Sandvik (Hold, TP: SEK245.00) - Probably past the worst in SMM
We are roughly in line with consensus on Q1e and forecast broadly unchanged underlying markets QOQ. We expect comments on demand to remain solid for Mining and soft for Infrastructure, while early trading comments for daily order intake in Sandvik Manufacturing and Machining Solutions (SMM) for the first few weeks of Q2 are set to indicate it has been stable or improved slightly QOQ. We have raised our adj. EBITA 2–3% for 2024–2026e (on FX) and have raised our target price to SEK245 (225), but reiterate our HOLD.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.