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

KONE

(KNEBV)
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Thyssenkrupp shares rise on hopes of deal with Finland's Kone

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05/16/2019 | 04:36am EDT
Thyssenkrupp's logo is seen close to the elevator test tower in Rottweil

BERLIN (Reuters) - Shares in Thyssenkrupp rose as much as 7.2% on Thursday after Reuters reported Finnish company Kone is assessing the viability of a bid for the German conglomerate's 14 billion euro (12 billion pounds) elevators division.

Thyssenkrupp last week dropped plans to spin off its capital goods business after months of shareholder criticism, and opted instead to list elevators, its most profitable division.

Four people familiar with the matter said it was not clear if Kone could fund an all-cash bid and whether or not the deal would face significant anti-trust hurdles similar to Thyssenkrupp's failed steel joint venture with India's Tata Steel.

"Geographical difference in sales could help ease competition concerns," Jefferies analysts wrote in a note.

They said that for Thyssenkrupp an initial public offering of a minority stake in the elevators business probably remained "Plan A" as it would bring in cash more quickly to fund a restructuring of the group, whose products also include steel, bearings and submarines.

Barclays analysts said a deal with Kone would result in 3-4 billion euros of synergies attributable to the German group.

Thyssenkrupp shares have shed 41% in a year while Germany's benchmark DAX index was down 7% over the same period.

On Thursday, Thyssenkrupp shares rose as much as 7.2% to 12.985 euros and were up 2.8% at 0755 GMT.

Shares in Kone were also up 2.8%.

(Reporting by Thomas Seythal; Additional reporting by Linda Pasquini and Boleslaw Lasocki in Gdynia. Editing by Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
DAX -0.17% 12633.6 Delayed Quote.19.65%
KONE 0.57% 52.7 Delayed Quote.25.84%
TATA STEEL LIMITED 0.98% 359.6 End-of-day quote.-31.66%
THYSSENKRUPP AG 0.43% 12.995 Delayed Quote.-13.25%
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Latest news on KONE
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Financials (EUR)
Sales 2019 9 742 M
EBIT 2019 1 209 M
Net income 2019 931 M
Finance 2019 1 665 M
Yield 2019 3,23%
P/E ratio 2019 29,1x
P/E ratio 2020 25,9x
EV / Sales2019 2,63x
EV / Sales2020 2,50x
Capitalization 27 290 M
Chart KONE
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Technical analysis trends KONE
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 25
Average target price 47,05  €
Last Close Price 52,70  €
Spread / Highest target 5,69%
Spread / Average Target -10,7%
Spread / Lowest Target -26,0%
EPS Revisions
Managers
NameTitle
Henrik Georg Fredrik Ehrnrooth President & Chief Executive Officer
Antti Juhani Herlin Chairman
Ilkka Hara Chief Financial Officer
Maciej Kranz Chief Technology Officer & Executive VP
Matti Juhani Alahuhta Independent Director
Sector and Competitors
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SHANGHAI MECHANICAL & ELECTRICAL INDUSTRY CO., LTD.16.63%2 284
HYUNDAI ELEVATOR CO LTD--.--%1 850