Sandvik Is Adjusting for Divestiture of Loss Making Assets; Increasing Fair Value Estimate
We are increasing our fair value estimate for Sandvik to SEK 78 for the local and $8.10 for the ADR to adjust for the divestiture of its mining system assets. Our previous fair value estimates were SEK 50 for the local shares and $5.90 for the ADR. We view the shares as overvalued. Our new fair value estimate implies a 16 times P/E, which we think is fair given the company’s cyclical exposure and our high uncertainty rating. We are maintaining our no-moat and stable trend ratings, due to the com...
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