Schindler Reports Slightly Better Top Line; Shares Fairly Valued
Schindler reported full-year results slightly better than expected on our figures and consensus in terms of growth, while the EBIT margin was in line with expectations. Revenue grew 7% organically and the EBIT margin was stable, in spite of material cost inflation. We are maintaining our wide moat rating, CHF 193 fair value estimate, and believe the shares are fairly valued.Schindler is the last of the four large elevator suppliers to report results, and thus its outlook for 2019 global demand...
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