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Snap-on Inc SNA

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Morningstar’s Analysis

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Snap-On Under Review

Analyst Note

| Brian Bernard, CFA, CPA |

We are placing our fair value estimate for Snap-On under review as we transition coverage to a new analyst. We plan to publish an updated report and valuation by early December.

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Company Profile

Business Description

Snap-on is a manufacturer of premium tools and software for professional technicians. Hand tools are sold through franchisee-operated mobile vans that serve auto technicians who purchase tools at their own expense. A unique element of its business model is that franchisees bear significant risk, as they must invest as much as $375,000 in the van, inventory, and software. At the same time, franchisees extend personal credit directly to technicians on an individual tool basis. Snap-on currently operates three segments—repair systems and information, commercial and industrial, and tools—which accounted for 31%, 38%, and 31%, respectively, of its $3.7 billion 2019 manufacturing revenue. Its financing arm generates 8% of consolidated revenue and 26% of operating income.

2801 80th Street
Kenosha, WI, 53143
T +1 262 656-5200
Sector Industrials
Industry Tools & Accessories
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 28, 2020
Stock Type High Yield
Employees 12,800