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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 117 110 136
Sales growth (%) 32,8 -5,5 23,4
EBITDA 43 35 51
EBITDA margin (%) 37,2 31,3 37,4
EBIT adj 45 31 47
EBIT adj margin (%) 38,6 28,2 34,7
Pretax profit 40 29 47
EPS rep 6,8 4,68 7,29
EPS growth (%) 47,4 -31,1 55,6
EPS adj 7,49 4,68 7,29
DPS 6,75 4,68 7,29
EV/EBITDA (x) 31,2 32 21,6
EV/EBIT adj (x) 30 35,6 23,3
P/E (x) 28,7 33,7 21,7
P/E adj (x) 26 33,7 21,7
EV/sales (x) 11,6 10 8,1
FCF yield (%) 2,6 2,9 3,8
Dividend yield (%) 3,5 3 4,6
Net IB debt/EBITDA -0,7 -0,4 -0,4
SEKm 2019 2020e 2021e
Sales 117 110 136
COGS -28 -30 -33
Gross profit 89 80 103
Other operating items -46 -46 -52
EBITDA 43 35 51
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -2 -2 -2
EBITA 40 31 47
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 40 31 47
Other financial items 0 0 0
Net financial items 0 -2 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 40 29 47
Tax 8 4 5
Net profit 48 33 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 48 33 52
EPS 6,8 4,68 7,29
EPS Adj 7,49 4,68 7,29
Total extraordinary items after tax -4,9 0 0
Tax rate (%) 20,8 13,7 9,5
Gross margin (%) 76,4 72,7 76
EBITDA margin (%) 37,2 31,3 37,4
EBITA margin (%) 34,4 28,2 34,7
EBIT margin (%) 34,4 28,2 34,7
Pretax margin (%) 34,2 26,5 34,7
Net margin (%) 41,4 30,2 38
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 32,8 -5,5 23,4
EBITDA growth (%) 37 -20,3 47,3
EBIT growth (%) 36,4 -22,7 52,1
Net profit growth (%) 47,4 -31,1 55,6
EPS growth (%) 47,4 -31,1 55,6
Profitability 2019 2020 2021
ROE (%) 45,7 31,8 48,6
ROE Adj (%) 50,4 31,8 48,6
ROCE (%) 37,5 28,9 43,2
ROCE Adj(%) 42,1 28,9 43,2
ROIC (%) 65,8 42,9 58,3
ROIC Adj (%) 73,9 42,9 58,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 48 35 51
EBITDA Adj margin (%) 41,4 31,3 37,4
EBITA Adj 45 31 47
EBITA Adj margin (%) 38,6 28,2 34,7
EBIT Adj 45 31 47
EBIT Adj margin (%) 38,6 28,2 34,7
Pretax profit Adj 45 29 47
Net profit Adj 53 33 52
Net profit to shareholders Adj 53 33 52
Net Adj margin (%) 45,6 30,2 38
SEKm 2019 2020e 2021e
Inventories 8 9 12
Receivables 31 29 36
Other current assets 0 0 0
Cash and liquid assets 33 16 24
Total assets 128 112 134
Shareholders equity 112 97 116
Minority 0 0 0
Total equity 112 97 116
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 13 12 15
Other current liabilities 0 0 0
Total liabilities and equity 128 112 134
Net IB debt -31 -14 -21
Net IB debt excl. pension debt -31 -14 -21
Capital invested 81 83 94
Working capital 26 25 33
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1383 1119 1119
Net IB debt Adj -31 -14 -21
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 1352 1105 1097
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 98 91,8 110,6
Capital invested turnover (%) 158,3 133,9 153,2
Capital employed turnover (%) 109 102,8 124,6
Inventories / sales (%) 6,4 7,8 7,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 10,3 11,6 10,2
Working capital / sales (%) 20 23,2 21,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -27,3 -14,1 -18,6
Net debt / market cap (%) -3,3 -1,2 -1,9
Equity ratio (%) 87,5 86,5 86,5
Net IB debt adj. / equity (%) -27,3 -14,1 -18,6
Current ratio (%) 512,9 404,5 443,1
EBITDA / net interest (%) 21650 1917,6 0
Net IB debt / EBITDA (%) -70,4 -39,7 -42,3
Interest cover (%) 20050 1723,2 N/A
EBITDA 43 35 51
Net financial items 0 -2 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 43 33 51
Change in WC -5 1 -7
Operating cash flow 38 33 44
CAPEX tangible fixed assets -1 0 -1
CAPEX intangible fixed assets -1 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow 37 32 42
Dividend paid -35 -48 -33
Share issues and buybacks 0 0 0
Other non cash items -3 0 0
Decrease in net IB debt -3 -17 8
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 7 5 4
Tangible fixed assets 2 2 1
Other fixed assets 45 49 53
Fixed assets 56 59 62
SEKm 2019 2020e 2021e
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 6,8 4,68 7,29
Dividend per share Adj 6,8 4,7 7,3
EPS Adj 7,49 4,68 7,29
BVPS 15,75 13,69 16,29
BVPS Adj 14,81 12,92 15,68
Net IB debt / share -4,3 -1,9 -3
Share price 129,98 157,8 157,8
Market cap. (m) 922 1119 1119
Valuation 2019 2020 2021
P/E 28,7 33,7 21,7
EV/sales 11,61 10,03 8,08
EV/EBITDA 31,2 32 21,6
EV/EBITA 33,7 35,6 23,3
EV/EBIT 33,7 35,6 23,3
Dividend yield (%) 3,5 3 4,6
FCF yield (%) 2,6 2,9 3,8
P/BVPS 12,38 11,53 9,69
P/BVPS Adj 13,17 12,22 10,07
P/E Adj 26 33,7 21,7
EV/EBITDA Adj 28,1 32 21,6
EV/EBITA Adj 30 35,6 23,3
EV/EBIT Adj 30 35,6 23,3
EV/cap. employed 11,8 11,1 9,3
Investment ratios 2019 2020 2021
Capex / sales 1 1 1
Capex / depreciation 50 40,8 49,4
Capex tangibles / tangible fixed assets 31,6 28,8 43,5
Capex intangibles / definite intangibles 9 12,1 18,7
Depreciation on intangibles / definite intangibles 25,1 34,5 44,1
Depreciation on tangibles / tangibles 37,9 52,9 66

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
Avanza Pension 11.9 % 11.9 % 30 Jun 2020
Nordnet Pensionsförsäkring 9.4 % 9.4 % 30 Jun 2020
VLTCM Ltd 8.4 % 8.4 % 31 Mar 2020
Lars Ahlström 6.8 % 6.8 % 30 Jun 2020
Ulf Stenbeck inkl. bolag 4.4 % 4.4 % 30 Jun 2020
Canaccord Genuity Wealth Management 3.7 % 3.7 % 31 Mar 2020
Jan Olof Brandels 2.5 % 2.5 % 30 Jun 2020
Torbjörn Gustafsson 1.2 % 1.2 % 30 Jun 2020
Franz Jörgen Holm 0.8 % 0.8 % 30 Jun 2020
Martin Karlberg 0.7 % 0.7 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - SinterCast

Name Quantity Code Date
Åsa kÄLLENIUS + 1 000 BUY 8 Jul 2020
Daphne Uhmeier + 108 BUY 20 May 2020
Daphne Uhmeier + 200 BUY 18 May 2020
Daphne Uhmeier + 200 BUY 22 Apr 2020
Daphne Uhmeier - 200 SELL 17 Apr 2020
Jun Arimoto + 113 BUY 18 Mar 2020
Daphne Uhmeier + 200 BUY 12 Mar 2020
Jan Åke Jonsson + 500 BUY 11 Mar 2020
Jan Åke Jonsson + 1 500 BUY 6 Mar 2020
Jan Åke Jonsson + 1 500 BUY 27 Feb 2020

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