Kone Posts Impressive First Quarter; Shares Modestly Overvalued
Wide-moat Kone's first-quarter results surprised positively with top-line growth well above the 2019 guidance range, prompting management to tighten the revenue growth range with the lower end now at 3% instead of 2%. Management also tweaked the EBIT range modestly higher. The operating income margin contracted by 40 basis points, not unexpected considering the company is still working through projects in its order book based on previous pricing. We have tweaked our forecasts expecting 4% revenu...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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