Schindler Shows Better-Than-Expected Progress in Manufacturing Simplification; Shares Fairly Valued
Schindler's first-half results showed better progress on margin benefits than we expected from the manufacturing simplification plan. The program is still in the early stages, rolling out initially just in China and expected to be global by 2019, but it has already helped to provide 50 basis points of EBIT margin improvement over the full-year 2016 margin of 11.5%. We are increasing our fair value estimate to CHF 180 per share from CHF 170 after increasing our medium-term EBIT margin forecast to...
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