Kone Reports In-Line Fiscal 2016; Shares Look Fairly Valued
In 2016, wide-moat Kone sold 2% fewer elevators and escalators than in 2015 but grew its base of equipment under service by 6%. This latter number is the more important one, since it supports the company’s long-term margins and returns. Service revenue is higher margin because there are no material costs associated with new revenue as there are with new equipment sales. Weakness in the Chinese market is unlikely to surprise any investor, but relative to other businesses, elevator manufacturers 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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