Schindler's Upside From Closing Margin Gap With Peers Still Has Room To Go
Wide-moat Schindler's first-quarter EBIT margin was lower than we and consensus expected. Top-line demand remained strong. As this is just one quarter of margin disappointment, we are not making changes to our forecasts and maintaining our CHF 193 fair value estimate. Shares look modestly overvalued.Schindler's first-quarter EBIT margin contracted by 60 basis points to 10.9% year over year with the company citing a mixture of wage inflation, raw material price increases, and currency effects a...
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