Schaeffler AG (SHAOn.DE): Our read on SKF entering the humanoid robotic space

研报英文原文证据摘录

Schaeffler AG (SHAOn.DE): Our read on SKF entering the humanoid robotic space

Flash |

02 Jul 2026 04:48:35 ET │ 12 pages

Schaeffler AG (SHA0n.DE)

Our read on SKF entering the humanoid robotic space

CITI’S TAKE

As discussed here (link) SKF (covered by Klas Bergelind) announced that it

Buy / High Risk has entered into a Robotics JV with Leader Drive (covered by Jamie Wang),

Price (01 Jul 26 17:30) €8.34 taking a 60% majority stake. Like Schaeffler, it seems SKF brings to the

table quality machined components/precision knowledge, access to Target price €13.00

important markets and global scale. We see plenty of room for healthy Expected share price return 55.9%

competition in this space and believe SKF efforts to enter the market Expected dividend yield 3.6%

underscore that Schaeffler have made astute capital allocation decisions Expected total return 59.5%

to grow in humanoids. Equally, we think some investors may prefer the Market Cap €7,880M

wholly-owned nature of Schaeffler exposure vs the JV structure of SKF.

US$8,969M The key risk tactically for Schaeffler is that with this news, the number of

listed ways to play humanoids in Europe has risen 50% from 2 to 3 now,

with SKF a more liquid stock. At ~€8.30, we see humanoids as a free

option in Schaeffler’s SOTP; Buy. Ross MacDonaldAC

+44-20-7986-7547

Further Reading: ross.macdonald@citi.com

Klas Bergelind

+44-20-7986-4018

For SKF investors looking to get up the humanoid curve: We think the Schaeffler

klas.bergelind@citi.com

slide deck on humanoid robotics is essential reading to understand how suppliers in

the bearings/actuation space are wise to add humanoid content to their product

catalogs. A full summary PDF of the Schaeffler humanoid activities can be found here:

Other Presentations | Schaeffler Group.