SKF AB Class B

SKF B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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SKF Earnings: Automotive Margin Weighs on Group; Details on Separation Due in November

Grant Slade

Jan 31, 2025

Narrow-moat SKF reported mixed fourth-quarter results. Group organic growth declined by 3.1%, which was better than feared and group net sales were ahead of our expectations, driven mainly by a positive currency effect. Management declined to provide 2025 full-year guidance, but indicated they expect organic sales to weaken somewhat year on year in the first quarter. We plan to incorporate this into our forecasts, but expect to make no material change to our SEK 240 fair value estimate.

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SKF AB Class B

SKF Earnings: Automotive Margin Weighs on Group; Details on Separation Due in November

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