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.
|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|
|29Sep16 10:00||GNW||KONE acquires a majority stake in Spanish elevator company Citylift|
|02Sep16 11:05||GNW||KONE listed as one of the World's Most Innovative Companies by Forbes for the sixth year running|
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.
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
15 Feb 17
At the current market capitalisation of £29m, we believe the shares are significantly undervalued. We estimate that the highly profitable Maritime business is alone worth at least £40m. With net cash of £9m at end-2016, this implies that the market is currently ascribing a combined negative value of £17m to the rest of the group, which together account for c.54% of group revenues. This is very harsh given the management actions to transform TP Group to a profit-driven Tier 2 specialist services and engineering company are bearing fruits across the divisions. TPG Managed Solutions is expected to more than double its profits in 2017, while TPG Engineering and Design & Technology are on course to deliver sustainable profits from 2019. Even if we ascribe zero value to Engineering, Design & Technology and Managed Solutions, the shares are worth 9.5p a share, a 38% upside from the current share price. BUY.
Taking the bull by the horns
15 Feb 17
Avon Rubber announced this morning that CEO Rob Rennie has left and been replaced with Paul McDonald, formerly managing director of Avon’s Dairy division. This news comes as a surprise and is likely to raise some questions over the CEO and CFO transition, with the CEO only being in post for just over a year. However, the group has appointed an executive already known to many who have followed the business, and as such should be seen as a good appointment with a track record of decisiveness and getting things done.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.