Initiating Coverage on Kone With a Wide Moat Rating; Shares Overvalued
We are initiating coverage on Kone with wide moat and stable moat trend ratings, and we view the shares as overvalued relative to our EUR 38 per share fair value estimate. We think Kone possesses a wide moat based on intangible assets and cost advantage. Even though elevators made by the top manufacturers lack a high degree of differentiation, differences in reputation and established track record are both critical to winning bids for new building-construction projects. Kone can provide unique s...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.
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