SKF Enjoying the Benefits of an Upswing in the Swing; Shares Fairly Valued
SKF reported 2017 results in line with our and consensus figures on revenue but with a slightly better EBIT margin that came in 20 basis points above our expectations. Ball bearings are an essential component across many end markets that are tied to the economic cycle, such as manufacturing, energy, and automotive. And with the exception of some softness in demand in energy customers during the fourth quarter, the company experienced a resurgence in growth, with organic revenue up 8.2% in 2017 v...
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