Snap-on Inc

SNA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	Rs#	LOCK\|>Bfw	LOCK\|&&tv##

Snap-on Earnings: Profitability Continues to Improve Despite Near-Term Sales Headwinds

Krzysztof Smalec , Alex Medow

Oct 17, 2024

Narrow-moat-rated Snap-on reported third-quarter earnings roughly in line with consensus estimates regarding both revenue growth and profitability. We believe Snap-on’s third-quarter results put the company firmly on track to achieve our full-year 2024 estimates, and we increase our fair value estimate $4 to $237 per share due to the time value of money. Nonetheless, we still view shares as overvalued, as the intraday share price currently trades at about a 35% premium to our fair value estimate.

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Snap-on Inc

Snap-on Earnings: Profitability Continues to Improve Despite Near-Term Sales Headwinds

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