Sandvik: fair value hyvlas till 138 kronor

AKTIE: Osäkerheten på kort sikt är stor för Sandvik, men långsiktigt är efterfrågan stark. Den globala recessionen under 2020 sänker därför bara aktiens fundamentala värde från 140 till 138 kronor. (7 april 2020)

Morningstar Equity Analysts 2020-04-07 | 11:56

Business Strategy and Outlook | 11 Mar 2020

The short cycle nature of Sandvik’s products that are used by cyclical industries has seen the company become a bellwether for the health of global manufacturing and mineral processing. We are impressed by Sandvik’s strategy that focusses on creating a more stable and profitable business throughout the economic cycle. Key enablers of this have been investing in more efficient manufacturing methods and divesting in noncore and lower margin operations, while maintaining consistent product innovation through R&D spend and long-standing customer relationships. A major theme of Sandvik’s former CEO (who left in February 2020 to serve as CEO of ABB) tenure was successfully establishing a decentralized business that allowed the company to be a more focused organization with better profitability. We believe these actions should structurally change Sandvik’s profitability, which we expect to also be more resilient in a downturn.

Given the consumable nature of many of Sandvik’s products, we applaud the company’s efforts to constantly innovate both on product development and manufacturing efficiencies. A large chunk of product innovation is fostered through close relationships that Sandvik has built with its customers, which has been achieved through its direct sales market model and global presence. While the company intends to continue its cost-cutting strategy, we think the low-hanging fruit has been executed and that margin expansion will primarily be due to favorable sales mix and operating leverage.

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