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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 2018 2019e 2020e
Sales 88 113 126
Sales growth (%) 33,7 28,8 11,3
EBITDA 32 46 56
EBITDA margin (%) 36 40,5 44,3
EBIT adj 29 44 52
EBIT adj margin (%) 33,5 38,7 41,3
Pretax profit 29 43 52
EPS rep 4,61 6,25 7,47
EPS growth (%) 75,8 35,5 19,6
EPS adj 4,61 6,25 7,47
DPS 5 6 7
EV/EBITDA (x) 17,1 20,9 17
EV/EBIT adj (x) 18,4 21,9 18,2
P/E (x) 17,5 22,3 18,7
P/E adj (x) 17,5 22,3 18,7
EV/sales (x) 6,2 8,5 7,5
FCF yield (%) 3,9 3,9 5
Dividend yield (%) 6,2 4,3 5
Net IB debt/EBITDA -2,2 -1,5 -1,4
SEKm 2018 2019e 2020e
Sales 88 113 126
COGS -19 -24 -25
Gross profit 69 89 101
Other operating items -37 -43 -45
EBITDA 32 46 56
Depreciation on tangibles -2 -2 -4
Depreciation on intangibles 0 0 0
EBITA 29 44 52
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 29 44 52
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 43 52
Tax 3 1 1
Net profit 33 44 53
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 33 44 53
EPS 4,61 6,25 7,47
EPS Adj 4,61 6,25 7,47
Total extraordinary items after tax 0 0 0
Tax rate (%) 11,2 2,1 1,9
Gross margin (%) 78,6 78,8 79,9
EBITDA margin (%) 36 40,5 44,3
EBITA margin (%) 33,5 38,7 41,3
EBIT margin (%) 33,5 38,7 41,3
Pretax margin (%) 33,5 38,4 41,3
Net margin (%) 37,3 39,2 42,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 33,7 28,8 11,3
EBITDA growth (%) 64,6 45 21,7
EBIT growth (%) 66,1 48,6 18,9
Net profit growth (%) 75,8 35,5 19,6
EPS growth (%) 75,8 35,5 19,6
Profitability 2018 2019 2020
ROE (%) 35,4 42,8 46,8
ROE Adj (%) 35,4 42,8 46,8
ROCE (%) 31,8 41,8 45,5
ROCE Adj(%) 31,8 41,8 45,5
ROIC (%) 122,5 130,5 136,2
ROIC Adj (%) 122,5 130,5 136,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 32 46 56
EBITDA Adj margin (%) 36 40,5 44,3
EBITA Adj 29 44 52
EBITA Adj margin (%) 33,5 38,7 41,3
EBIT Adj 29 44 52
EBIT Adj margin (%) 33,5 38,7 41,3
Pretax profit Adj 29 43 52
Net profit Adj 33 44 53
Net profit to shareholders Adj 33 44 53
Net Adj margin (%) 37,3 39,2 42,1
SEKm 2018 2019e 2020e
Inventories 7 8 9
Receivables 25 31 36
Other current assets 0 0 0
Cash and liquid assets 33 35 41
Total assets 110 124 135
Shareholders equity 99 108 118
Minority 0 0 0
Total equity 99 108 118
Long-term debt 0 2 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 16
Other current liabilities 0 0 0
Total liabilities and equity 108 95 110
Net IB debt -69 -70 -78
Net IB debt excl. pension debt -69 -70 -78
Capital invested 30 38 40
Working capital 21 25 29
EV breakdown 2018 2019 2020
Market cap. diluted (m) 573 989 989
Net IB debt Adj -33 -33 -41
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 540 956 948
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 85,6 96,6 97,3
Capital invested turnover (%) 328,5 330,6 323,2
Capital employed turnover (%) 94,8 108 110,2
Inventories / sales (%) 6,1 6,3 6,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,3 11 12
Working capital / sales (%) 19,6 20,4 21,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -69,4 -64,8 -66,3
Net debt / market cap (%) -12,6 -7,1 -7,9
Equity ratio (%) 90 87,1 87,9
Net IB debt adj. / equity (%) -33,1 -30,5 -35
Current ratio (%) 586,4 537,1 529,2
EBITDA / net interest (%) 0 15270,2 0
Net IB debt / EBITDA (%) -217,7 -152,6 -140,7
Interest cover (%) N/A 14566,8 N/A
EBITDA 32 46 56
Net financial items 0 0 0
Paid tax 3 1 1
Non-cash items -3 0 0
Cash flow before change in WC 32 46 57
Change in WC -7 -5 -3
Operating cash flow 25 40 53
CAPEX tangible fixed assets -3 -2 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 22 38 49
Dividend paid -19 -35 -43
Share issues and buybacks 0 0 0
Other non cash items 3 -2 2
Decrease in net IB debt 6 1 9
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 8 8 6
Definite intangible assets 0 0 0
Tangible fixed assets 2 5 6
Other fixed assets 36 37 37
Fixed assets 46 50 48
SEKm 2018 2019e 2020e
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 4,61 6,25 7,47
Dividend per share Adj 5 6 7
EPS Adj 4,61 6,25 7,47
BVPS 13,99 15,21 16,69
BVPS Adj 13,99 15,21 16,69
Net IB debt / share -9,7 -9,9 -11,1
Share price 77,07 139,5 139,5
Market cap. (m) 546 989 989
Valuation 2018 2019 2020
P/E 17,5 22,3 18,7
EV/sales 6,16 8,46 7,54
EV/EBITDA 17,1 20,9 17
EV/EBITA 18,4 21,9 18,2
EV/EBIT 18,4 21,9 18,2
Dividend yield (%) 6,2 4,3 5
FCF yield (%) 3,9 3,9 5
P/BVPS 5,78 9,17 8,36
P/BVPS Adj 5,78 9,17 8,36
P/E Adj 17,5 22,3 18,7
EV/EBITDA Adj 17,1 20,9 17
EV/EBITA Adj 18,4 21,9 18,2
EV/EBIT Adj 18,4 21,9 18,2
EV/cap. employed 5,4 8,7 8
Investment ratios 2018 2019 2020
Capex / sales 3 1,5 3,5
Capex / depreciation 118,2 82,1 116,7
Capex tangibles / tangible fixed assets 123,8 34,5 77,9
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 42 66,7

Equity research

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Media

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

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Main shareholders

SinterCast

Main shareholders Share capital % Voting shares % Verified
VLTCM Ltd 12.1 % 12.1 % 15 Jun 2009
Avanza Pension 10.9 % 10.9 % 30 Jun 2019
Nordnet Pensionsförsäkring 9.7 % 9.7 % 30 Jun 2019
Lars Ahlström 6.2 % 6.2 % 30 Jun 2019
Canaccord Genuity Wealth Management 3.7 % 3.7 % 30 Apr 2019
Jan Olof Brandels 2.5 % 2.5 % 30 Jun 2019
Ulf Stenbeck 1.8 % 1.8 % 30 Jun 2019
Stenbeck Invest AB 1.4 % 1.4 % 30 Jun 2019
Torbjörn Gustafsson 1.2 % 1.2 % 30 Jun 2019
Martin Karlberg 0.9 % 0.9 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

SinterCast

Name Quantity Code Date
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
Daphne Uhmeier + 382 BUY 1 Sep 2017
Daphne Uhmeier + 136 BUY 30 Dec 2016
Daphne Uhmeier + 64 BUY 28 Dec 2016

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