Sandvik Earnings Hitting All the Marks, but for How Much Longer?
Sandvik's 2017 revenue and orders grew by 10%-15%, and its EBIT margin expanded 260 basis points to 16.1%, raising the question of how sustainable the performance is. We see a risk of a natural slowdown in revenue growth in the next 12-24 months from moving further into the economic cycle and with tougher comparable figures. We believe Sandvik is close to peak margins, benefiting from a volume rebound that has elevated production facility utilisation levels. With shares up 24% in the past 52 wee...
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