Sandvik Reports Weak Second Quarter; Shares Overvalued
No-moat Sandvik missed expectations on revenue and EBIT with flat year-over-year revenue and a 2% decline in adjusted EBIT. Orders were down 5% year over year. Similarly to other automotive suppliers so far this quarter, Sandvik saw a decline in demand from autos but also in general engineering. First-half revenue grew by 1%, below our 2% full-year forecasts. Full-year EBIT, however, is tracking in line with our full-year forecasts, as we have baked a slightly weaker margin than first-half resu...
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