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

SKF AB: 2 directors

Two Directors at SKF AB bought 915,300 shares at between 188.530SEK and 190.087SEK. The significance rating of the trade was 67/100. 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...

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

SKF (Buy, TP: SEK240.00) - Perception change potential

Q1 adj. EBIT was 3% stronger than we and consensus expected (driven by impressive margin resilience), while the outlook and organic growth seem to be tracking in line with our estimates. SKF’s pricing efforts look set to offset negative tariff implications, and its margin strength is undeniable. We have raised our 2025–2027e adj. EBIT by c4% on average, and our target price to SEK240 (225); we reiterate our BUY.

Admirable work, but market slide extending

Good cost control, EBIT 3% better

SKF (Buy, TP: SEK225.00) - Resetting expectations

We estimate Q1 sales of SEK24,167m, organic growth of -1.5% YOY and adj. EBIT of SEK3,143m (c1% above consensus). We expect Q2 guidance of “weaker” organic sales (YOY), and have cut our 2025–2027e adj. EBIT by c15% on average having updated FX and factored in the macro backdrop, which has clearly deteriorated since our previous update in light of the US tariff debacle. We reiterate our BUY but have lowered our target price to SEK225 (270) on updated (contracting) peer valuations and our lowered ...

Heads-up for report 25 April

TSMC & ASML signals, Auto semi recovery, and more. The Tech Weekly Wra...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 14 names we followed last week, follow the link below.

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 ...

Autoliv (Buy, TP: SEK1050.00) - Solid Q1 despite tough landscape

We view the balance of 2025 as highly uncertain given tariffs and the demand outlook, but view Autoliv’s solid Q1 and reiterated 2025 guidance as signs of confidence from the company. We believe Autoliv will have to carry at least some of the tariff costs (management says all will be passed on), and thus remain below the 10–10.5% EBIT margin guidance (we estimate 9.9%). We reiterate our BUY, as we see almost 40% EPS growth in 2024–2026e. We have raised our 2025e adj. EBIT by 6%, but cut our targ...

Surprisingly untouched, so far

Mixed Q1 outcome

Heads-up for report 16 April

The Capital Goods Data Miner - April 2025