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.

Here is Aapeli’s company report on KONE following Q4.  We reiterate our Reduce recommendation for KONE and our target price of EUR 56. The company’s Q4 result was in line with expectations, while order intake exceeded forecasts. The guidance provided for this year was fairly well in line with our expectations, although the lower ends of the guidance range appeared cautious in our view. We estimate that the guidance came as a slight disappointment to the market following the recent share price rally. We made only minor negative revisions to our forecasts following the report. In our view, the stock’s valuation is currently on the stretched side and, despite the good earnings growth outlook for the coming years, we estimate the risk-adjusted expected return to be 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 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.

Kone

The worsening problems in China's real estate sector have led us to significantly cut our estimates for 2023-2024. 

<p>The worsening problems in China's real estate sector have led us to significantly cut our estimates for 2023-2024. </p> 

	2021	22e	23e
Revenue	10,514.1	10,887.6	10,760.0
growth-%	5.8 %	3.6 %	-1.2 %
EBIT (adj.)	1,309.8	1,138.7	1,275.9
EBIT-% (adj.)	12.5 %	10.5 %	11.9 %
EPS (adj.)	1.98	1.70	1.89
Dividend	2.10	1.70	1.70
Dividend %	3.3 %	2.9 %	2.9 %
P/E (adj.)	31.8	34.8	31.3
EV/EBITDA	19.7	21.2	18.3

KONE: Weakened China outlook eats into upside

Key Estimate Figures2022-08-30

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