Emerging Markets Boost SKF's First Quarter; Shares Fairly Valued
SKF, a top 2 global ball bearings supplier, posted impressive first-quarter growth powered by emerging markets. Organic revenue increased by 7.5%, while reported revenue was up less at 4.9% due to negative currency effects. As ball bearings are widely used throughout many sectors of the economy, demand tends to move in step with the cycle. Mid-2016 was the most recent trough for SKF, and growth has been in the high-single digits since. We are maintaining our narrow moat rating and SEK 186 fair v...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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