SKF (Hold, TP: SEK205.00) - HOLDing on
While we are 12–14% above consensus on Q2e and 2023e adj. EBIT, we reiterate our HOLD but have raised our target price to SEK205 (200). We are optimistic about the company’s near-term results and see room for positive consensus earnings revisions for 2023e. However, we believe buy-side expectations are closer to ours for 2023e and struggle to see a promising long-term equity story (we are in line with consensus on adj. EBIT for 2024e but below for 2025e).AB SKF is the parent company of the SKF Group, which supplies products, solutions and services within rolling bearings, seals, mechatronics, services and lubrication systems. Services include technical support, maintenance services, condition monitoring, asset optimization, engineering consultancy and training. Co.'s business areas are: SKF Industrial Market - Strategic Industries, which includes bearings and bearing accessories and lubrication systems; SKF Industrial Market - Regional Sales and Service, which develops SKF Solution Factory facilities providing engineering capability; and SKF Automotive, which develops and manufactures bearings, seals and related products and services.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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