Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KONE OYJ-B. We currently have 7 research reports from 1 professional analysts.
|29Mar17 08:21||GNW||KONE opens its renewed high-rise elevator test laboratory in Tytyri, Finland - reaching a depth of 350 meters, it is the deepest in the world|
|21Mar17 06:01||GNW||KONE wins order for twin tower complex, Indonesia1 in Jakarta, Indonesia|
|06Mar17 08:01||GNW||KONE wins order for Riyadh's metro in Saudi Arabia|
|08Feb17 06:00||GNW||KONE revolutionizes elevator maintenance with new customizable KONE Care(TM) service offering and 24/7 Connected Services|
|23Jan17 09:04||GNW||KONE to equip a new urban center in Helsinki, Finland|
|11Jan17 06:00||GNW||KONE wins order for Bahrain International Airport expansion|
|25Oct16 06:00||GNW||KONE wins order for China's Xi'an Metro Line 4|
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Research reports on
Decrease in orders received underlines that Kone has entered a new paradigm
27 Jan 17
Key information: • Net sales grew by 1.2% in Q4 16. At comparable exchange rates, net sales grew by 3.6%. • Operating income increased by 3.6% in Q4 16. • Operating margin at 15.1% in Q4 16 vs 14.8% in Q4 15. • Cash flow from operations (before financing items and taxes) grew by 1.6% in Q4 16. • Orders received in Q4 16 declined by 5.5% at historical exchange rates and by 2.9% at comparable exchange rates. • Q4 results are respectable but guidance/order intake show that Kone has entered a new paradigm. • Revenue could drop in 2017 as China remains tough. • Operating profit is expected to drop in 2017. • Dividend proposed is €1.55, implying a 78% payout ratio.
Discrepancy between EBIT’s and operating cash flow’s growth is a bad omen
27 Oct 16
Key information (9m figures): • Orders received declined by 3.8% and 1.2% at comparable exchange rates. • The order book grew by 4.2%. • Net sales grew by 1.7% and 4.0% at comparable exchange rates. • Operating income grew by 4.4%. • Operating margin up by 40bp to 14.6%. • Cash flow generation remained strong over the 9m period but weakened in Q3. • Guidance narrowed.
Chinese NE market declines by 15% in value terms
20 Jul 16
Key information (for the January-June period): • Net sales grew by 3.1% and by 5.2% at comparable exchange rates compared to H1 15. • Operating income grew by 6% and the operating margin was 14.2% vs 13.8% last year. • Net income increased by 11.4% compared to H1 15. • Cash flow from operations increased by 9.6%. • Orders received declined by 5.6% and by 3.1% at comparable exchange rates. • Kone beat Q2 EBIT consensus by 4.5%. • Management slightly upgraded EBIT guidance. Sales guidance unchanged. • Chinese NE market declined by c.7% in volume terms and c.15% in value terms. • Decrease in orders received could translate into a revenue decrease in 2017.
Fears on China return
22 Apr 16
Key information: • Orders received declined by 4.3% at comparable exchange rate compared to Q1 15. • The order book remain stable at €8.5bn but grew by 7.6% at comparable exchange rate. • Net sales grew by 4.2% at comparable exchange rate. • Operating income improved slightly to €221m vs €212m in Q1 15. • Operating margin improved slightly from 12.5% in Q1 15 to 12.7% in Q1 16. • Strong improvement in cash generation at €306m vs €212m in Q1 15. • EPS at €0.37 vs consensus of €0.34 and €0.29 in Q1 15 • Gearing at -53% vs -33% at end of Q1 15.
Good FY performance but China weighing on visibility
29 Jan 16
h1. Key informations: • Order intake grew by 16.8% and 5.6% at comparable exchange rates over FY15. • Order book grew by 18.1% over FY15. • Net sales increased by 17.9% and 8.3% at comparable exchange rates over the FY15. • Operating margin at 14.4% over the FY15 versus 14.1% in FY14. • EPS at €2.01 over FY15. • Cash flow from operations grew by 9.6% over the FY15. • Guidance for 2016: net sales growth of 2-6%, operating income in the range of €1,220-1320m. • The Board proposes a dividend of EUR 1.40 per class B share for the 2015 financial year.
Good performance, China slowing down
22 Oct 15
Key information : • 9m orders received totalled c.€6.0bn, namely growth of 17.7% at historical exchange rates and growth of 5.2% at comparable exchange rates. • The order book stood at €8.35bn as of end of September 2015, i.e growth of 19.4% at historical rates and growth of 13.9% at comparable exchange rates. • 9m net sales at €6,085m, i.e. 17.7% growth at historical exchange rates and growth of 7.2% at comparable exchange rates. • 9m operating income was €863m, or an operating margin of 14.2%. • Strong cash flow from operations of €1,070m over the first 9m. • 9m net income of €680m, or €1.30 EPS.
N+1 Singer - T. Clarke - Strong conclusion to FY16, record order book
28 Mar 17
After significant upgrades at the time of the full year update (PBT forecast +43% FY16; +14% FY17), today’s results are c.4% ahead of our expectations at the PBT level and show strong growth on the prior year (PBT +48%). All regions achieved positive growth in revenue. The outlook statement refers to a still growing order book (£350m at the end of February vs. £330m at the year end) and the strength of recent trading, with London & the South East and Scotland said to be particularly positive. The Group has reiterated its ambitions to improve margins, but we have not incorporated this into our forecasts at this stage. We have nudged up our FY’17 forecasts (PBT +5%) and introduced FY’18 forecasts that imply 2% PBT growth. Despite the well justified bounce in the share price, the shares still trade at a significant discount to the peer group (7.6x FY17 PE, 4% yield).
Panmure Morning Note 29-03-2017
29 Mar 17
We are cutting our recommendation to HOLD as we see little upside from current levels given the lack of positive surprises in today’s trading update. Multiples of 4.4x 2017 sales and 17x 2017 EBITDA imply an expectation of at least slightly exceeding expectations. We had assumed that acquisitions will provide the momentum until organic investments deliver. However, acquisitions are proving elusive and excess cash is diluting returns. Moreover, our forecast relies on at least one order in vehicle simulator market, which has yet to be announced. The management has shown that it can use the financial markets to raise equity but it now needs to show that it can deploy excess equity productively.
N+1 Singer - Severfield - Strong H2 drives upgrades; CEO temporarily steps down due to ill health
28 Mar 17
Severfield’s trading update highlights that trading during H2 was strong and the Group now expects results to be ahead of expectations. Cash flow performance has been similarly strong with net funds at the year end also expected to be ahead of expectations. The strong performance was driven by both a better than expected revenue performance and better than expected growth in the operating margin. We expect to increase our FY16 PBT forecasts by c.9% to around £19.5m. In addition, we are disappointed to see that Ian Lawson (CEO) has taken a temporary leave of absence due to physical ill health. John Dodds (non-executive Chairman) will step up to Executive Chairman on an interim basis and Alan Dunsmore (FD) has agreed to assume the role of CEO on a similar basis. This should ensure the continuity of the business whilst Ian is recovering. The outlook for Sevefield remains positive and the Group has reiterated its medium term target to double PBT from £13.2m in FY16 by FY20. We remain positive on Severfield (one of our best ideas for 2017) and continue to see clear potential for it to outperform its medium term targets.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)