Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Third party research

SinterCast: 2025 looks back-half loaded - ABG

SinterCast

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

Download report (PDF)
Sales down 16% y-o-y as EEs remained flat q-o-q, 7% below us
We push forward recovery a bit, but will come as FAW & MAN ramp
No direct tariff impact, expects to benefit from improved market in H2


Engine equivalents not recovering quite yet

Sales were down 16% y-o-y, 7% below our estimate. Engine equivalents of 3.1m were flat q-o-q, while we had hoped for a recovery to start already in this quarter, looking for 3.4m. Stronger sampling cups offset some off this however, leaving series production revenue 3% below our estimate. The rest of the -7% sales deviation was from weaker equipment sales. Opex was in line with our estimates, but positive FX-hedge revaluations were slightly lower, meaning that underlying opex was a bit better. The lower sales volumes and a slightly weaker gross margin however meant that EBIT was 19% below our estimate, with the margin coming in at 37.8% (23.0%). Excluding FX-hedge revaluations, the margin would have been 28.5% (32.6%).
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.