Kone (Hold, TP: EUR54.00) - Focus on orders and earnings
Our focus in the Q3 results will be orders and clean EBIT. We expect no market outlook changes. No detailed pre-Q3 consensus is available, but our Q3e and 2024e orders and clean EBIT are slightly below post-Q2 consensus. We reiterate our HOLD, but have raised our target price to EUR54 (50) on our adjusted DCF. The share price, reflecting elevated market expectations, offers a neutral risk/reward in our view.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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