Kone's 3Q Still Waiting to See Margin Pick Up From Pricing Measures; Shares Fairly Valued
Margin pressures remain more severe at Kone than at peer Schindler, and the company tightened its full-year EBIT guidance, lowering the high end by 4% after reporting a 250-basis-point decline year over year. We do not expect to make changes to our forecasts, as margin pressure has been clear throughout this year's results. Order growth was healthy across most markets, and the company raised its organic revenue growth guidance for the full year by increasing the bottom end of the guidance by 100...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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