Sandvik Posts Solid 1Q Mainly Due to Machining
Sandvik posted solid first-quarter results. Comparable year-ago figures will be less flattering for the remainder of the year, likely leading to slower growth; nonetheless, we anticipate making adjustments to our full-year forecasts, with potentially up to a 5% upward impact to our SEK 93.50 and $11.90 fair value estimates for the local and ADR shares, respectively. We retain our no-moat rating and find the shares overvalued.Looking through to the divisions, machining (insert metal cutting) was...
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