Sandvik's end markets show signs of a return to industrial capital spending.
Sandvik's first-half revenue was up 7% organically, while its EBIT margin expanded by 220 basis points year over year--overall a strong result relative to our expectations. Spending in its previously weak end markets, mining and energy, has come back, with 2017 favoured by easy comps, as revenue in the first half of 2016 was down 5% on an organic basis. Â We do not expect next year and medium-term growth to continue at the current pace. The shares look expensive, trading at 19 times the 2017 cons...
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