Still not a clean sheet

研报英文原文证据摘录

Still not a clean sheet

Equity Research

European Capital Goods

20 July 2026

SKF AB

Another quarter of margin beat in 2Q26 but partially from

one-offs again, and margin headwinds from inflation remain;

OSG could improve but likely lag short-cycle peers and SKFb.ST/SKFB SS EQUAL WEIGHT Unchanged

already largely baked in css. Stay EW, despite humanoids European Capital Goods NEUTRAL

could bring LT opportunity. Unchanged

Price Target SEK 250.00

Unchanged

SKF reported another quarter of adj. EBIT margin beat, which again helped somewhat by one-

Price (16-Jul-26) SEK 264.00offs (tariff refunds, over-production) albeit also helped by more right-sizing and improving mix

Potential Upside/Downside -5.3%in SIS, but right-sizing and spin-off continues to weigh on items affecting comparability and cash Source: Bloomberg, Barclays Research

flows. OSG was largely in-line, which we assume slight sequential OSG improvement in 3Q (on

top of management's guide of YoY growth) given demand trends, meanwhile likely still lagging

Market Cap (SEK mn) 120183

short-cycle peers given regional/end market exposures, and also already reflected by consensus

Shares Outstanding (mn) 455.35numbers, and we continue to see potential margin risks from raw materials which will test the

Free Float (%) 85.65effectiveness of further price/mix. Humanoid is an opportunity, but it depends on product

52 Wk Avg Daily Volume (mn) 1.2coverage, humanoid deployment potential and competitions to assess potential contributions.

Dividend Yield (%) 2.95Stay EW with unchanged PT SEK250, based on the same 11x 2027E Industrial business adj. EBIT,

Return on Equity TTM (%) 6.60equating to a 2027E group EV/adj. EBIT multiple of 10.0x) amid 2-3% uplift in 2026-28E adj. EBIT