Concerning the growing uncertainty due to the increase of tariffs on Chinese exports to the US from the Trump administration, there are some risks for Kone from 2019 onwards, in our opinion. France, one of top 5 markets, is seeing a positive development in the market. We will reduce our EBIT margin recovery expectation and go for growing revenues in FY19 but a stable EBIT margin compared to FY18. This could trigger a change in recommendation from Reduce to Sell.
20 Jul 2018
H1 18: willing to grow but not necessarily through a combination with Thyssenkrupp
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H1 18: willing to grow but not necessarily through a combination with Thyssenkrupp
Kone Oyj Class B (KNEBV:HEL) | 0 0 1.2% | Mkt Cap: 20,244m
- Published:
20 Jul 2018 -
Author:
Felix Brunotte -
Pages:
3
Concerning the growing uncertainty due to the increase of tariffs on Chinese exports to the US from the Trump administration, there are some risks for Kone from 2019 onwards, in our opinion. France, one of top 5 markets, is seeing a positive development in the market. We will reduce our EBIT margin recovery expectation and go for growing revenues in FY19 but a stable EBIT margin compared to FY18. This could trigger a change in recommendation from Reduce to Sell.