Sandvik: Sparpaket ger höjda marginaler

AKTIE: Fokus på sänkta kostnader kommer att ge Sandvik högre vinstmarginaler i nästa högkonjunktur och Morningstars analytiker höjer fair value från 138 till 146 kronor per aktie (2020-10-16).

Morningstar Equity Analysts 2020-10-16 | 9:19

Analyst Note | Oct 16, 2020

The short-cycle nature of narrow-moat Sandvik’s products saw demand highly correlated to the depressed levels of global manufacturing activity. Investors can take comfort from Sandvik’s healthy balance sheet, an astute management team in delivering cost savings, and a diversified earnings stream with a growing portion of uncorrelated earnings attributable to niche mining equipment and services. We expect many of the cost-saving measures to translate into permanent savings and thus justify higher margins during the subsequent recovery. As such, we raise our fair value estimate to SEK 146 per share from SEK 138. The shares appear fairly valued.

Successful execution of cost savings and active portfolio management have helped Sandvik’s operating margins and cash flow hold up better than in previous downcycles. The cash balance is currently sufficient to cover all outstanding debt and net pension liabilities.

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