Continued series production ramp-up ’22e-’24e adj. EBIT up 5-3% on lower opex Fair value SEK 110-200, production targets reiterated Q2 adj. EBIT SEK 10.4m (+38% vs. ABGSCe of SEK 7.5m) SinterCast reported Q2 sales of SEK 27.9m (in line with preliminary sales figure and ABGSCe), and the gross margin amounted to 75% (ABGSCe 75%), helped in part by a high share of licensing fee sales, but also by an FX boost on the topline. The opex base, while up 22% y-o-y, was kept slimmer than we expected, resulting in an adj. EBIT of SEK 10.4m (+38% vs. ABGSCe of SEK 7.5m), for a margin of 37% (ABGSCe 27%). This included an NRI of SEK -4.9m (ABGSCe SEK -4.5m) tied to the termination of a deferred purchase agreement, which the company announced in the Q1 report.
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