KONE’s Q4 report was decent, as both order intake and EBIT exceeded market expectations. Short-term margin forecasts were revised down, but margin improvement is expected later than previously anticipated.
Based on the company’s revenue and dividend growth, Inderes considers the stock attractive.
The Q4 report didn’t bring any major surprises. Orders grew slightly, especially in modernization. Revenue increased, and the company’s EBIT exceeded expectations, while the dividend proposal was in line with forecasts. The guidance expects slight revenue growth and margin improvement, though pressures from the Chinese market still persist.
Be sure to read the excellent analysis by the Inderes analyst below.