KONE : CMD feedback: guidance confirmed, in a market that needs to reinvent itself
>Long-term guidance confirmed - As expected, management confirmed its long-term guidance, albeit without venturing a time horizon. As such, it expects to: i/ outpace the market, ii/ achieve an EBIT margin of 16% and iii/ improve WC rotation. We see its sales growth and WC targets as credible. Indeed, the group grew its orders by 4.3% over the period 2018-2021, vs 0.6% for the market. In contrast, the EBIT margin target of 16% looks very ambitious, particular...KONE is an elevator and escalator industry group based in Finland. Co. is engaged in the provision of products and services for the installation, modernization and maintenance of elevators, escalators and automatic building doors. Co. provides its products and services throughout the entire lifecycle of the equipment, beginning from the installation of new equipment to the maintenance and modernization during their lifecycle and the full replacement of the equipment. Co.'s customers are active in industry segments such as residential, office, retail, public transportation, hotel, hospital, and marine.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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