Expect strong recovery after Q4 stoppage

Q1e sales SEK 33.2m, up 25% y-o-y, EBIT margin 33.8% (24.9%). Expect income statement taxes from Q3'24, cash taxes from late '27e. Fair value SEK 100-140, based on DCF model and historical P/E.

9% y-o-y growth despite temporary stoppage

Sales up 9% y-o-y, EBIT margin 44% (25%), partially due to FX. Estimates down 3% on FX, '23-'26e adj. EBIT CAGR of 14%. Strong installation pipe into '24-'25, trading at 13-10x EV/EBIT.

Strong installation outlook for '24-'25

Q4'23 results fast comment

Small revenue hiccup, but EBIT impresses

Prel. Q4 figures: EE 3.7m, revenue SEK 37m, EBIT SEK 15.4m. Maintenance stoppages on major production line in Nov-Dec. Enters '24 with stronger-than-usual installation pipeline.

Initiates buyback programme

Another production record, NRI hurts margin

Revenue SEK 40.4m, up 35% y-o-y, adj. EBIT margin 41% (44%). Accounts for income tax from Q4'23, pays cash taxes from late '27e. '23e-'25e adj. EBIT down 9-3%, but outlook intact.

Strong volume, but 7% below on revenue

SinterCast Q3'23 results fast comment

Record pre-released Q3 figures

Expect a great Q3e: sales SEK 44m, up 46% y-o-y; 46% EBIT margin. We raise '23e-'24e EBIT 7-4% on announced financial targets. Hiring of Operations Director establishes in-house succession path.

Not a major blow to the long-term outlook

Revenue back on track, better margins from next quarter. Programme end-of-life announcement for H2'24, expect revenue dip. Management remains confident in continued growth through 2030.

Better margins next time

Series production back on track

We expect SEK 32.5m (+16%) sales and 9m EBIT (+64%) in Q2e. Pre-released figures prove Q1 drop in sampling cups temporary. Outlook remains strong, fair value range SEK 100-160.

Unfortunate start to '23, but outlook still strong

Q1 revenue came in at SEK 26.4m, down 6% y-o-y, but our '24e-'25e outlook remains intact. We reiterate our fair value range of SEK 100-160.

4m and 5m EE milestones likely delayed

We expect EBIT up 50% y-o-y

Q1e: We expect SEK 35.5m revenue and 11.4m EBIT. '23e-'25e sales reduced by 3-7% on lowered FX and cup sales. Strong outlook for '23e as production continues to ramp.