SKF's Normalised Margins Robust; Top Line Less So
Narrow-moat SKF's second-quarter normalised EBIT (excluding restructuring costs) beat market expectations with shares reacting positively. However, revenue declined for the first time in nine quarters on an organic basis. We have been forecasting weaker top-line growth in 2019 and so are maintaining our SEK 185 fair value estimate, which still offers about 10% upside to the share price.The company's larger industrial segment grew revenue less than 1% year over year, a deceleration from the past...
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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