Event in Progress:
Discover the latest content that has just been published on Research Tree
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)
AlphaValue
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
Research Tree provides access to ongoing research coverage, media content and regulatory news on Sandvik AB. We currently have 44 research reports from 4 professional analysts.
Companies: Gattaca plc
Liberum
Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh
Companies: Jersey Electricity plc Class A
Edison
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
SP Angel
Companies: Quadrise PLC
Shore Capital
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Zeus Capital
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Companies: Judges Scientific plc
Invinity is making major progress commercially, technically and financially. A full manufacturing agreement has been signed with Taiwanese partner Everdura. This brings additional manufacturing capacity to serve the existing re-seller agreement without the need for new capital. Validation testing on the next-generation Mistral flow battery has verified performance targets, paving the way for commercial launch later in the year. Finally, discussions on one or more strategic partnerships are progr
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.
Companies: GHH PHC GETB DEC LORD GELN
Cavendish
Share: