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

Matthew Donen, CFA Equity Analyst

Analyst Note

| Matthew Donen, CFA |

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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Company Profile

Business Description

Sandvik is a manufacturer of specialized tools and mining equipment used predominantly by global mining, engineering, and automotive customers. The company’s core operations are in metal cutting and mining equipment. The company has a well-documented history, having been founded in 1862 and listed on the Nordic Exchange in Stockholm in 1901.Europe is the largest contributor to group sales at 35%, followed by North America 22%, Asia 20%, Africa/Middle East 9%, Australia 9%, and South America 5%.

Kungsbron 1, Section G, Floor 6
Stockholm, 111 22, Sweden
T +46 84561100
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 42,090