Sandvik AB

SAND: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 322.00	Hwrxzs	Yxvqqnlc

Sandvik Earnings: Impressive Operating Profit Growth in a Tough Economic Environment

Matthew Donen

Jan 25, 2024

Narrow-moat Sandvik managed to protect its operating margins in a challenging economy, thanks to its pricing power on industrial equipment and tight cost controls. Operating profit grew by 11% in fiscal 2023, largely in line with its 13% revenue growth, which broadly met our expectations. Shares are trading slightly higher and remain fairly valued to our SEK 200 fair value estimate, which we maintain.

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