SinterCast
SinterCast - Preliminary results for 2021 (ABG Sundal Collier)

2022-01-17 10:57
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)
Sales SEK 107.4m for ’21, implies Q4 sales of SEK 29.6m
According to a company press release, ’21 sales finished at SEK 107.4m (+13% y-o-y), which implies Q4 sales of SEK 29.6m (+3% vs. ABGSCe SEK 28.7m). Series production saw a strong finish in ’21 due to customers bypassing the normal December shutdowns in order to meet the strong market demand. This led to Q4 annualised engine equivalents of 3.1m (in line with ABGSCe at 3.1m) and up 19% y-o-y. Equipment sales were also strong in Q4 at SEK 4.3m (+13% vs. ABGSCe SEK 3.8m), however down from a very strong Q4’20 at SEK 9.8m. During the quarter, SinterCast installed a new System 4,000 process control system at the Impro Industries foundry in Mexico as well as a Ladle Tracker system at Hyundai’s foundry in Korea.

’21 volumes affected by 10% according to management
In the press release, management states that industry analysts believe semiconductor shortages affected global vehicle production by 10% in 2021. They add to this that SinterCast’s 2021 volumes were likely also affected by roughly 10% (implying engine equivalents would have been ~3.4m without semiconductor shortages). They finish by saying that double-digit volume growth is expected going forward.

Trading at 20x ’22e EV/EBIT, 6-7% ’22e-’23e div. yield
On our current estimates (not adjusted for the figures in the latest press release), the share is trading at 20x ’22e EV/EBIT, offering 6-7% dividend yield for ’22e-’23e.


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research@abgsc.com (Introduce.se)
ABG Sundal Collier - Introduce.se

SinterCast - I dag

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