Report
Mattias Holmberg
EUR 466.12 For Business Accounts Only

SKF (Hold, TP: SEK240.00) - Views on Q1 and guidance

We are 3% below consensus on Q1e adj. EBIT, and expect a reiterated 2024 guidance for a low single-digit YOY organic sales decline and Q2 guidance to be issued for a mid-single digit YOY organic sales decline. We have made minor estimate revisions and are 6–7% below consensus on 2024–2026e adj. EBIT. We reiterate our HOLD and have raised our target price to SEK240 (225).
Underlying
SKF AB Class B

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Mattias Holmberg

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