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SinterCast: We expect EBIT up 50% y-o-y - ABG

Q1e: We expect SEK 35.5m revenue and 11.4m EBIT
'23e-'25e sales reduced by 3-7% on lowered FX and cup sales
Strong outlook for '23e as production continues to ramp


Q1e: steady growth to continue

In Q1e, we expect production of 3.5m annualised engine equivalents, up 9% y-o-y, and 56k sampling cups sold, up 14% y-o-y. We estimate this will translate into revenue of SEK 35.5m, up 26% y-o-y. The larger increase in revenue vs. series production is explained by the 12% y-o-y increase in the USD/SEK exchange rate. We expect EBIT of SEK 11.4m, up 50% y-o-y for a margin of 32%, as the company continues to benefit from its high operating leverage and revenue growth. On the net income level, we expect SEK 12.2m, up 54% y-o-y for a margin of 34%.
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