Snap-on Inc

SNA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$629.00	Prfjl	Cxtdfcwx

Snap-on Earnings: Solid Sales and Profitability Growth Across All Segments in the Third Quarter

Dawit Woldemariam

Oct 19, 2023

We are raising our fair value estimate 11% to $221 per share (up from $198). Our fair value increase is largely a result of our increasing appreciation for Snap-on's sales opportunity in a full EV world. The company continues to engage auto manufacturers that are looking to Snap-on to develop new tools to service EVs with. We think new products designed for EVs will help partially offset lost sales due to sunsetting engine and transmission repair work.

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