KONE : Showcasing modernisation or hopes for enhanced momentum
China still accounts for 26% of group sales (and our scenario is not that of a recovery), but the weight of modernisation has continued to grow. It should reach 18% of sales this year, a level now compatible with the alternative source of growth role, expected to be 'high single digit' in the coming years. Sales should return to growth of 5% per annum as of 2025 and the adjusted EBIT margin could reach 14% in 2027. The stock is trading at a discount of 13% vs its historic EV/EBIT...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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