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
Karl Bokvist ...
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – August 2020

Q2 surprised positively, adj. EBIT 44% was above expectations. On average, we left 2020-2021e EBIT unchanged, with good upgrades in Volvo, ABB, Alfa Laval. PMI’s are indicating a return to organic growth in Q4’20, we see upside to forecasts in some of the short-cycle names. The stronger SEK is a headwind and a risk to 2021e adj. EBIT of 4-7% for most companies. We continue to see attraction in mining equipment. Our key long ideas are: Sandvik, Volvo, Metso Outotec, Electrolux We are cautious on: Assa Abloy, Kone, Wärtsilä

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • David Martinsson
  • Håkon Astrup
  • Jimi Lehtonen
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo
  • Viktor Trollsten

Northern Lights

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Daniel Thorsson
  • Karl Bokvist
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Tobias Kaj
  • Victor Forssell
  • Viktor Sundberg

Talking Points - Ringkjøbing Landbobank (Sell): Here we go again: Down to SELL on valuation

Balder (Buy) Post-result: Favourable exposure to low-risk properties A favourite for good reasons, but valuation appears off Downgrade to SELL (Hold); TP down to DKK 400 (410)

Olof Larshammar

Sandvik (Hold, TP: SEK190.00) - Normalised valuation on 2022e

We have downgraded Sandvik to HOLD (BUY) but reiterate our SEK190 target price. We believe Sandvik has improved structurally; however, at current share price levels, a sharp earnings recovery appears priced in, with limited room for disappointments, as indicated by a strong Q2 report but the stock down 6% on the day. We also see a risk for a prolonged downturn in Sandvik’s O&G and aerospace segments, which together account for 15% of group sales.

Anders Idborg ...
  • Olof Cederholm

Sandvik - Dodging the bullets, again

Even worse volumes, but impressive savings, EBIT +4% Adj. EBIT up 1-2% Still good relative value, keep BUY

Dave Nicoski ...
  • Ross LaDuke

Vermilion Booster Shots: Attractive bottom-fishing stocks

For investors looking for bottom-fishing candidates; stocks that are breaking downtrends, exhibiting ascending reaction lows, and showing stabilizing relative strength.

Sandvik AB: 2 directors sold after exercising options/sold

Two Directors at Sandvik AB sold after exercising options/sold 46,785 shares at between 145.970SEK and 148.650SEK. The significance rating of the trade was 52/100. 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 re...

Karl Bokvist ...
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – August 2020

Q2 surprised positively, adj. EBIT 44% was above expectations. On average, we left 2020-2021e EBIT unchanged, with good upgrades in Volvo, ABB, Alfa Laval. PMI’s are indicating a return to organic growth in Q4’20, we see upside to forecasts in some of the short-cycle names. The stronger SEK is a headwind and a risk to 2021e adj. EBIT of 4-7% for most companies. We continue to see attraction in mining equipment. Our key long ideas are: Sandvik, Volvo, Metso Outotec, Electrolux We are cautious on: Assa Abloy, Kone, Wärtsilä

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Daniel Thorsson
  • Karl Bokvist
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Tobias Kaj
  • Victor Forssell
  • Viktor Sundberg

Talking Points - Ringkjøbing Landbobank (Sell): Here we go again: Down to SELL on valuation

Balder (Buy) Post-result: Favourable exposure to low-risk properties A favourite for good reasons, but valuation appears off Downgrade to SELL (Hold); TP down to DKK 400 (410)

Olof Larshammar

Sandvik (Hold, TP: SEK190.00) - Normalised valuation on 2022e

We have downgraded Sandvik to HOLD (BUY) but reiterate our SEK190 target price. We believe Sandvik has improved structurally; however, at current share price levels, a sharp earnings recovery appears priced in, with limited room for disappointments, as indicated by a strong Q2 report but the stock down 6% on the day. We also see a risk for a prolonged downturn in Sandvik’s O&G and aerospace segments, which together account for 15% of group sales.

Anders Idborg ...
  • Olof Cederholm

Sandvik - Dodging the bullets, again

Even worse volumes, but impressive savings, EBIT +4% Adj. EBIT up 1-2% Still good relative value, keep BUY

Anders Idborg ...
  • Olof Cederholm

Sandvik - Big short-cycle drop but resilient margins

Mixed Q2, orders 7% lower, EBIT 4% better Estimates likely up slightly for 2020, unchanged 21-22 On balance positive, stock has been strong into Q2

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • David Martinsson
  • Håkon Astrup
  • Jimi Lehtonen
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo
  • Viktor Trollsten

Northern Lights

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Karl-Johan Bonnevier
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Ole Martin Westgaard ...
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Mattias Holmberg ...
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl

Northern Lights

Alexander Aukner ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling

Northern Lights

SANDVIK AB sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of SANDVIK AB (SE), a company active in the Industrial Machinery industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 5, 2020, the closing price was SEK 175.85 and its potential was estimated at SEK 184.64.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Sandvik – AGM 28 April 2020

Under ITEM 10, on 7 April 2020, the board of directors of Sandvik has decided to withdraw the previous dividend proposal and instead propose that the Annual General Meeting resolve that no dividend will be paid. ECGS recommends to vote FOR, due to the increased economic uncertainty caused by the Covid-19 pandemic. Under ITEM 19, ECGS has serious concerns regarding the current financial impact of the Covid-19 pandemic which is expected to result in a major recession for the global economy. Consequently, ECGS is of the opinion that it is not the right moment to proceed to a new share buyback pr...

Expert Corporate Governance Service (ECGS)

Sandvik - AGM 29 April 2019

In general, Sandvik is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 14.1-14.8, the (re-)election of the board of directors is proposed. In view of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Ms. Marika Fredriksson (ITEM 14.3). Under ITEM 17, the board of directors seeks approval of the Company's executive remuneration guidelines. Although no (material) changes are proposed, ECGS is missing an actual LT component (with a performance measurement period of ...

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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