Sandvik AB ADR

SDVKY: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$15.00	Ghzjwy	Lrtvbbntw

Strong Mining Order Backlog Will Support Sandvik’s Growth in 2022; We Maintain Our FVE

Matthew Donen

May 10, 2022

Business Strategy and Outlook

The short-cycle nature of demand for Sandvik’s metal-cutting tools and mining equipment exposes the group to cyclical swings in industrial manufacturing and commodity prices. A combination of divestments and restructuring has successfully created a more resilient and profitable business. The distribution of the materials technology segment to shareholders in the second half of 2022 will further reduce cyclicality due to the segment’s large concentration to energy-producing customers.

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