Sandvik Has Early Cycle Exposure to Economic Downturns
Although Sandvik's third quarter looked strong without signs of a slowdown, we view this year as peak demand. The company has been growing above midcycle levels for seven quarters since the trough in 2016, and year-over-year comparables are becoming increasingly tougher. Its end markets, including mining, automotive, and construction, are highly cyclical, and many of its products are delivered within 24 hours of being ordered, so visibility from one quarter to the next can be pretty poor. In add...
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