Sandvik AB

Sandvik is organized into five business areas: Sandvik Mining, Sandvik Machining Solutions, Sandvik Materials Technology, Sandvik Construction and Sandvik Venture. Sandvik Mining specializes in equipment, tools and service for the mining industry. Sandvik Machining Solutions focuses on tools and tooling systems for metal cutting. Sandvik Materials Technology specializes in products made from stainless steel grades and special alloys. Sandvik Construction specializes in equipment, tools and service for the breaking, drilling and crushing niches. Sandvik Venture generates value by promoting growth of small and medium-sized businesses of particular interest to the Sandvik Group.
  • TickerSAND
  • ISINSE0000667891
  • ExchangeNasdaq Nordic Stockholm
  • SectorIndustrial Engineering
  • CountrySweden

Analysts

3 directors bought/sold

Three Directors at Sandvik Ab bought/sold 21,780 shares at between 153.220SEK and 161.500SEK. The significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listin...

Frank Maaø ...
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Mats Bye
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Olof Larshammar

Sandvik (Hold, TP: SEK180.00) - Two better than three

Although expected, we consider the potential listing of SMT as a positive for Sandvik. Our analysis suggests it could trigger a higher valuation, as it should lift the ROCE and EBIT margins and enable SMT to grow faster in the years to come. We reiterate our HOLD but have raised our target price to SEK180 (173).

Denise Molina

Morningstar | Sandvik Reports Solid 1Q

No-moat Sandvik reported in-line first-quarter results with most end markets showing stable order growth aside from automotive. With a turn in the cycle being top of mind for markets, Sandvik's management echoed sentiments we have heard from other European capital goods suppliers in the quarter so far, namely a more cautious outlook for 2019 versus 2018 largely due to geopolitical risks, including trade wars and Brexit. Aside from the automotive sector, order book growth for companies in our universe seems to be pretty stable. Some companies are benefiting from late-cycle spending by the energ...

Eivind Sars Veddeng ...
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Montgomery
  • Nicolai Farstad Olsen
  • Ole-Andreas Krohn
  • Olof Larshammar

Northern Lights

Olof Larshammar

Sandvik (Hold, TP: SEK180.00) - Two better than three

Although expected, we consider the potential listing of SMT as a positive for Sandvik. Our analysis suggests it could trigger a higher valuation, as it should lift the ROCE and EBIT margins and enable SMT to grow faster in the years to come. We reiterate our HOLD but have raised our target price to SEK180 (173).

Denise Molina

Morningstar | Sandvik Reports Solid 1Q

No-moat Sandvik reported in-line first-quarter results with most end markets showing stable order growth aside from automotive. With a turn in the cycle being top of mind for markets, Sandvik's management echoed sentiments we have heard from other European capital goods suppliers in the quarter so far, namely a more cautious outlook for 2019 versus 2018 largely due to geopolitical risks, including trade wars and Brexit. Aside from the automotive sector, order book growth for companies in our universe seems to be pretty stable. Some companies are benefiting from late-cycle spending by the energ...

Denise Molina

Sandvik's 2018 In Line; Some End Markets Show Signs of Softness; Shares Richly Valued

Sandvik reported full-year results in line with our revenue and profit forecast. The share price looks rich to us at current levels. Sandvik has been enjoying what we think is peak cyclic order growth, which seems to be softening from automotive end markets in Europe and China, where the company also saw a weakening in demand from general engineering customers. We are maintaining our SEK 111 fair value estimate and no-moat rating. We believe the key difference between our forecasts and consensus...

Olof Larshammar

Sandvik (Hold, TP: SEK154.00) - Mining getting better and better

We have raised our 2019–2020 EBIT forecasts by 2–3% following the Q4 results, driven by higher sales and margin assumptions in Sandvik Mining and Rock Technology (SM&RT). Sandvik has clearly improved in recent years, and become more agile with a lower breakeven point. However, we believe this is already priced in following the recent outperformance versus Swedish peers, and we reiterate our HOLD while we have trimmed our target price to SEK154 (150).

Denise Molina

Morningstar | Sandvik Has Early Cycle Exposure to Economic Downturns

Sandvik has two core competencies: developing and manufacturing premium metal-cutting inserts and specialised rock excavation equipment. In the 1940s, Sandvik was one of the first companies in the world to offer cemented carbide cutting tools. This was revolutionary, as it replaced steel, which was less reliable and would wear down quickly. In excavation in the 1960s, Sandvik's drill bits helped to carve out the Mont Blanc tunnel.Today, the company operates three divisions, but not all of these contribute equally to returns and profitability. Contributing nearly 38% of revenue, the machining d...

3 directors bought/sold

Three Directors at Sandvik Ab bought/sold 21,780 shares at between 153.220SEK and 161.500SEK. The significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listin...

Frank Maaø ...
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Mats Bye
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Eivind Sars Veddeng ...
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Montgomery
  • Nicolai Farstad Olsen
  • Ole-Andreas Krohn
  • Olof Larshammar

Northern Lights

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Olof Larshammar

Northern Lights

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Mattias Montgomery
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling

On track for a strong comeback

Antti Kansanen ...
  • Christer Magnergård
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Helge André Martinsen
  • Martin Huseby Karlsen
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen

Northern Lights

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Sandvik – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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