Sandvik's end markets show signs of a return to industrial capital spending.
With a handful of major European industrials now having reported, it looks like general industrial equipment spending picked up at the end of the fourth quarter across different end markets, including energy. No-moat Sandvik’s 2016 5% revenue decline was in line with our forecasts, and its 13.5% adjusted EBIT margin modestly better. However, it ended 2016 with a book/bill above 1 in long-time struggling divisions like mining and rock excavation. We are increasing our medium-term forecasts with a...
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