Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2020 2021e 2022e
Sales 95 122 151
Sales growth (%) -18,2 28,4 23,1
EBITDA 26 44 61
EBITDA margin (%) 27 35,6 40,7
EBIT adj 22 40 58
EBIT adj margin (%) 23 32,6 38,3
Pretax profit 23 40 58
EPS rep 3,52 6,26 8,95
EPS growth (%) -48,3 77,8 43
EPS adj 3,52 6,26 8,95
DPS 3,52 6,26 8,95
EV/EBITDA (x) 35,9 21,1 14,8
EV/EBIT adj (x) 42,2 23 15,8
P/E (x) 38,3 21,5 15,1
P/E adj (x) 38,3 21,5 15,1
EV/sales (x) 9,7 7,5 6
FCF yield (%) 2,8 3,6 5,6
Dividend yield (%) 2,6 4,6 6,6
Net IB debt/EBITDA -1,2 -0,9 -0,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 95 122 151
COGS -26 -31 -37
Gross profit 70 92 114
Other operating items -44 -48 -52
EBITDA 26 44 61
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -2 -2 -2
EBITA 22 40 58
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 22 40 58
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 23 40 58
Tax 2 5 6
Net profit 25 44 63
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 44 63
EPS 3,52 6,26 8,95
EPS Adj 3,52 6,26 8,95
Total extraordinary items after tax 0 0 0
Tax rate (%) 8,7 11,3 10,1
Gross margin (%) 73,1 75 75,5
EBITDA margin (%) 27 35,6 40,7
EBITA margin (%) 23 32,6 38,3
EBIT margin (%) 23 32,6 38,3
Pretax margin (%) 24,1 32,6 38,3
Net margin (%) 26,2 36,3 42,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -18,2 28,4 23,1
EBITDA growth (%) -40,6 69 41
EBIT growth (%) -45,3 81,7 44,6
Net profit growth (%) -48,3 77,8 43
EPS growth (%) -48,3 77,8 43
Profitability 2020 2021 2022
ROE (%) 22,3 36,5 45,1
ROE Adj (%) 22,3 36,5 45,1
ROCE (%) 19,2 32,1 40,1
ROCE Adj(%) 19,2 32,1 40,1
ROIC (%) 29,4 51,2 64,7
ROIC Adj (%) 29,4 51,2 64,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 26 44 61
EBITDA Adj margin (%) 27 35,6 40,7
EBITA Adj 22 40 58
EBITA Adj margin (%) 23 32,6 38,3
EBIT Adj 22 40 58
EBIT Adj margin (%) 23 32,6 38,3
Pretax profit Adj 23 40 58
Net profit Adj 25 44 63
Net profit to shareholders Adj 25 44 63
Net Adj margin (%) 26,2 36,3 42,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Inventories 8 11 14
Receivables 25 32 39
Other current assets 0 0 0
Cash and liquid assets 33 42 49
Total assets 125 148 170
Shareholders equity 112 131 150
Minority 0 0 0
Total equity 112 131 150
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 14 17
Other current liabilities 0 0 0
Total liabilities and equity 125 148 170
Net IB debt -31 -39 -46
Net IB debt excl. pension debt -31 -39 -46
Capital invested 81 92 104
Working capital 22 29 36
EV breakdown 2020 2021 2022
Market cap. diluted (m) 956 956 956
Net IB debt Adj -31 -39 -46
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 925 917 909
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 75,4 89,6 94,8
Capital invested turnover (%) 117,3 141,1 153,7
Capital employed turnover (%) 83,2 98,4 104,9
Inventories / sales (%) 8,4 7,6 8,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 12,5 10 10,2
Working capital / sales (%) 25 20,9 21,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -27,3 -29,8 -30,9
Net debt / market cap (%) -3 -4,1 -4,9
Equity ratio (%) 89,2 88,8 88,4
Net IB debt adj. / equity (%) -27,3 -29,8 -30,9
Current ratio (%) 564,4 576,8 570,6
EBITDA / net interest (%) -2574 0 0
Net IB debt / EBITDA (%) -118,8 -89,9 -75,6
Interest cover (%) -2194 0 0
EBITDA 26 44 61
Net financial items 1 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 27 44 61
Change in WC 4 -7 -7
Operating cash flow 31 36 55
CAPEX tangible fixed assets -1 0 -1
CAPEX intangible fixed assets -3 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow 26 35 53
Dividend paid -25 -25 -44
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 0 9 7
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 8 7 6
Tangible fixed assets 2 2 2
Other fixed assets 47 51 57
Fixed assets 60 63 68
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 3,52 6,26 8,95
Dividend per share Adj 3,5 6,3 8,9
EPS Adj 3,52 6,26 8,95
BVPS 15,77 18,51 21,2
BVPS Adj 14,67 17,57 20,42
Net IB debt / share -4,3 -5,5 -6,5
Share price 146,12 134,8 134,8
Market cap. (m) 1036 956 956
Valuation 2020 2021 2022
P/E 38,3 21,5 15,1
EV/sales 9,71 7,49 6,04
EV/EBITDA 35,9 21,1 14,8
EV/EBITA 42,2 23 15,8
EV/EBIT 42,2 23 15,8
Dividend yield (%) 2,6 4,6 6,6
FCF yield (%) 2,8 3,6 5,6
P/BVPS 8,55 7,28 6,36
P/BVPS Adj 9,19 7,67 6,6
P/E Adj 38,3 21,5 15,1
EV/EBITDA Adj 35,9 21,1 14,8
EV/EBITA Adj 42,2 23 15,8
EV/EBIT Adj 42,2 23 15,8
EV/cap. employed 8,1 6,8 5,9
Investment ratios 2020 2021 2022
Capex / sales 4,6 1 1
Capex / depreciation 146,1 44,5 55,8
Capex tangibles / tangible fixed assets 53,3 27,1 43
Capex intangibles / definite intangibles 41,3 11 13,7
Depreciation on intangibles / definite intangibles 26,8 29 34,3
Depreciation on tangibles / tangibles 42 45,6 46,3
N/A N/A N/A

Equity research

Read earlier research

Media

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

Main shareholders - SinterCast

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 13.0 % 13.0 % 31 Dec 2020
Nordnet Pensionsförsäkring 10.6 % 10.6 % 31 Dec 2020
Lars Ahlström 6.8 % 6.8 % 31 Dec 2020
VLTCM Ltd 5.0 % 5.0 % 31 Dec 2020
Canaccord Genuity Wealth Management 3.7 % 3.7 % 30 Sep 2020
Ulf Stenbeck inkl. bolag 3.2 % 3.2 % 31 Dec 2020
Jan Olof Brandels 2.5 % 2.5 % 31 Dec 2020
eQ Asset Management Oy 1.1 % 1.1 % 31 Dec 2020
Torbjörn Gustafsson 1.1 % 1.1 % 31 Dec 2020
Franz Jörgen Holm 0.8 % 0.8 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - SinterCast

Name Quantity Code Date
Jun Arimoto + 272 BUY 28 Dec 2020
Jun Arimoto + 24 BUY 23 Nov 2020
Steve Dawson - 1 917 SELL 30 Oct 2020
Steve Dawson + 1 917 BUY 30 Oct 2020
Jun Arimoto + 500 BUY 3 Sep 2020
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

Show More