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Eksterne analyser

SinterCast: 2025 looks back-half loaded - ABG

SinterCast

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

Download analyse (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%).
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