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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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.

Kone had an analyst call yesterday, here are @Aapeli_Pursimo’s comments on it:Tutut teemat esillä KONEen analyytikkopuhelussa - Inderes

Ilkka Sinervä has written about Kone’s competitors.  The share prices of the global elevator trio – Kone, American Otis, and Swiss Schindler – have mostly stagnated after three quarterly earnings releases. The companies’ outlook for the current year is cautiously positive, but China’s boost is not expected to return to the demand for new equipment. Stock market circles may have paid too little attention to the sharp decline in sales of new elevators and escalators, which fell for all three elevator companies in June–September. New elevators and escalators always bring with them more orders for modernizations and maintenance. Kone, in particular, has succeeded in leveraging its previous order boom in China and has grown its service sales more strongly than its competitors.                   SalkunRakentaja – 31 Oct 25              Koneen kilpailijan kannattavuus romahti uusissa laitteissa    Kuinka kauan modernisoinnit ja huollot kantavat hissiyhtiöitä?

Aapeli has prepared a new company report following KONE’s Q3 results.  KONE’s Q3 results were quite well in line with both our and consensus expectations, while received orders slightly exceeded expectations. The company’s current year guidance also remained practically unchanged, with the exception of a slight positive revision to the revenue guidance. Reflecting this, forecast changes also remained marginal. With the share price increase, we see the stock as fully priced and reiterate our reduce recommendation, but we revise our target price to 56 euros (previously 55 euros) due to our slightly increased forecasts. Quoted from the report: The background drivers for the guidance remained unchanged, as the key drivers for revenue, according to the company, are positive outlooks in maintenance and modernization businesses, as well as a solid order book. Corresponding drivers for profitability include growth in maintenance and modernization revenue and initiated efficiency programs. Pressure continues to come from new construction solutions in China, a slight decrease in order intake margins for 2024, and the limited impact of tariffs. Based on comments, however, the impact of tariffs has been quite minor.                   Inderes              Kone Q3'25: Tuloskasvuodotukset näkyvät jo osakekurssissa - Inderes    KONEen Q3-tulos oli varsin hyvin linjassa sekä meidän että konsensuksen odotusten kanssa, kun taas saadut tilaukset ylittivät hieman odotukset.

Aapeli has written his quick comment on KONE’s morning results.  KONE published its Q3 report this morning. The Q3 result was quite well in line with both our and consensus expectations, while orders received slightly exceeded expectations. As expected, the company made only minor clarifications to its guidance. We will update our forecasts and views on the company by Monday at the latest.                   Inderes              KONE Q3’25 -pikakommentti: Tulos linjassa odotuksiin, tilauksissa...    KONE julkaisi aamulla Q3-raporttinsa. Q3-tulos oli varsin hyvin linjassa sekä meidän että konsensuksen odotusten kanssa, kun taas saadut tilaukset ylittivät hieman odotukset.

Q3 published: Strong growth in orders received, profitability continued to improve July-September 2025  Orders received grew by 3.0% to EUR 2,139.5 (7-9/2024: 2,076.6) million. Calculated at comparable exchange rates, orders grew by 7.8%. Sales grew by 0.3% to EUR 2,762.0 (2,753.6) million. Calculated at comparable exchange rates, sales grew by 3.9%. Operating income (EBIT) was EUR 334.4 (319.4) million, or 12.1% (11.6%) of sales. Adjusted operating income (adjusted EBIT) was EUR 340.7 (319.4) million, or 12.3% (11.6%) of sales.* Cash flow from operations (before financial items and taxes) was EUR 444.4 (344.8) million.  Business outlook for 2025 (specified) KONE estimates its sales growth to be 3-5% at comparable exchange rates in 2025. The adjusted operating income margin is estimated to be between 11.9% and 12.3%. Assuming that exchange rates remain at the October 2025 level, their negative impact on adjusted operating income would be approximately EUR 30 million. Previously, KONE estimated sales to grow by 2-5% at comparable exchange rates in 2025. The improvement in the adjusted operating income margin was estimated to be between 11.8% and 12.4%. Assuming that exchange rates would remain at the July 2025 level, their negative impact on adjusted operating income was estimated to be approximately EUR 50 million.                   Inderes              KONE Oyj:n osavuosikatsaus tammi-syyskuulta 2025 - Inderes    KONE Oyj, pörssitiedote, 23. lokakuuta 2025 klo 8.30KONE Oyj:n osavuosikatsaus tammi-syyskuulta 2025Vahvaa kasvua saaduissa tilauksissa, kannattavuuden paraneminen jatkuiHeinä-syyskuu 2025 Saadut...

Here are Aapeli’s pre-report comments as KONE publishes its Q3 report on Thursday.  We expect the company’s revenue to have grown slightly despite currency headwinds, and the positive margin trend to have continued. Correspondingly, we expect reported orders to be roughly on par with the comparison period. In connection with the report, besides the figures, our particular interest will be in more detailed market comments, also looking ahead to next year.                   Inderes              KONE Q3’25 -ennakko: Positiiviselle marginaalitrendille odotetaan jatkoa -...    KONE julkistaa Q3-raporttinsa torstaina 23.10. klo 8:30.

The IPO path is being advanced, EDIT: it could also be a negotiation tactic, as selling entirely or in parts is still possible. I don’t remember how serious Kone was about TK Elevators in the previous round, but now they should be 13 billion or 75% more serious…  According to wealth management stock market veteran Hannu Angervuo, the stock market value of the German elevator company can be estimated at around 28–31 billion euros, meaning the company’s value has increased by approximately 13 billion euros compared to the purchase price of approximately 17.2 billion euros five years ago.  https://www.investing.com/news/stock-market-news/tk-elevator-owners-tap-rothschild-lilja-for-potential-major-ipo--bloomberg-93CH-4269209

Kone

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

<p>KONE's Q1 numbers came very close to the consensus. The refinement to the 2024 guidance was not material, but our 2024-2026 forecasts have increased significantly after adopting a much more positive view on the Modernization market.</p>

	2023	24e	25e
Revenue	10,952.3	11,162.4	11,682.7
growth-%	0.4 %	1.9 %	4.7 %
EBIT (adj.)	1,248.4	1,313.3	1,384.8
EBIT-% (adj.)	11.4 %	11.8 %	11.9 %
EPS (adj.)	1.88	1.96	2.07
Dividend	1.75	1.80	1.80
Dividend %	3.9 %	3.0 %	3.0 %
P/E (adj.)	24.0	30.4	28.8
EV/EBITDA	15.2	18.6	17.7

KONE: Need for revision

Key Estimate Figures28.01.2024

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