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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 88 100 113
Sales growth (%) 33,7 14,3 12,4
EBITDA 32 38 46
EBITDA margin (%) 36 38 40,9
EBIT adj 29 36 43
EBIT adj margin (%) 33,5 35,8 37,9
Pretax profit 29 36 43
EPS rep 4,61 5,06 6,02
EPS growth (%) 75,8 9,7 19
EPS adj 4,61 5,06 6,02
DPS 5 5,5 6
EV/EBITDA (x) 17,1 18,9 15,6
EV/EBIT adj (x) 18,4 20 16,8
P/E (x) 17,5 20,9 17,5
P/E adj (x) 17,5 20,9 17,5
EV/sales (x) 6,2 7,2 6,4
FCF yield (%) 3,9 4,3 5,3
Dividend yield (%) 6,2 5,2 5,7
Net IB debt/EBITDA -2,2 -1,7 -1,4
SEKm 2018 2019e 2020e
Sales 88 100 113
COGS -19 -22 -26
Gross profit 69 78 86
Other operating items -37 -40 -40
EBITDA 32 38 46
Depreciation on tangibles -2 -2 -3
Depreciation on intangibles 0 0 0
EBITA 29 36 43
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 29 36 43
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 36 43
Tax 3 0 0
Net profit 33 36 43
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 33 36 43
EPS 4,61 5,06 6,02
EPS Adj 4,61 5,06 6,02
Total extraordinary items after tax 0 0 0
Tax rate (%) 11,2 0 0
Gross margin (%) 78,6 78 76,7
EBITDA margin (%) 36 38 40,9
EBITA margin (%) 33,5 35,8 37,9
EBIT margin (%) 33,5 35,8 37,9
Pretax margin (%) 33,5 35,8 37,9
Net margin (%) 37,3 35,8 37,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 33,7 14,3 12,4
EBITDA growth (%) 64,6 20,4 21
EBIT growth (%) 66,1 22 19
Net profit growth (%) 75,8 9,7 19
EPS growth (%) 75,8 9,7 19
Profitability 2018 2019 2020
ROE (%) 35,4 36,1 42,1
ROE Adj (%) 35,4 36,1 42,1
ROCE (%) 110,1 111,7 120,7
ROCE Adj(%) 110,1 111,7 120,7
ROIC (%) 122,5 111,7 120,7
ROIC Adj (%) 122,5 111,7 120,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 32 38 46
EBITDA Adj margin (%) 36 38 40,9
EBITA Adj 29 36 43
EBITA Adj margin (%) 33,5 35,8 37,9
EBIT Adj 29 36 43
EBIT Adj margin (%) 33,5 35,8 37,9
Pretax profit Adj 29 36 43
Net profit Adj 33 36 43
Net profit to shareholders Adj 33 36 43
Net Adj margin (%) 37,3 35,8 37,9
SEKm 2018 2019e 2020e
Inventories 7 7 8
Receivables 25 29 33
Other current assets 0 0 0
Cash and liquid assets 33 30 30
Total assets 110 112 118
Shareholders equity 99 100 103
Minority 0 0 0
Total equity 99 100 103
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 12 15
Other current liabilities 0 0 0
Total liabilities and equity 108 95 110
Net IB debt -69 -66 -66
Net IB debt excl. pension debt -69 -66 -66
Capital invested 30 34 37
Working capital 21 23 26
EV breakdown 2018 2019 2020
Market cap. diluted (m) 573 748 748
Net IB debt Adj -33 -30 -30
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 540 718 718
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 85,6 90,3 98,1
Capital invested turnover (%) 328,5 312,2 318,8
Capital employed turnover (%) 328,5 312,2 318,8
Inventories / sales (%) 6,1 6,7 6,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,3 11,6 11,9
Working capital / sales (%) 19,6 22 21,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -69,4 -66,1 -64,3
Net debt / market cap (%) -12,6 -8,8 -8,9
Equity ratio (%) 90 89,1 87,6
Net IB debt adj. / equity (%) -33,1 -29,9 -29,4
Current ratio (%) 586,4 537,1 484,4
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -217,7 -172,9 -144,2
Interest cover (%) N/A N/A N/A
EBITDA 32 38 46
Net financial items 0 0 0
Paid tax 3 0 0
Non-cash items -3 0 0
Cash flow before change in WC 32 38 46
Change in WC -7 -3 -3
Operating cash flow 25 35 44
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 22 32 40
Dividend paid -19 -35 -39
Share issues and buybacks 0 0 0
Other non cash items 3 0 0
Decrease in net IB debt 6 -3 1
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 8 8 8
Definite intangible assets 0 0 0
Tangible fixed assets 2 3 3
Other fixed assets 36 36 36
Fixed assets 46 46 47
SEKm 2018 2019e 2020e
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 4,61 5,06 6,02
Dividend per share Adj 5 5,5 6
EPS Adj 4,61 5,06 6,02
BVPS 13,99 14,05 14,57
BVPS Adj 13,99 14,05 14,57
Net IB debt / share -9,7 -9,3 -9,4
Share price 77,07 105,5 105,5
Market cap. (m) 546 748 748
Valuation 2018 2019 2020
P/E 17,5 20,9 17,5
EV/sales 6,16 7,17 6,37
EV/EBITDA 17,1 18,9 15,6
EV/EBITA 18,4 20 16,8
EV/EBIT 18,4 20 16,8
Dividend yield (%) 6,2 5,2 5,7
FCF yield (%) 3,9 4,3 5,3
P/BVPS 5,78 7,51 7,24
P/BVPS Adj 5,78 7,51 7,24
P/E Adj 17,5 20,9 17,5
EV/EBITDA Adj 17,1 18,9 15,6
EV/EBITA Adj 18,4 20 16,8
EV/EBIT Adj 18,4 20 16,8
EV/cap. employed 17,8 21,2 19,5
Investment ratios 2018 2019 2020
Capex / sales 3 2,9 3,5
Capex / depreciation 118,2 132,2 116,7
Capex tangibles / tangible fixed assets 123,8 103,3 117,1
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 78,1 100,3

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Main shareholders

SinterCast

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 12.4 % 12.4 % 31 Dec 2018
VLTCM Ltd 12.1 % 12.1 % 15 Jun 2009
Nordnet Pensionsförsäkring 9.1 % 9.1 % 31 Dec 2018
Lars Ahlström 6.2 % 6.2 % 31 Dec 2018
Canaccord Genuity Wealth Management 3.5 % 3.5 % 30 Nov 2018
Jan Olof Brandels 2.5 % 2.5 % 31 Dec 2018
Ulf Stenbeck 1.8 % 1.8 % 31 Dec 2018
Torbjörn Gustafsson 1.5 % 1.5 % 31 Dec 2018
Stenbeck Invest AB 1.4 % 1.4 % 31 Dec 2018
Sören Christensen 0.9 % 0.9 % 31 Dec 2018
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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