Kone

The new import duties announced by the United States are causing headaches for several companies on the Helsinki Stock Exchange, in addition to generally weakening the global economic outlook and increasing uncertainty. Under the current US administration, situations can change rapidly, but according to the current plan, the tariffs should come into effect next Wednesday. The indirect effects of the current trade policy, and especially a potentially looming full-blown trade war, are likely to be greater for most companies than the direct effects, but in this compilation, we outline the potential effects of US import duties on various companies and sectors. This is our best estimate of the current impact, but the situation is evolving and uncertainty is now very high.

KONE's Q3 numbers were below forecasts except for order intake, with China as the main contributor.

The opportunities offered by digital services and modernization were the two spearheads of KONE's Capital Markets Day and will underpin growth and profitability in the coming years.

KONE released its Q2 report on Friday, which came in slightly below our forecasts for key operating metrics. The company updated the upper limits of the guidance range slightly downward. We have made negative revisions to our forecasts for the current year, but the revisions, which are limited to the second quarter, have reduced our full-year earnings forecasts by a modest 2%.

We have adopted a much more positive view on the Modernization market.

KONE's Q4 figures were good. Order intake was a positive surprise and the adjusted EBIT margin and dividend were in line with expectations. The guidance given for 2024 was fairly broad and our projections are almost unchanged.

The main uncertainties in KONE's Q4 report to be published on Friday relate to order intake, market comments and the 2024 guidance.

KONE's Q3 figures were pretty close to consensus but slightly below our expectations. KONE reiterated its 2023 guidance and the market outlook comments were also unchanged.

KONE’s Q2 figures were inconsistent. The order intake fell more than expected, but net sales, and especially profitability, surprised positively. KONE specified its 2023 guidance upward.