SKF's 1Q Reflects Weak Automotive End Market; Shares Fairly Valued
Consistent with other European capital goods and component suppliers in our coverage, narrow-moat SKF's first-quarter results reflected weakness in the automotive sector but stable orders across the entire industry. We are maintaining our SEK 185 fair value estimate and find the shares fairly valued.Organic revenue declined by 6% in the company's automotive division. Lower volumes contributed to a 220 basis point contraction in the EBIT margin. This segment contributes under half of group reven...
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.
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