Pricing in China Triggers Minor Profit Warning for Kone; Shares Still Look Expensive
Kone released preliminary 2017 figures that revealed a somewhat weaker EBIT margin in 2017, along with a somewhat weaker 2018 margin outlook, relative to our and consensus forecasts. 2017 underlying revenue growth came in at 4%, in line with guidance, but with volume coming at a price and the adjusted EBIT margin down 90 basis points year over year to 13.8%. The company anticipates a weak margin in 2018. We see the margin weakness as temporary with some recovery in 2019, supported primarily by h...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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