SDVKY - Sandvik Managing A Steep Downturn Relatively Well

One of the very few industrial stocks that I saw as undervalued enough to consider buying a quarter ago, Sandvik (SDVKY) has since appreciated about 40%, outperforming even the mighty Atlas Copco (ATLKY), though not performing quite as well as fellow short-cycle play Parker-Hannifin (PH). Investors have certainly ran the idea of a coming V-shaped recovery in short-cycle industrial markets, but Sandvik's second quarter results offer a reminder that it may not be such an easy play as the market valuations would suggest.

While I do think Sandvik

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