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.
|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|
|07Oct16 06:00||GNW||KONE equips Sydney's high-energy-efficiency commercial tower in Australia|
Frequency of research reports
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).
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - Xaar - 2016 results slightly ahead, reduced visibility in 2017
22 Mar 17
Xaar’s 2016 results were slightly ahead of our forecasts, showing a small decline in profit vs. the previous year. Sales grew by 3% to £96.2m, reflecting lower sales from ceramic tile printing, offset by strong growth from Packaging and licence income and an initial contribution from the Engineered Printing Solutions acquisition. Adjusted PBT reduced by 6% to £19.5m (N+1Se £18.7m). Xaar has made significant progress in terms of strategic development in 2016. Its growth drivers are broadening out and it remains focused on its target of £220m sales by 2020. However near term growth is dependent on new products and management has guided to a higher than normal H2 weighting and reduced visibility, which is likely to restrain the share price.
N+1 Singer - WYG - Mixed conclusion to FY17, reassuring FY18 outlook
23 Mar 17
WYG’s trading update highlights a frustrating conclusion to FY17 for the UK business, where profitability is expected to be below the prior year despite continued revenue growth. More positively, the performance of the international operations has been ahead of expectations for revenue and profit and the February order book remains a healthy £150m, consistent with the prior year end. Revised FY17 operating profit expectations are just under £9m, prompting a 14% reduction in our PBT forecast. The strength of the order book and pipeline mean than management expectations for FY18 are unchanged (we trim FY18 PBT by 3%) anticipating another year of very strong PBT growth (28% forecast for FY18 following 20% growth in FY17). We expect further details on trading with the prelims on 6th June and plan to introduce FY19 forecasts at that stage. The shares are trading on <12x FY17 P/E, falling to <10x FY18.