reports
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Ahmed Ben Salem
AC ACCOR SA
EQNR EQUINOR ASA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
SK SEB SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
SY1 SYMRISE AG
BOL BOLLORE SA
BKT BANKINTER SA
MOCORP METSO OUTOTEC OYJ
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
DSY DASSAULT SYSTEMES SA
EPI A EPIROC AB
SGSN SGS SA
FER FERROVIAL SA
- Ahmed Ben Salem
AC ACCOR SA
EQNR EQUINOR ASA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
SK SEB SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
SY1 SYMRISE AG
BOL BOLLORE SA
BKT BANKINTER SA
MOCORP METSO OUTOTEC OYJ
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
DSY DASSAULT SYSTEMES SA
EPI A EPIROC AB
SGSN SGS SA
FER FERROVIAL SA
- Delphine Brault
- Quentin Borie
KONE : La Chine gâche une nouvelle fois la fête au T3
>Un T3 2024 inférieur aux attentes, à l’exception des commandes - Les commandes ont progressé de 5.5% à changes constants au T3 (css à 0.6% et ODDO BHF à 2%), grâce notamment au segment modernisation (+ 20%) et malgré un recul de plus de 15% des commandes en nouveaux équipements (en volumes) en Chine. La marge brute des commandes est en léger recul par rapport au T3 2023 et en séquentiel, du fait de la Chine. Le CA progresse de 1.1% à changes constants au T3, ave...
- Delphine Brault
- Quentin Borie
KONE : China spoils the party again in Q3
>Q3 2024 below forecasts, with the exception of order intake - Order intake was up by 5.5% at constant currency (cc) in Q3 (consensus at 0.6% and ODDO BHF at 2%), notably thanks to the modernisation segment (+20%) and despite a decline of more than 15% in orders for new equipment (in volume terms) in China. Gross margin on order intake was down slightly vs Q3 2023 and on a sequential basis, due to China. Revenue was up 1.1% cc in Q3, with activity in China down 2...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Delphine Brault
- Quentin Borie
KONE : A broadly disappointing Q3, aside from orders
>Q3 2024: sales up 1.1% at constant FX and adjusted EBIT margin of 11.6% - KONE has reported this morning Q3 results below consensus forecasts, except for orders. These grew by 5.5% at constant forex in Q3 (css at 0.6% and ODDO BHF at 2%), mainly thanks to the modernisation segment, up 20%, despite a more than 15% drop in new equipment orders (in volume) in China. The gross margin on orders was slightly weaker than in Q3 2023.Sales rose by 1.1% at constant forex ...
- Delphine Brault
- Quentin Borie
KONE : Un T3 globalement décevant, à l’exception des commandes
>T3 2024 : CA 1.1% hors effets changes et marge d’EBIT ajusté à 11.6% - KONE a publié ce matin des résultats T3 inférieurs aux attentes du consensus, à l’exception des commandes. Ces dernières sont en hausse de 5.5% à changes constants au T3 (css à 0.6% et ODDO BHF à 2%), grâce notamment au segment modernisation qui progresse de 20% et malgré un recul de plus de 15% des commandes en nouveaux équipements (en volumes) en Chine. La marge brute des commandes est en léger ...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Delphine Brault
- Quentin Borie
ODDO : US elections: between continuity and disruption, the benefits/r...
Accounting for an average of 19% of revenues for European capital goods groups (over 40% in some cases), the US is clearly a central factor in growth strategies, both organically and inorganically. Based on our analysis of the programmes of the two candidates running for the White House and the positioning of the various groups, we have established two scenarios through which to play the sector depending on the winner in November's election. In this still uncertain US election co...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Delphine Brault
- Quentin Borie
ODDO : Election US : entre continuité et rupture, les bénéfices/risque...
Représentant 19% en moyenne du CA des groupes de biens d’équipement européens (plus de 40% pour certains), les Etats-Unis sont inévitablement au cœur des stratégies de croissance, tant organique qu’externe. Après analyse des programmes des deux candidats à la Maison Blanche, croisée avec celle du positionnement des groupes, nous avons établi 2 scénarios permettant de se positionner en fonction du candidat qui sera élu en novembre. Dans ce contexte électoral américain encore incer...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Tomi Railo
Kone (Hold, TP: EUR54.00) - Focus on orders and earnings
Our focus in the Q3 results will be orders and clean EBIT. We expect no market outlook changes. No detailed pre-Q3 consensus is available, but our Q3e and 2024e orders and clean EBIT are slightly below post-Q2 consensus. We reiterate our HOLD, but have raised our target price to EUR54 (50) on our adjusted DCF. The share price, reflecting elevated market expectations, offers a neutral risk/reward in our view.
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