Near-term headwinds, strong mid-term outlook

Better than feared, strong installation outlook

Double headwinds in H2, but strong pipeline

Strong Q2 with guidance on H2 shutdown

In-line report, guides for 3.7m EEs in '24

EEs announced, est. sales +11%, 38% margin

Q2e: 4.0m EEs, 58k SCs pre-announced, expect SEK 13m EBIT. Cut sales by ~4%, EBIT by ~6% on lower EE volume vs. our estimate. End-of-life programme in H2, estimate -10% impact, H2 EEs -2.5%.

Another decade of growth ahead

Enviable financials: 10% sales and 20% 10-year EPS CAGR. Shunned by funds, but ESG and electrification risks overblown. We forecast 8% sales and 13% EPS CAGR over coming decade.

Marks three years of y-o-y growth

Strong y-o-y growth: EEs +18%, SCs +36%, sales +22%. EBIT margin 23% (25%), ~33% adjusted for FX effects. End-of-life programme in H2 will be partly offset by others ramping.

Revaluation of hedge contracts weigh on EBIT

Q1'24 results fast comment

SinterCast - A slight bump in the revenue growth road

Growth of 18% y-o-y, but 11% miss on our estimates We reduce estimates, but maintain positive outlook FV range of SEK 110-200 per share maintained

SinterCast - Strong profits despite softer volumes

EBIT SEK 12.9m (+24% vs. ABGSCe 10.4m) Q3 numbers imply EBIT upgrades of 4-3% Trading at 23x ’22e EV/EBIT on pre-Q3 estimates

SinterCast - Stable in uncertain times

Series production keeps going strong US dollar boosts sales estimates Equipment pipeline remains empty for now

SinterCast - Production ramp-up on track

Continued series production ramp-up ’22e-’24e adj. EBIT up 5-3% on lower opex Fair value SEK 110-200, production targets reiterated

SinterCast - Keeping costs down while growing

Adj. EBIT SEK 10.4m (+38% vs. ABGSCe 7.5m) Isolated Q2 figures imply 7-4% estimate upgrades 22x ’22e EV/EBIT, 5-8% ‘22e-‘24e dividend yield

SinterCast - Production ramping up on the ’21 installations

Q2 report due on Wednesday, 17 August Strong production volumes, sampling cups decline y-o-y Full order books support stable sales if demand declines

SinterCast - New installations from ’21 to drive ’22e growth

Volumes to begin ramping up in newly added foundries ’22 and ’24 series production targets reiterated 21x ’22e EV/EBIT (adj.), 5-8% ’22e-’24e dividend yields

SinterCast - Installations from ’21 start ramping up

Sales SEK 28.1m, EBIT SEK 7.6m Positive outlook as ’21 installations ramp up 22x ’22e EV/EBIT, 5-7% ‘22e-‘24e div. yield

SinterCast - Series production starts off strong in ’22

Q1 report due on Wednesday 27 April Strong series production, softer equipment sales 21x ’22e EV/EBIT, 5-8% ’22e-’24e dividend yield

SinterCast - Promising market conditions in ’22e

2021 saw a return to stability... …but there is still more growth to capture Currently trading at 22-16x ’22e-’23e EV/EBIT

SinterCast - Solid Q4, and outlook remains positive

Sales SEK 29.6m, EBIT SEK 7.8m Double-digit growth outlook reiterated 22x-16x ’22e-’23e EV/EBIT on pre-Q4 numbers