Sandvik AB: 1 director

A director at Sandvik AB bought 23,000 shares at 216.300SEK and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...

CMD with aim to redeem SMM

Q1 trends, estimates, valuation and top picks

Look here for mining equipment exposure

Epiroc (Hold, TP: SEK220.00) - Solid equipment demand

A solid Q1 report included orders and sales up 10% and 3% organically YOY, respectively, and an adj. EBIT margin of 19.9%; however, this included a 190bp FX boost, and we believe underlying margins could remain under pressure until the service mix improves. Albeit with increased uncertainty, management guided for mining demand to remain strong but construction to remain weak near-term. We have trimmed our 2025–2027e sales and adj. EBIT by 2% (FX-related) but reiterate our HOLD and SEK220 target ...

Mostly in-line Q1, helped by FX

Heads-up for report 29 April

Sandvik (Hold, TP: SEK200.00) - No sign is a good sign

Despite increased uncertainty in its comments, management seems fairly upbeat, in our view, considering the macro turmoil. SMM daily order intake was stable in the first two weeks of Q2 versus Q1, and Sandvik sees a limited impact on the margin from tariffs. Mining remained solid in Q1, with a strong outlook (especially in gold and copper), while infrastructure and industrial activity remained low (weak cutting tools orders). We have lowered our 2025–2027e adj. EBITA by c4% (roughly half due to ...

Surprisingly untouched, so far

Mixed Q1 outcome

Heads-up for report 16 April

The Capital Goods Data Miner - April 2025

Q1 was OK but that's ancient history now

Two-speed Sandvik

Relatively protected spot

Sandvik (Hold, TP: SEK210.00) - Estimates cut due to FX

We are 3% below post-Q4 consensus on Q1e orders and adj. EBITA. We expect comments on demand to remain solid for Mining and soft for Infrastructure. Early trading remarks for daily order intake in SMM for the first few weeks of Q2 are likely to indicate a stable QOQ trend, but that overall short-cycle demand comments could be subdued given the uncertain macroeconomic picture. Having lowered our 2025–2027e adj. EBITA by 9% on average (mainly due to FX), we reiterate our HOLD, but have cut our tar...

Epiroc (Hold, TP: SEK220.00) - No earnings growth in 2025e

We have downgraded Epiroc to HOLD (BUY). We still believe in stronger end markets for the Tools & Attachment division in H2, and for gradual underlying earnings improvement, but lack confidence it will improve stock sentiment in a macro-focused environment. We expect no earnings growth YOY in 2025e, after lowering our 2025–2027e adj. EBIT by c9% on average (mainly due to FX) and are now c10% below post-Q4 consensus. We have lowered our target price to SEK220 (240).

Germany: Investing its way back to growth

The Capital Goods Data Miner - March 2025 (republished)

Set for spicy growth

Our recent field trip to India (visiting Volvo, Epiroc, Trelleborg, Autoliv and others) alongside our analysis suggests the country is set to take centre stage as a global manufacturing hub over the coming decade, shifting from being the sixth- to the third-largest end-market for the Swedish Industrial sector. India’s strong economic growth trajectory and favourable demographics mean the companies: 1) see double-digit growth as sustainable; 2) are pursuing manufacturing capacity expansions; and ...