8 12,2 11,2
Profitability 2019 2020 2021
ROE (%) 46,9 47,9 50,7
ROE Adj (%) 46,9 47,9 50,7
ROCE (%) 43,9 44 46,9
ROCE Adj(%) 43,9 44 46,9
ROIC (%) 72,7 76,6 85,1
ROIC Adj (%) 72,7 76,6 85,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 51 57 63
EBITDA Adj margin (%) 44,2 44,4 46,5
EBITA Adj 47 53 59
EBITA Adj margin (%) 41 41,4 43,5
EBIT Adj 47 53 59
EBIT Adj margin (%) 41 41,4 43,5
Pretax profit Adj 47 53 59
Net profit Adj 50 56 62
Net profit to shareholders Adj 50 56 62
Net Adj margin (%) 43,1 43,9 45,9
SEKm 2019 2020e 2021e
Inventories 8 9 9
Receivables 32 37 39
Other current assets 0 0 0
Cash and liquid assets 44 50 55
Total assets 129 140 146
Shareholders equity 114 120 126
Minority 0 0 0
Total equity 114 120 126
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 12 17 18
Other current liabilities 0 0 0
Total liabilities and equity 95 110 129
Net IB debt -41 -47 -52
Net IB debt excl. pension debt -41 -47 -52
Capital invested 73 73 73
Working capital 27 29 31
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1439 1439 1439
Net IB debt Adj -41 -47 -52
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 1399 1392 1387
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 96,9 94,9 94,9
Capital invested turnover (%) 166,1 174,2 185,4
Capital employed turnover (%) 107,3 106,3 107,8
Inventories / sales (%) 6,1 6,4 6,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 10,1 11,3 12,6
Working capital / sales (%) 20,6 21,9 22
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -35,7 -39 -41,7
Net debt / market cap (%) -4,4 -3,3 -3,6
Equity ratio (%) 88,1 86 85,9
Net IB debt adj. / equity (%) -35,7 -39 -41,7
Current ratio (%) 621,7 542,9 557,2
EBITDA / net interest (%) 7322,8 0 0
Net IB debt / EBITDA (%) -79,1 -82,6 -82,9
Interest cover (%) 6780 N/A N/A
EBITDA 51 57 63
Net financial items -1 0 0
Paid tax 3 3 3
Non-cash items 2 3 3
Cash flow before change in WC 55 63 70
Change in WC -6 -2 -2
Operating cash flow 49 61 68
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -2 -4 -4
Acquisitions and disposals 0 0 0
Free cash flow 47 57 63
Dividend paid -35 -50 -57
Share issues and buybacks 0 0 0
Other non cash items -3 0 0
Decrease in net IB debt 8 6 6
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 7 8 9
Tangible fixed assets 2 2 2
Other fixed assets 35 32 28
Fixed assets 46 44 42
SEKm 2019 2020e 2021e
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 7,05 7,9 8,79
Dividend per share Adj 7 8 9
EPS Adj 7,05 7,9 8,79
BVPS 16,04 16,94 17,73
BVPS Adj 15,11 15,82 16,42
Net IB debt / share -5,7 -6,6 -7,4
Share price 129,98 203 203
Market cap. (m) 922 1439 1439
Valuation 2019 2020 2021
P/E 28,8 25,7 23,1
EV/sales 12,07 10,92 10,21
EV/EBITDA 27,3 24,6 21,9
EV/EBITA 29,5 26,4 23,5
EV/EBIT 29,5 26,4 23,5
Dividend yield (%) 3,4 3,9 4,4
FCF yield (%) 3,3 4 4,4
P/BVPS 12,66 11,98 11,45
P/BVPS Adj 13,43 12,83 12,36
P/E Adj 28,8 25,7 23,1
EV/EBITDA Adj 27,3 24,6 21,9
EV/EBITA Adj 29,5 26,4 23,5
EV/EBIT Adj 29,5 26,4 23,5
EV/cap. employed 12 11,3 10,8
Investment ratios 2019 2020 2021
Capex / sales 1,4 3,2 3,2
Capex / depreciation 61,5 149,7 146,1
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 25,3 51,5 46,8
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 142,1 143,4 156,6

Equity research

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Media

SinterCast - Interview with CEO Steve Dawson
SinterCast - Company presentation with CEO Steve Dawson

Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
VLTCM Ltd 12.1 % 12.1 % 15 Jun 2009
Avanza Pension 11.7 % 11.7 % 31 Dec 2019
Nordnet Pensionsförsäkring 10.1 % 10.1 % 31 Dec 2019
Lars Ahlström 6.8 % 6.8 % 31 Dec 2019
Canaccord Genuity Wealth Management 3.7 % 3.7 % 31 Oct 2019
Jan Olof Brandels 2.5 % 2.5 % 31 Dec 2019
Ulf Stenbeck 2.1 % 2.1 % 31 Dec 2019
Stenbeck Invest AB 1.5 % 1.5 % 31 Dec 2019
Torbjörn Gustafsson 1.2 % 1.2 % 31 Dec 2019
Martin Karlberg 0.9 % 0.9 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - SinterCast

Name Quantity Code Date
Lars Hellberg + 100 BUY 1 Oct 2019
Jan Åke Jonsson + 2 000 BUY 16 Sep 2019
Lars Hellberg + 400 BUY 22 May 2019
Daphne Uhmeier + 1 000 BUY 18 Jun 2018
Hans-Erik Andersson + 1 000 BUY 15 Mar 2018
Steve Dawson + 2 613 BUY 7 Mar 2018
Daphne Uhmeier + 1 000 BUY 14 Dec 2017
Daphne Uhmeier + 2 500 BUY 27 Nov 2017
Daphne Uhmeier + 1 318 BUY 23 Nov 2017
Daphne Uhmeier + 600 BUY 23 Nov 2017

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