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Sandvik AB

SAND: XSTO (SWE)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 266.00	Pctyr	Tcchbdcv

Sandvik Closes Out the Year With a Solid Set of Fourth-Quarter Results; FVE Maintained

Jan 20, 2022

Narrow-moat Sandvik delivered a decent set of fourth-quarter results, which topped our top-line expectations due to a SEK 2.9 billion contribution from acquisitions. Full-year revenue growth of 15% includes a 6% contribution from acquisitions, which was largely offset by unfavorable currency movements. Sequential order intake growth in the fourth quarter combined with management noting a continuing positive trajectory in January gives us reason to believe there are still legs to the economic recovery. We maintain our SEK 193 fair value estimate and view shares as fairly valued.

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