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  • 30 Oct 23
Order print a clear positive but it's too early to draw conclusions

Kone’s Q3 results marginally missed the consensus across all the metrics but orders. Order growth carried many positives due to positive dynamics in a declining market in China which offset the weakness in other key geographies. The order book, however, declined yoy. Sales growth was driven by strong prints in Modernisation and Service. Adjusted EBIT increased yoy on the back of a long-awaited margin recovery. CFO grew slightly compared with the previous year. With these results the company reit

Companies: Kone Oyj Class B

AlphaValue
  • 20 Jul 23
Q2 23: the Chinese market lacks confidence, Kone lacks new orders

Kone’s Q2 23 showed the long-awaited margin improvement but order intake disappointed due to a sluggish recovery in the Chinese market. The red-hot topic – can the margin recovery (tailwinds from raw mats and growing services) compensate for the declining order intake? – is likely to weigh on consensus expectation for FY24 given the low visibility on China. The recent macro figures on China have weighed on the share price, suggesting that the disappointment is already priced in.

Companies: Kone Oyj Class B

AlphaValue
  • 02 May 23
Q1 23: Chinese upturn

Kone reported Q1 23 estimates that beat the consensus at both the P&L and order intake levels. Also, the management comments on the Chinese market sounded more confident than three months ago triggering a slight upgrade to the FY23 outlook despite a weakening trend in the Americas and Europe. While the pace and sustainability of the recovery in China remains uncertain at this stage, Kone’s tone was if anything more positive than Schindler’s, something which is likely to contribute to rebuilding

Companies: Kone Oyj Class B

AlphaValue
  • 30 Jan 23
Q4 22: Margin upturn

Kone reported consensus-beating margins as price hikes start to reflect in the P&L, high-margin Services were robust and cost headwinds eased during Q4 22. The company announced a slightly disappointing DPS proposal of €1.75 on a par with last year. FY23 is likely see an improvement in profitability but high costs will remain a drag. In response the group aims to lower its breakeven point thanks to a welcome €100m annual cost-cutting plan.

Companies: Kone Oyj Class B

AlphaValue
  • 08 Jun 22
Servicing China, the winning combo?

Kone’s CMD reiterated the last CMD’s focus on the service side. Volume over value is now the motto with NE growth slowing down after a good 10-15-year boom. China, Kone’s main market, still leads the trend which is now turning to maintenance and modernization of the installed base. Global players with their deep pockets and technological advance appear as the clear winners of this market maturation, at least until it becomes mainstream. This leaves some years of cash generation ahead.

Companies: Kone Oyj Class B

AlphaValue
  • 03 Feb 22
FY21 results: profitability wipe-out has only begun

Kone reported not so surprising Q4 21 results, including a sequential rebound in the margin of order intake. Both sales and the order book landed at a record level for FY21, pushed by sustained growth in maintenance and a sizeable FX effect. The dividend proposed is down yoy despite the return of an exceptional dividend which is unlikely to last. The FY22 EBIT outlook missed expectations due to cost base inflation and this is likely to drag down the margin further. Chinese growth remains a key t

Companies: Kone Oyj Class B

AlphaValue
  • 03 Nov 21
Mixed Q3 21; no visible impact from Chinese slowdown, yet

Kone reported Q3 21 figures below expectations due to a tougher-than-expected impact from raw material costs. Order intake held up strongly and were even ahead of consensus. The group is unlikely to be able to fully offset the cost headwinds as indicated by the lower order intake margin. Management expects Chinese new equipment business to be down yoy in FY22 on high comps and uncertainty about market growth. Other regions should continue their post-pandemic rebound.

Companies: Kone Oyj Class B

AlphaValue
  • 27 Jul 21
Positive Q2 21 results, clearer market outlook and guidance confirmed

KONE reassured with Q2 21 results better-than-expected and more positive comments on cost management following a disappointing Q1. Order intake came in 7% above consensus despite lower order margins. Only minor changes in the guidance since cost inflation in H2 should offset the brighter market outlook.

Companies: Kone Oyj Class B

AlphaValue
  • 08 Feb 21
Mixed FY20 results under Chinese perfusion

Kone released Q4 20 results that were above street expectations in order intake (+4.1% yoy), adjusted EBIT (+3.6% yoy), and dividend payment (€1.75 ordinary + €0.5 extraordinary DPS). As for 2021, the new guidance sounds largely correlated with the Chinese market’s sustained growth, while rising raw material prices should be a major headwind to margin improvement.

Companies: Kone Oyj Class B

AlphaValue
  • 22 Oct 20
For how long will China drive KONE’s growth?

Q3 20 sales were driven by Chinese new equipment (China’s order intake grew by over 20% yoy). On the other hand, the modernization sub-segment contracted by 2% yoy, limiting KONE’s growth. The maintenance sub-segment recovered, posting 9M 20 growth of 1.2% yoy. Finally, the company kept its guidance unchanged expecting North America and EMEA’s new equipment to contract, modernization to continue shrinking across the board, and for maintenance to remain resilient (excluding impacts from lockdowns

Companies: Kone Oyj Class B

AlphaValue
  • 21 Jul 20
Chinese elevators lift KONE's FY20 expectations

KONE’s reliance on China is paying off as new equipment greatly limited the total revenue contraction. On the other hand, the revenue contraction was mainly driven by the modernisation sub-segment (due to the reliance on the EMEA and North America). KONE’s outlook has been upgraded for FY20, shrinking now between -4% and 0%, in part also due to its solid order book. Therefore, we will raise our revenue estimates.

Companies: Kone Oyj Class B

AlphaValue
  • 22 Apr 20
Solid Q1 results, with a worrying outlook for Q2

KONE’s Q1 revenue experienced nil growth yoy, good news when accounting for KONE’s heavy exposure to the APAC region, and times of high uncertainty. As expected, Q1 20 revenue saw new equipment revenue shrink (vs Q1 19), while maintenance and modernisation grew. Taking into account KONE’s geographical sales composition, we expect a revenue contraction yoy in Q2.

Companies: Kone Oyj Class B

AlphaValue
  • 23 Oct 19
Q3 19: labour cost inflation in Europe and anti-trust concerns

At AlphaValue, we are sellers due to the elevated margin and the industry’s consolidation, as the best of possibilities seems to be priced into the stock. Don’t count on a small upside tilt to change our recommendation.

Companies: Kone Oyj Class B

AlphaValue
  • 19 Jul 19
H1 19: narrowing of the guidance, Europe wage inflation a hot issue

Key information from this earnings release are: the narrowing of the guidance range; Chinese developments stable to positive; and the increase in Europe wage inflation, which in our opinion is becoming a threat. Hence, we will keep our €1,200m EBIT forecast for FY19 unchanged, as it lies almost inbetween the low and high end of the guidance range. We will keep our recommendation unchanged, as well as our forecasts, which implies an almost unchanged target price.

Companies: Kone Oyj Class B

AlphaValue
  • 25 Apr 19
Q1 19: exceptional start tot he year in terms of cash flow generation

Kone posted an exceptional start to the year in terms of cash flow generation, despite an under-proportional growth in EBIT as well as a contraction in the EBIT margin. Following this earnings release, we expect to increase our operating profit forecast for FY19 by some 4%. This will not be enough to trigger a change in recommendation from Reduce to a positive one. We continue to believe that the stock is overvalued.

Companies: Kone Oyj Class B

AlphaValue

Kone Oyj Class B

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Research, Charts & Company Announcements

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Latest News/RNS

(more news)
Date Source Announcement
05Dec18 08:00 GNW KONE wins order for Meriton's Ocean beachfront tower on Australia's Gold Coast
05Dec18 07:00 GNW KONE to equip World Expo 2020 Dubai key venues: Thematic Districts and Al Wasl Plaza
22Nov18 08:30 GNW Germany's first KONE UltraRope® to be installed at the ONE high-rise building in Frankfurt am Main
15Nov18 08:31 GNW KONE wins order to equip Global Trade Center in Nairobi, Kenya
06Nov18 06:00 GNW KONE to modernize 385 Bourke Street elevators in Melbourne, Australia
23Oct18 08:59 GNW KONE wins order for premium high-rise office development in Shenzhen, China
12Oct18 10:00 GNW Forbes recognizes KONE as one of the best employers in the world
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