Rankings Machinery & automation Sandvik
Sandvik
79
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−8
- Tungsten timing effect−4
- ROIC and margin−3
Strengths
- Order intake+2
How the score is built
From 100 to 79, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 358.30 SEK
- Median analyst target
- 402.50 SEK
- Upside to median
- +12.3%
- Analysts
- 20
- Target range
- 290.00 – 465.00 SEK
- 52-week change
- +24%
- P/E (trailing)
- 23.6
- Forward P/E
- 18.4
- PEG
- 1.04
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−5 of −30
- −3ROIC and marginROIC 12.9% TTM vs 17.5% in 2021 and only slightly above a WACC of 10.8%; the operating margin is 18.1% TTM vs 20.6% in 2021 (15.5% in 2024).
- −2Quality of growthRevenue fell from SEK 126.5bn (2023) to 120.7bn (2025); the current lift (23% organic in Q2) comes from a mining market at record levels and higher tungsten prices, not a structurally stronger business.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −8Multiples vs own historyP/E 27.9 (TTM) above the whole 17.9–25.7 range in 2021–2025; EV/EBITDA 16.5 vs 11.4–16.1; EV/EBIT 21.7 vs 13.9–20.4; forward P/E 19.1 in the upper part of 14.3–21.7. The share price is up 48% in a year.
- −2FCF yieldFCF yield 3.8% (SEK 17.9bn on 469bn) vs 4.3–6.9% in 2023–2025; dividend yield 1.6%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −4Tungsten timing effectThe record 22.6% margin in Q2 included a temporary gain of SEK 550m (380 bp) from the tungsten price, which is expected to fall to about 200m in Q3; underlying, price vs inflation was still dilutive in cutting tools. The stock fell 9% on the report.
- −3Mining cycle at the topManagement itself expects aftermarket growth of 17% to normalise to a high single-digit level, and investors doubt its durability; Mining (52% of revenue) is running at record levels, lifted by historically high metal prices.
- −1Cash conversionCash conversion was only 46% in Q2 (80% rolling 12 months), as working capital grew with volume and tungsten prices.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Order intakeOrder intake SEK 37.8bn in Q2, +17% organic – the fifth quarter in a row of double-digit organic growth; Mining above SEK 20bn in a single quarter for the first time.
Caveats
What the score does not capture, or where the data is weak.
cyclical set to false: Mining (over half of orders) follows mine capex and production, and a large part is aftermarket; Machining follows industrial production. The tungsten price affects the margin via a temporary timing effect (see T3), but earnings do not primarily follow a commodity price – the same assessment as FLSmidth. Trailing P/E (27.9) is on reported EPS; forward P/E 19.1 rests on adjusted EPS, which analysts expect to rise 45% in 2026 – part of that is tungsten prices. Insider trades and litigation have not been examined in depth.
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