Sandvik AB

SAND: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Upgrading Our Moat Rating to Wide From Narrow for Sandvik and Epiroc; Epiroc Is Our Preferred Pick

Matthew Donen

Apr 11, 2025

We've updated our view on Swedish mining equipment suppliers Epiroc and Sandvik. Epiroc is a pure play of niche mining equipment with high aftermarket requirements, while Sandvik has two other business segments, machining and rock processing, which contribute half of its revenues.

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Sandvik AB

Upgrading Our Moat Rating to Wide From Narrow for Sandvik and Epiroc; Epiroc Is Our Preferred Pick

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