contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Erkki Vesola

Kone is a manufacturer of elevators, escalators and automatic doors. Other related products and systems provided by the company include barriers, docking systems and traffic gates. The company's products are sold in all global regions through authorized distributors. Kone was founded in 1910 and is headquartered in Espoo.

The transition toward becoming a maintenance and service company is progressing. There are fewer and fewer markets for the new equipment business while the Chinese economy is stalled, and India and others are unable to compensate for it. Is Kone gradually becoming a globally operating Lassila-Tikanoja? Let’s hope that the margin levels in the service business remain stable. Significant local competitors will eventually emerge there as well, even in China—this has happened in other industries too.

I’ll post this here, even though most forum members have already spotted the news. KONE is starting change negotiations in Finland, affecting operations at the Hyvinkää factory + R&D. Approximately 840 employees are within the scope of the negotiations, with a reduction need of at most 70 positions. The background for this is a structural change in the new equipment business as well as the need to streamline operations and improve competitiveness.                   Tärkeimmät talousuutiset | Kauppalehti – 9 Feb 26              Kone aloittaa muutosneuvottelut, koskevat 840:tä työntekijää Suomessa    Yhtiö kertoo vähennystarpeeksi enintään 70 työtehtävää Suomessa. Vähennysten syynä on uusien laitteiden liiketoiminnassa tapahtunut rakenteellinen muutos.

Here is a piece by Ilkka Sinervä about Kone and its competitors, especially Otis.   Swiss company Schindler, which is neck-and-neck with Kone in terms of revenue and profitability, has not yet released its results for last year, but the company’s share price also dipped by less than one percent. Asset management veteran Hannu Angervuo classifies elevator companies’ market values and current share price levels as expensive, given P/E ratios in the 23–29 range. ”Elevator companies are expensive compared to earnings. Of course, the companies send increasing maintenance bills to customers every year. But AI giant Nvidia is a cheaper buy relative to its earnings and growth than elevator companies,” Angervuo adds.  Subheadings:  Crosswinds visible in share prices China gap closing slowly Operating profit still down in new equipment Profitability improved in services                    SalkunRakentaja – 9 Feb 26              Koneen kilpailijalla yhä vaikeuksia uusien laitteiden liiketoiminnassa    Koneen ja sen kilpailijan Otiksen tulosraportit kertovat, ettei uusien laitteiden markkinoiden pudotus ole vieläkään saavuttanut pohjakosketusta.

Here is Aapeli’s company report on KONE after Q4.  We reiterate our Reduce recommendation for KONE and our 56 euro target price. The company’s Q4 result was in line with expectations, while orders received exceeded forecasts. The guidance provided for this year was fairly well in line with our expectations, although the lower ends of the guidance ranges appeared cautious in our view. We estimate that the guidance came as a slight disappointment to the market after the recent share price rise. Following the report, we made only minor negative revisions to our forecasts. In our opinion, the valuation of the share is currently on the tight side, and despite the good earnings growth outlook for the coming years, we estimate that the risk-adjusted expected return remains insufficient.                   Inderes              KONE Q4'25: Hyvää kyytiä, mutta kalliilla lipulla - Inderes    Yhtiön Q4-tulos oli linjassa odotusten kanssa, kun taas saadut tilaukset ylittivät ennusteet.

Here are Aapeli’s quick comments on KONE’s Q4 results  KONE released its Q4 report this morning. The Q4 result was well in line with both our and consensus expectations, while orders received exceeded expectations. The guidance provided for 2026, for its part, met expectations quite well in our view.                   Inderes              KONE Q4’25 -pikakommentti: Positiiviselle marginaali- ja tilauskehitykselle...    Q4-tulos oli varsin hyvin linjassa sekä meidän että konsensuksen odotusten kanssa, kun taas saadut tilaukset ylittivät odotukset.

October-December 2025  Orders received increased by 6.3% to EUR 2,253.4 (10-12/2024: 2,119.0) million. At comparable exchange rates, orders increased by 12.2%. Sales decreased by 0.5% to EUR 2,960.8 (2,975.6) million. At comparable exchange rates, sales increased by 4.3%. Operating profit (EBIT) was EUR 387.1 (332.5) million, or 13.1% (11.2%) of sales. Adjusted operating profit (adjusted EBIT) was EUR 401.9 (386.5) million, or 13.6% (13.0%) of sales.* Cash flow from operations (before financial items and taxes) was EUR 465.9 (533.7) million.  January-December 2025  Orders received increased by 3.8% to EUR 9,087.4 (1-12/2024: 8,758.9) million. At comparable exchange rates, orders increased by 6.8%. Sales increased by 1.3% to EUR 11,245.2 (11,098.4) million. At comparable exchange rates, sales increased by 4.0%. Operating profit (EBIT) was EUR 1,336.2 (1,249.0) million, or 11.9% (11.3%) of sales. Adjusted operating profit (adjusted EBIT) was EUR 1,369.3 (1,303.0) million, or 12.2% (11.7%) of sales.* Cash flow from operations (before financial items and taxes) was EUR 1,761.3 (1,589.3) million. Dividend proposal: EUR 1.80 per class B share and EUR 1.7975 per class A share.  The growth in orders is sweet for the market, but from a stock picker’s perspective, this is already quite “challengingly priced,” as always. At today’s share price, the dividend yield is under 3%.

Here is Aapeli’s preview, as KONE reports its Q4 results on Friday.  We expect the company’s positive margin trend to have continued, supported by growth in maintenance and modernization services. We estimate reported orders, for their part, to have been slightly above the comparison period. The focus of the report will be particularly on the guidance given for 2026 and more detailed market comments.                   Inderes              KONE Q4’25 -ennakko: Jälkimarkkinat pitävät marginaalit nosteessa - Inderes    Odotamme yhtiön positiivisen marginaalitrendin jatkuneen huolto- ja modernisointipalveluiden kasvun tukemana.

Kone

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. 

<p>KONE&rsquo;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. Our estimate changes are minor but positive. After the share price drop, KONE&rsquo;s share starts to approach a neutral valuation. However, we stick to a cautious position on the share and reiterate our Reduce recommendation and our target price of EUR 47.50.</p>

	2022	23e	24e
Revenue	10,906.7	11,371.2	11,971.8
growth-%	3.7 %	4.3 %	5.3 %
EBIT (adj.)	1,076.6	1,301.5	1,505.0
EBIT-% (adj.)	9.9 %	11.4 %	12.6 %
EPS (adj.)	1.59	1.98	2.23
Dividend	1.75	1.75	1.80
Dividend %	3.6 %	2.8 %	2.9 %
P/E (adj.)	30.5	31.4	27.9
EV/EBITDA	18.2	21.5	17.5

Kone: Right direction, but a bumpy road

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Key Estimate Figures21.07.2023

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