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ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Adrian Gilani
  • Henric Hintze

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.

ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Adrian Gilani
  • Henric Hintze
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Henric Hintze

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Henric Hintze

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Henric Hintze

SinterCast - Stable in uncertain times

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

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

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

SinterCast - Continuing the stable trend

Q4 report due on Tuesday, 8 February ’22e-’23e engine equivalent volumes lowered 10-6% 23x ’22e EV/EBIT, fair value SEK 130-230 (132-241)

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

SinterCast - Preliminary results for 2021

Solid preliminary ’21 results announced SEK 29.6m Q4 sales (+3% vs. ABGSCe SEK 28.7m) 3.1m Q4 annualised engine eqs. (ABGSCe 3.1m)

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

SinterCast - Solid quarter and positive outlook into Q4

Series production at stable levels EBIT raised by 5% for ’21e, but down 8% for ’22e Fair value range of SEK 132-241 (130-236) per share

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco

SinterCast - Stable volumes despite turbulent market

Q3 report due on Wednesday, 3 November Revisions to series production and installation revenues Trading at 17x ’22e EV/EBIT, 4-8% div. yield ’21e-’23e

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Ofelia Aspemyr

SinterCast - EBIT deviation from delayed installations

Q2: EBIT of SEK 7.2m (-43% vs. ABGSCe at 12.6m) ’21e EBIT -14% on Q2 numbers, -3% for ’22e-’23e Fair value range of SEK 132-240 (137-248) per share

Adrian Gilani ... (+2)
  • Adrian Gilani
  • Ofelia Aspemyr

SinterCast - Miss on lower gross margin and installations

Q2 EBIT of SEK 7.2m (-43% vs. ABGSCe at 12.6m) Expect negative revisions on isolated Q2 numbers 18x ’22e EV/EBIT, div. yield 4-7% for ’21-’23e

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