Elevator Outlook Improving, but Shares Still Look Pricey
With all four of the largest global elevator manufacturers--Kone, Schindler, Otis, and Thyssenkrupp--having now reported results, the outlook for the global market looks healthier than the previous two years, on the back of easing pricing pressure in China and a potential bottoming in the Brazilian construction market. We think Schindler and Kone will be beneficiaries, with less risk to a low-single-digit revenue growth outlook and easier margin expansion on higher plant utilisation rates. Raw m...
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