Sandvik's 3Q Reveals Good Margin Improvement but a Mixed Recovery in End Markets; Shares Overvalued
Sandvik’s third-quarter results were in line with our expectations, but the underlying demand showed a mixed picture in its order book recovery. We continue to view the shares as richly valued and retain our no-moat rating and SEK 70 and USD 8.10 per ADR fair value estimates.At face value, we detected two bright spots in the results: first, a flat year-over-year order book, and second, an operating income margin improvement of 80 basis points, reaping the benefits of the company’s restructurin...
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