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SKFRY - SKF Looks Undervalued For A Short-Cycle Play But There Are Some Issues
Aktiebolaget SKF ADR
I thought SKF (SKFRY) had some appeal as a contrarian idea back in April, and the outcome of that call is a little convoluted. The local shares had been beating the multi-industrial peer group, but a disappointing second quarter result hit the shares and the point-to-point performance has been a modest underperformance. If you look at the ADRs, though, even with the post-earnings disappointment, the shares have risen almost 25%, beating the peer group and S&P 500 by a wide margin as the Swedish krona has moved significantly in the interim.