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Credit Suisse downgraded Sandvik to Neutral from Outperform with a price target of SEK 240, up from SEK 200, after assuming coverage of the name. The analyst has a a bullish stance on the mining equipment stocks, saying "we are at the beginning of the next commodity supercycle." The firm cites valuation for the downgrade.
Sandvik has signed and completed the acquisition of MCB Services and Minerals, a seller of mining software and services and exclusive reseller partner to Deswik in Brazil. MCB, which had revenues of SEK 60M in 2022, will be reported in Digital Mining Technologies, a division within business area Sandvik Mining and Rock Solutions. Impact on Sandvik's earnings per share will be accretive. Sandvik acquired Deswik in April 2022, and MCB and Deswik has operated on a joint venture basis in supporting customers across Latin America - primarily in Brazil, but also in Chile, Peru, Argentina and Mexico. Deswik acquired 30% of MCB's shares in 2019 and the acquisition of the whole company strengthens Deswik's leading position within the Latin American market.
UK Industrials Analysts, along with Ralph Rossouw, MD & Country Manager at Vedanta Resources, discuss the qualities of mining equipment suppliers' products and their outlooks (Weir Group & Sandvik) on an Analyst/Industry conference call to be held on March 16 at 11 am. Webcast Link
UK Industrials Analysts, along with Ralph Rossouw, MD & Country Manager at Vedanta Resources, discuss the qualities of mining equipment suppliers' products and their outlooks (Weir Group & Sandvik) on an Analyst/Industry conference call to be held on March 16 at 11 am. Webcast Link
UK Industrials Analysts, along with Ralph Rossouw, MD & Country Mawnager at Vedanta Resources, discuss the qualities of mining equipment suppliers' products and their outlooks (Weir Group & Sandvik) on an Analyst/Industry conference call to be held on March 16 at 11 am. Webcast Link
Sandvik has received a mining equipment order from the Canadian gold mining company New Gold. The order, valued at SEK 135M, is partly for battery-electric vehicles. The order includes four battery-electric Sandvik LH518B loaders, to be used at the New Afton underground gold-copper mine in British Columbia. The New Afton mine is an early adopter of BEVs, having trialed a Sandvik LH518 loader during more than two years in operation. The trial has helped New Afton improve cycle times, while reducing heat, noise and greenhouse gas emissions.
