This is our first report on Snap-on Incorporated, a well-known manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions in the U.S. The company’s last result was an all-around beat and its organic sales growth was in the double-digits with a particularly strong performance in the Repair Systems & Information Group, high single-digit gains in the Snap-on Tools Group, and low single-digit gains in the Commercial and Industrial Group. In Q4, financial services revenue was $88.3 million, up from $86.9 million the previous year. Besides that, their Specialized Tools division had double-digit growth. Their key industries also performed well, particularly in North America, driven by increases in natural resources, general and heavy-duty, largely offset by lower military activity. Snap-on Tools Group sales were $542.7 million, up from $504.8 million a year ago, with a 9.6% increase in organic sales. Organic sales growth in the United States is in the double digits, while foreign operations are in the low single digits. The quarter was boosted by strong demand for their newly launched ZEUS+ diagnostic platform as well as tool storage product line. We initiate coverage on the stock of Snap-on Incorporated with a ‘Hold’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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