Kone Oyj B

KONE is an elevator and escalator industry group based in Finland. Co. is engaged in the provision of products and services for the installation, modernization and maintenance of elevators, escalators and automatic building doors. Co. provides its products and services throughout the entire lifecycle of the equipment, beginning from the installation of new equipment to the maintenance and modernization during their lifecycle and the full replacement of the equipment. Co.'s customers are active in industry segments such as residential, office, retail, public transportation, hotel, hospital, and marine.
  • TickerKNEBV
  • ISINFI0009013403
  • ExchangeNasdaq Nordic Helsinki
  • SectorIndustrial Engineering
  • CountryFinland
Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner - May 2020

While China is approaching normality, Europe and North America will be grim in Q2, and the severity of the demand drop is less important than what companies can do to safeguard cash flow and the balance sheet. We advise sticking with companies with low funding risk – if things normalise there will be upside also in the more stable names. Our key long ideas are: Sandvik, Volvo, Metso, Electrolux We are cautious on: Cargotec, Konecranes, Wärtsilä

Alfred Glaser ...
  • Delphine Brault

ODDO : Focus on construction: the day after - which stocks to favour when we exit the crisis?

We see the capacity to reignite growth quickly, both in organic terms and via acquisitions, as a key differentiating factor for the stocks in the sector, The main themes (energy efficiency, health in buildings) will be favoured, as will exposure to China. We favour Assa Abloy. Our preference also goes to KONE and Schneider Electric on which we are revising up our recommendations to Buy. We are lowering our recommendation to Neutral on Schindler. - >Capacity to reignite gr...

Alfred Glaser ...
  • Delphine Brault

ODDO : Focus Construction : le jour d’après … quelles valeurs en sortie de crise ?

La capacité des groupes à réamorcer la croissance rapidement sera, selon nous, un facteur de différenciation clé, tant en organique que par les acquisitions. Par ailleurs, des grands thèmes (efficacité énergétique, hygiène dans les bâtiments) seront privilégiés, tout comme l’exposition Chine. Nous privilégions Assa Abloy ainsi que KONE et Schneider Electric dont nous relevons nos recommandations à l'Achat et abaissons à Neutre notre recommandation sur Schindler. - >La cap...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2020

We estimate that net current cash flow per share for the property companies we cover will be reduced on average by -11.3% in 2020e and -6.0% in 2021e. Retail property companies are likely to be hit the hardest while office and healthcare property groups should prove more resilient. Our Top Picks against this backdrop are Gecina and Colonial in office property, Cofinimmo in healthcare property and Klépierre in retail property. We downgrade Merlin Properties from Buy to Neutral. - ...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2020

...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global equities nearing potential resistance Helped by support from global central banks and improving trade headlines, critical support levels have held for major global indexes and therefore our outlook remains constructive. At the same time, just because these indexes are not breaking down does not mean they are headed higher. Rather, we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical resistance... see charts below and page 2. With global equity markets generally moving sideways, we want to stick with ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global equities consolidating We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency). Weakness within EM raises concerns that global equities may also succumb to weakness... see charts below. • Global equities consolidating. We take a look at the big picture, providing overviews on broad MSCI indexes (ACWI, ACWI ex-U.S., and EAFE)... see page 2. ...

Kone Oyj: 1 director bought

A director at Kone Oyj bought 421,000 shares at 47.855EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner - May 2020

While China is approaching normality, Europe and North America will be grim in Q2, and the severity of the demand drop is less important than what companies can do to safeguard cash flow and the balance sheet. We advise sticking with companies with low funding risk – if things normalise there will be upside also in the more stable names. Our key long ideas are: Sandvik, Volvo, Metso, Electrolux We are cautious on: Cargotec, Konecranes, Wärtsilä

Alfred Glaser ...
  • Delphine Brault

ODDO : Focus on construction: the day after - which stocks to favour when we exit the crisis?

We see the capacity to reignite growth quickly, both in organic terms and via acquisitions, as a key differentiating factor for the stocks in the sector, The main themes (energy efficiency, health in buildings) will be favoured, as will exposure to China. We favour Assa Abloy. Our preference also goes to KONE and Schneider Electric on which we are revising up our recommendations to Buy. We are lowering our recommendation to Neutral on Schindler. - >Capacity to reignite gr...

Alfred Glaser ...
  • Delphine Brault

ODDO : Focus Construction : le jour d’après … quelles valeurs en sortie de crise ?

La capacité des groupes à réamorcer la croissance rapidement sera, selon nous, un facteur de différenciation clé, tant en organique que par les acquisitions. Par ailleurs, des grands thèmes (efficacité énergétique, hygiène dans les bâtiments) seront privilégiés, tout comme l’exposition Chine. Nous privilégions Assa Abloy ainsi que KONE et Schneider Electric dont nous relevons nos recommandations à l'Achat et abaissons à Neutre notre recommandation sur Schindler. - >La cap...

Alfred Glaser ...
  • Delphine Brault

KONE : Q1 much higher than forecast with growth in China!

>A surprising Q1 with stable orders - Expectations were not particularly high for Q1 because the group generates 29% of its sales in China, but it delivered very favourable surprises. Orders were stable at constant forex (+0.3%), as are sales (-0.5%). The group also indicated that the gross margin is improving slightly on orders. In terms of sales, the drop in new equipment (-5.3%) was almost offset by the increases in maintenance (5.7%) and modernisation (1.4%)....

Aksel Øverland Engebakken ...
  • André Thormann
  • Derek Laliberté
  • Erik Moberg
  • Olof Cederholm
  • Petter Nystrøm
  • Victor Forssell

Talking Points - Atea (Hold): Lackluster Q1

Kone (Sell) Post-results: Going to get worse before it gets better EBIT revised down 8-3% (20-22e) Change to HOLD (Buy) TP NOK 100 (105)

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2020

We estimate that net current cash flow per share for the property companies we cover will be reduced on average by -11.3% in 2020e and -6.0% in 2021e. Retail property companies are likely to be hit the hardest while office and healthcare property groups should prove more resilient. Our Top Picks against this backdrop are Gecina and Colonial in office property, Cofinimmo in healthcare property and Klépierre in retail property. We downgrade Merlin Properties from Buy to Neutral. - ...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2020

...

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Joachim Gunell
  • Martin Arnell
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Martial Descoutures
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/06/2020

A sector hard hit by COVID-19, with EPS estimates slashed by 35% and target prices by >25%; many high-risk stocks (e.g. Haulotte, Manitou, Exel Industries …) and few safe profiles (e.g. Albioma, Rubis and GTT). - ...

Delphine Brault ...
  • Emmanuel Matot
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 04/06/2020

A sector hard hit by COVID-19, with EPS estimates slashed by 35% and target prices by >25%; many high-risk stocks (e.g. Haulotte, Manitou, Exel Industries …) and few safe profiles (e.g. Albioma, Rubis and GTT). - ...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Kone - AGM 25 February 2020

In general, KONE is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 10, the board of directors seeks approval of the Company's executive remuneration policy. ECGS notes that, following the entry into force of the EU Shareholders’ Rights Directive (SRD II), this is the first time that KONE puts its executive remuneration policy to a vote. In general, ECGS deems the overall level of transparency of the policy below Finnish standards. In addition, ECGS is missing an actual LT component (with a performance period of ...

Kone – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Kone - February 26, 2019

In general, KONE is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 10, approval is sought for the remuneration of the board of directors. Although ECGS has no concerns over the fees proposed, it notes that the non-executive chairman of the board Mr. Antti Herlin is entitled to an annual bonus on top of his base salary. In ECGS' view, non-executive directors should not be entitled to any variable payments to safeguard their independence from the company. ECGS therefore recommends to vote OPPOSE. Under ITEM 12, t...

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