We are still upbeat about shares of Snap-on Incorporated (SNA), a leading manufacturer of tools and equipment for repair and diagnostics of cars. The company continues to deliver double-digit growth. According to the financial report for Q1 2015, organic revenue growth amounted to 10% on the back of improved performance in all business segments of the company. Snap-on succeeded in raising the operating margin by 1.2 pps, once again demonstrating the ability to keep costs under control. As a result, adjusted EPS jumped 15%, outpacing the consensus. In addition, Snap-on is loyal to its shareholders in the reporting quarter. The company spent USD 49.7 mn for share buyback and USD 30.9 mn for dividend payouts. QuarterlydividendamountedtoUSD 0.53 (+20% y-o-y), yielding 1.3%.We believe that Snap-on in will continue to deliver strong financial results due to its efforts aimed at the technological improvement of its products, expansion of the network of mobile sales points, strategic acquisitions and expansion of its footprint on emerging markets. Implementation of the Value Creation Processes efficiency improvement program will positively affect the company’s profitability. Capex of Snap-on for this purpose is expected to total USD 80-90 mn during the current year. In addition, the company expects the effective income tax rate to be at the level of 2014 or even lower.We left our target price for Snap-on shares unchanged at USD 165 and confirm a Buy recommendation in the mid-term.