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SinterCast: Volume recovery drives earnings beat - ABG

SINTThird party research2026-11-04 09:06

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
* Volumes pre-announced
* Sales in line, EBIT +19% vs ABGSCe
* Share trading at 23-13x '26e-'28e


Q3 results

Sales grew 46% y-o-y and were in line with our estimate. Annualised engine equivalents produced were 3.25m, growing 19% y-o-y, and were thereby in line with our estimate. Sampling cups sold increased 80% y-o-y, and were in line with our estimate. With a margin of 44.9%, 7.3pp above our estimate, EBIT adj. was 19% above our estimate.


Estimate changes

The Q3 numbers in isolation imply EBIT adj. comes up 6%.


Company valuation

Strong report, with Sintercast delivering on the accelerated ramp-up of new production programs. Over the past three months, the share has returned -1%, compared to the +1% of the OMX Stockholm Allshare. The share is currently trading at 23x-13x '26e-'28e P/E, compared to its 10-year historical median of 22x-14x.