Stock SAND SANDVIK AB
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Financials Sandvik AB

Equities

SAND

SE0000667891

Industrial Machinery & Equipment

Market Closed - Nasdaq Stockholm
Other stock markets
 11:29:34 2024-04-26 am EDT 		5-day change 1st Jan Change
227.3 SEK +2.11% Intraday chart for Sandvik AB -4.13% +4.22%
Apr. 23 SANDVIK : A slow start to FY24 will harm momentum in the short-term Alphavalue
Apr. 23 Sandvik AB: New signal of recession in Europe Our Logo

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 229,114 252,508 316,858 236,326 273,582 285,122 - -
Enterprise Value (EV) 1 240,245 255,154 343,760 280,278 317,057 317,166 308,114 298,109
P/E ratio 26.2 x 28.8 x 21.9 x 21.1 x 17.9 x 20 x 15.8 x 14.6 x
Yield - 2.24% 1.88% 2.65% 2.52% 2.55% 2.94% 3.16%
Capitalization / Revenue 2.22 x 2.92 x 3.2 x 2.1 x 2.16 x 2.25 x 2.15 x 2.07 x
EV / Revenue 2.33 x 2.95 x 3.47 x 2.5 x 2.51 x 2.51 x 2.33 x 2.17 x
EV / EBITDA 10.2 x 14.9 x 13.9 x 11.1 x 10.6 x 10.8 x 9.51 x 8.79 x
EV / FCF 17.6 x 20.9 x 35.7 x 40.9 x 23.6 x 18.8 x 16.6 x 15.3 x
FCF Yield 5.69% 4.79% 2.8% 2.45% 4.24% 5.33% 6.02% 6.56%
Price to Book 3.7 x 3.88 x 4.11 x 2.91 x 3.12 x 2.97 x 2.69 x 2.45 x
Nbr of stocks (in thousands) 1,254,386 1,254,386 1,254,386 1,254,386 1,254,386 1,254,386 - -
Reference price 2 182.6 201.3 252.6 188.4 218.1 227.3 227.3 227.3
Announcement Date 1/21/20 1/21/21 1/20/22 1/20/23 1/25/24 - - -
1SEK in Million2SEK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 103,238 86,404 99,105 112,332 126,503 126,463 132,328 137,663
EBITDA 1 23,454 17,180 24,649 25,235 29,877 29,363 32,406 33,909
EBIT 1 19,219 14,563 18,116 21,020 23,300 23,597 25,635 27,138
Operating Margin 18.62% 16.85% 18.28% 18.71% 18.42% 18.66% 19.37% 19.71%
Earnings before Tax (EBT) 1 12,150 11,270 18,460 17,738 19,794 18,787 23,914 25,653
Net income 1 8,728 8,753 14,470 12,854 15,300 14,364 18,364 19,702
Net margin 8.45% 10.13% 14.6% 11.44% 12.09% 11.36% 13.88% 14.31%
EPS 2 6.960 6.980 11.52 8.940 12.18 11.36 14.37 15.61
Free Cash Flow 1 13,671 12,216 9,639 6,858 13,443 16,894 18,547 19,547
FCF margin 13.24% 14.14% 9.73% 6.11% 10.63% 13.36% 14.02% 14.2%
FCF Conversion (EBITDA) 58.29% 71.11% 39.11% 27.18% 44.99% 57.54% 57.23% 57.64%
FCF Conversion (Net income) 156.63% 139.56% 66.61% 53.35% 87.86% 117.62% 100.99% 99.21%
Dividend per Share 2 - 4.500 4.750 5.000 5.500 5.797 6.684 7.176
Announcement Date 1/21/20 1/21/21 1/20/22 1/20/23 1/25/24 - - -
1SEK in Million2SEK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 29,128 24,921 27,050 29,267 31,094 30,968 32,243 31,476 31,816 29,002 32,386 31,926 33,183 30,902 33,696
EBITDA 1 6,793 6,184 5,346 6,653 7,051 7,344 7,185 7,631 7,717 4,320 7,967 7,832 8,109 7,400 8,238
EBIT 1 5,106 4,730 4,794 5,519 5,977 5,638 6,109 5,815 5,738 4,824 6,192 6,106 6,793 - -
Operating Margin 17.53% 18.98% 17.72% 18.86% 19.22% 18.21% 18.95% 18.47% 18.03% 16.63% 19.12% 19.13% 20.47% - -
Earnings before Tax (EBT) 1 5,272 4,432 3,709 4,827 4,769 5,063 4,428 5,004 5,298 1,688 5,427 5,498 5,871 5,352 6,123
Net income 1 3,857 3,380 2,627 3,396 3,435 3,817 3,326 3,900 4,260 1,247 4,330 4,300 4,559 4,079 4,667
Net margin 13.24% 13.56% 9.71% 11.6% 11.05% 12.33% 10.32% 12.39% 13.39% 4.3% 13.37% 13.47% 13.74% 13.2% 13.85%
EPS 2 3.070 2.700 2.100 2.710 2.750 3.040 2.650 3.100 3.390 0.9900 3.435 3.400 3.592 3.251 3.717
Dividend per Share 2 4.750 - - - 5.000 - - - 5.500 - 2.750 - 4.146 - 2.875
Announcement Date 1/20/22 4/20/22 7/15/22 10/17/22 1/20/23 4/21/23 7/19/23 10/23/23 1/25/24 4/22/24 - - - - -
1SEK in Million2SEK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 11,131 2,646 26,902 43,952 43,475 32,045 22,992 12,987
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.4746 x 0.154 x 1.091 x 1.742 x 1.455 x 1.091 x 0.7095 x 0.383 x
Free Cash Flow 1 13,671 12,216 9,639 6,858 13,443 16,894 18,547 19,547
ROE (net income / shareholders' equity) 14.2% 13.6% 20.5% 19% 17.7% 16.7% 18.2% 17.6%
ROA (Net income/ Total Assets) 7.32% 7.31% 10.5% 7.74% 8.72% 8.49% 9.87% 9.77%
Assets 1 119,217 119,776 137,323 166,100 175,447 169,101 186,058 201,720
Book Value Per Share 2 49.30 51.90 61.50 64.80 69.90 76.50 84.60 92.80
Cash Flow per Share 2 14.20 12.30 10.50 8.840 15.00 17.70 19.60 20.10
Capex 1 4,136 3,198 3,578 4,234 5,354 5,227 5,283 5,567
Capex / Sales 4.01% 3.7% 3.61% 3.77% 4.23% 4.13% 3.99% 4.04%
Announcement Date 1/21/20 1/21/21 1/20/22 1/20/23 1/25/24 - - -
1SEK in Million2SEK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sandvik AB

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
227.3 SEK
Average target price
236.6 SEK
Spread / Average Target
+4.11%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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