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Sandvik released very decent Q3 23 numbers. In particular, margins held up well and ended up flat both year-on-year and sequentially The momentum is, however, just slightly fading away on the order-side front. No big worries at this stage as the top-line growth is obviously bound to slow-down. We had already modelled this, thus the changes to our numbers are likely to be moderate.
Companies: Sandvik (SAND:STO)Sandvik AB (SAND:OME)
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Sandvik released a decent set of numbers for Q2/H1 23. Margins in particular held up well, in a context of still-favourable prices. The order intake suggests however a less positive demand context. Paradoxically, we will fine-tune our numbers upwards since they appear to us to be a bit too conservative.
The Q123 results came in somewhat under market expectations margin-wise. This was despite quite significant (although partly expected) currency headwinds. The order-intake was also a bit disappointing, even if it is sequentially. Although we had been at the low end of the market, our forecasts will be revised a tick downwards. The impact on valuation is likely to remain moderate however.
Sandvik released a very decent set of numbers for FY22, even if a few extraordinary items weighed on the reported profits. While if currency impacts helped, the group’s margins proved relatively resilient despite the current macro headwinds. The level of the order-book was also reassuring. We expect few changes to our numbers and price target after this release.
The group posted a very decent Q3 22 report. Despite some weakness at Rock Processing, the trends remain positive for all three divisions. The order-book increased quite significantly in Q3 despite the tougher market context. All in all, the group should reach our targets for the year. That said, our valuation may look a little optimistic.
The Q2 22 results were pretty decent given the context They still showed a decrease compared to Q1, mainly due to cost inflation We will revise down our estimates, mainly in terms of margin for the current year Our price target will go down, but our recommendation will remain unchanged at this level of valuation
Companies: Sandvik AB (0HC0:LON)Sandvik AB (SAND:OME)
Sandvik released a fairly solid set of numbers. The impact of acquisitions is relatively significant, as expected. SMT, to be distributed to shareholders, is now reported as discontinued operations. The short to mid-term macro outlook is getting more cloudy. We will fine-tune our numbers (exact impact of M&A and lower short-term organic growth).
The group released FY21 results which came out in line with forecasts The Mining and the Metals divisions will benefit from a rather strong order-intake Net debt is still low despite acquisitions The group looks set to reach its mid-term targets We will upgrade our forecasts and valuation after this release
The Q3 21 numbers came in slightly above expectations The order-book rose markedly while logistics issues weighed on revenue growth Margins proved rather resilient, even if a tick lower than in H1 Even if the group does not issue any guidance, we are reasonably comfortable for Q4
The performance in H1 21 came out in line with expectations The Q2 21 numbers were very similar to Q1’s at the top line and profit levels The group still mentions some potential bottlenecks in its operations We will not change our numbers much after this release
Q1 21 numbers came in line with expectations Margins are on the rise, after the weaker FY20 SMT is still under pressure Some bottlenecks may weigh on growth in the next quarters though No big change to our numbers at first glance, but we remain cautious on organic growth going into Q2/Q3
FY20 results were more or less in line with consensus* The Machining Solutions and Material Technology segments are still under pressure The Mining business is doing well, particularly in terms of orders received The balance sheet remains very healthy thus a SEK2.00 extraordinary dividend on top of the SEK4.50 ordinary one We do not expect any major change to our forecasts
Companies: Sandvik AB
Q3 shows an (expected) rebound vs Q2 In particular, Mining&Rock Technology did quite well in the quarter The other divisions are still suffering The recent share price performance leaves little room for a significant upside
Q2 was tough and the outlook not very inspiring The group’s exposure to Aeronautics and Automotive suggests there is still some way to go in terms of recovery In this context, the strength of the balance sheet is a clear asset We expect corporate action and asset rotation to continue to boost the group’s businesses
Q1 20 is of course down due to the COVID-19 crisis Despite the lack of guidance, Q2 is set to be worse, notably in SMS However, we like the margin resilience and ongoing cost-cutting programmes The clean balance sheet is a clear asset in these troubled times We will fine-tune our numbers, with little impact on the valuation in our view
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