Sandvik's Recent Margin Expansion Should Partly Outlast the Cycle but Not Its Revenue Growth
Sandvik's first half 18.7% EBIT margin positively surprised us relative to our 17.2% margin forecast for the full year. Restructuring efforts and divestitures of low margin businesses have expanded margins greater than we factored into our model. As a result, we have increased our fair value estimate to SEK 111 from SEK 104 for the local shares and to USD 12.60 from USD 11.90 for the ADR. Most of the increase comes from increasing our midterm EBIT margin by 50 basis points to 15.6%. However, we ...
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