Schindler's Restructuring Provides Buffer Against Raw Material Price Increases
Schindler's first-half revenue growth and EBIT margin surprised positively, with management raising full-year guidance as well. We expect to increase our fair value estimate by 4%-5%, but even so, we believe the shares are expensive. We maintain our wide moat rating.ÂOrganic and reported revenue growth in the first half came in at 8% and 10%, respectively, leading management to increase organic revenue growth guidance by 200 basis points to 5%-7%. Roughly 60% of Schindler's orders come from dev...
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