Initiating Coverage on Schindler With a Wide Moat Rating; Shares Overvalued
We are initiating coverage on Schindler with wide moat and stable moat trend ratings, and we view the shares as overvalued relative to our CHF 165 per share fair value estimate. Schindler falls behind its pure-play elevator and escalator, or E&E, peer Kone in the important Chinese market, as well as in the efficiency of its production process. We believe that Schindler will face a more challenging medium-term environment as global elevator installation growth slows. Our explicit forecast per...
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