2024-06-06 14:32:33 ET
Summary
- Kone outperformed in some of its markets, but fell victim to weak trends in some of its other markets.
- China and Europe weren't strong, but across the businesses there was at least strength in the recurring businesses of service revenue of elevators.
- That significant mix effect is something that can be perennially relied upon to steel results.
- However, the valuation is rich and consistent with an assumption of top quality. While a valid assertion for Kone, we see no point in owning it.
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Kone: China Unsurprisingly Is Falling Short