Schindler Posts Slower but Decent 3Q Results; Shares Moderately Overvalued
Schindler posted slower revenue growth in the third quarter relative to the first half of 2018, but still tracking within the company's 2018 guidance of 5%-7% growth in local-currency terms. The EBIT margin was stable, which we see as a positive result, given rising raw material prices. We maintain our wide moat rating and CHF 193 fair value estimate. The shares look modestly overvalued.ÂThird-quarter 5% organic order growth represented a slowing from the 8% posted in the first two quarters. Re...
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