Kone (Hold, TP: EUR44.00) - 2019e - not the year we hoped for
Kone’s 2019 guidance implies a weaker year ahead than we had hoped for and has caused us to cut our 2019e adj. EBIT by c6%. We still expect solid 7% YOY growth in adj. EBIT in 2019 but as our view no longer deviates materially from consensus and as valuation now looks fair (2019 EV/EBIT c18x), we have downgraded Kone to HOLD (BUY) and lowered our target price to EUR44 (46).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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