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OTIS - Otis: Number 1 In Elevators By Size With Aggressive EPS Growth Plan
Otis Worldwide Corporation
Introduction
Following the initiation of our Buy rating on Kone (KNYJY) earlier this week, we continue our work on the elevator industry by reviewing Otis (OTIS), the #1 global elevator company by total sales:
Otis has been spun out of United Technologies (now Raytheon Technologies (RTX)) in March 2020. Since then, Otis shares have risen by more than 25%.
Recap of Kone Buy Case
Our investment case on Kone consists of the following:
Most of elevator industry profits are generated by higher-margin recurring or repeat service revenues, from an ever-expanding installed base