Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Kone    KNEBV   FI0009013403

KONE

(KNEBV)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Thyssenkrupp buys U.S. elevator firm as IPO share boost evaporates

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/31/2019 | 10:18am EDT
FILE PHOTO: A logo of Thyssenkrupp AG is pictured at the company's headquarters in Essen

FRANKFURT (Reuters) - Thyssenkrupp on Friday strengthened its elevator division with a small takeover in the United States, ahead of a planned listing of the 14-billion euro unit which has failed to revive the conglomerate's beaten shares.

Thyssenkrupp has been in crisis mode for the past year and only three weeks ago scrapped an old restructuring plan - a spin-off of its capital goods units - in favour of a partial initial public offering (IPO) of its best asset: elevators.

While initially welcomed by analysts and investors, shares in the company on Friday gave up all the gains they made following the strategic announcement in a major blow to Chief Executive Guido Kerkhoff's efforts to turn around the group.

Shares in the steel-to-submarines group fell as much as 4.1% to 11.285 euros per share, a 22% decline from the 14.40 euros the group's stock closed at on May 10.

Following three profit warnings, a failed restructuring plan and the collapse of a planned steel merger with Tata Steel, some investors and analysts have doubts that Kerkhoff can pull off the IPO.

"While we receive little pushback on the potential valuation of a standalone Elevators business, the timeline and execution of such a deal remain concerns of investors," Jefferies analysts wrote this month.

Even though the IPO remains Kerkhoff's plan A, some investors are hoping for a bidding war for Thyssenkrupp Elevator Technology (ET), the world's fourth-largest maker of elevators with sales of 7.554 billion euros last year.

Sources told Reuters that Finnish rival Kone, the world's No.3, was assessing its chances for a bid. Global leader Otis, which is being separated from parent United Technologies Corp (UTC), is also interested.

UTC Chief Executive Gregory Hayes, too, said he expected ET and Otis to hold discussions about a potential combination deal once both divisions have completed their respective separations, according to the Hartford Courant newspaper.

"It makes a lot of sense," he was quoted as saying.

The United States, where Thyssenkrupp said it bought Nashville Machine Elevator along with its 130 employees, is ET's biggest market. Last year, it made 40.1 percent of its sales in the Americas.

That puts it ahead of Switzerland's Schindler, the global No.2, and Kone, which made 20% and 28% of their revenues, respectively, in the region. Otis generated 31% of its sales there, analysts at Jefferies reckon, meaning its absolute sales volume there exceeds Thyssenkrupp's.

(Editing by Thomas Escritt)

By Christoph Steitz

Stocks mentioned in the article
ChangeLast1st jan.
KONE -1.60% 51.5 Delayed Quote.25.70%
SCHINDLER HOLDING AG -0.53% 224.5 Delayed Quote.15.92%
TATA STEEL LIMITED 6.93% 368.55 End-of-day quote.-33.85%
THYSSENKRUPP AG -1.67% 12.68 Delayed Quote.-15.35%
UNITED TECHNOLOGIES CORPORATION -1.43% 135.57 Delayed Quote.27.32%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on KONE
09/18Ghana, Ivory Coast to introduce cocoa production ceiling
RE
09/13Kone open to co-shareholding with Thyssenkrupp in elevator deal - Bloomberg
RE
09/12THYSSENKRUPP : Elevator proceeds must stay with Thyssenkrupp - steel labour boss
RE
09/06EUROPE : European stocks rise on China stimulus despite weak U.S., German data
RE
09/06THYSSENKRUPP : Trades Higher on Reports of Approaching Elevator Unit Divestment
DJ
09/05KONE EXPLORES PARTNERSHIP TO BID FOR : sources
RE
09/05Kone explores partnership to bid for Thyssenkrupp elevator business -sources
RE
09/05KONE CEO : Thyssenkrupp's Elevator Business Would Be Perfect Fit -Handelsblatt
DJ
09/05LONDON STOCK EXCHANGE : Euro zone stocks rally 1% on trade hopes, FTSE lags
RE
09/05THYSSENKRUPP : elevator unit a perfect fit - Kone CEO tells Rheinische Post
RE
More news
Financials (EUR)
Sales 2019 9 743 M
EBIT 2019 1 209 M
Net income 2019 932 M
Finance 2019 1 676 M
Yield 2019 3,30%
P/E ratio 2019 28,5x
P/E ratio 2020 25,3x
EV / Sales2019 2,57x
EV / Sales2020 2,44x
Capitalization 26 669 M
Chart KONE
Duration : Period :
Kone Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends KONE
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 25
Average target price 46,71  €
Last Close Price 51,50  €
Spread / Highest target 8,16%
Spread / Average Target -9,30%
Spread / Lowest Target -24,3%
EPS Revisions
Managers
NameTitle
Henrik Georg Fredrik Ehrnrooth President & Chief Executive Officer
Antti Juhani Herlin Chairman
Ilkka Hara Chief Financial Officer
Tomio Pihkala Chief Technology Officer
Matti Juhani Alahuhta Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
KONE25.70%29 342
SCHINDLER HOLDING AG15.92%24 118
DAIFUKU CO., LTD.17.92%6 598
ZARDOYA OTIS2.42%3 292
SHANGHAI MECHANICAL & ELECT. IND. CO LTD19.86%2 352
HYUNDAI ELEVATOR CO LTD--.--%2 138