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...
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