China's Elevator Market Is Stabilizing in an Otherwise Unremarkable 1Q for Kone
Kone's first-quarter results were unremarkable and largely in line with our expectations, with two noteworthy exceptions: stabilization in China and management increasing the bottom end of its 2017 guidance range. We are maintaining our EUR 40 fair value estimate and wide moat rating. We view the shares as fairly valued.After declines in new equipment sales in 2015 and 2016, China's new elevator equipment sales on a sectorwide basis was flat year over year. We receive many questions from invest...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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