Financials Kone Oyj Deutsche Boerse AG

Equities

KC4

FI0009013403

Heavy Electrical Equipment

Market Closed - Deutsche Boerse AG Other stock markets 03:32:49 2024-05-17 am EDT			5-day change	1st Jan Change
51.32 ^EUR	+0.51%		+3.97%	+13.14%

May. 09	Montage Gold Corp Brief: Says Received Environmental Permit for Development of Its Kone Project	MT
May. 09	Changan Ford Names New President	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	30,180	34,452	32,652	24,975	23,358	26,073	-	-
Enterprise Value (EV) ¹	28,627	32,498	30,488	23,666	22,345	24,606	24,409	23,994
P/E ratio	32.4 x	36.7 x	32.2 x	32.4 x	25.2 x	25.1 x	23.2 x	21.8 x
Yield	2.92%	2.63%	2.78%	3.62%	3.88%	3.72%	3.84%	3.98%
Capitalization / Revenue	3.02 x	3.47 x	3.11 x	2.29 x	2.13 x	2.33 x	2.24 x	2.15 x
EV / Revenue	2.87 x	3.27 x	2.9 x	2.17 x	2.04 x	2.2 x	2.1 x	1.98 x
EV / EBITDA	19.4 x	21.8 x	19.6 x	17.7 x	14.7 x	15 x	14 x	13 x
EV / FCF	27.7 x	22.4 x	23.1 x	80.5 x	36.3 x	20.2 x	19.3 x	17.4 x
FCF Yield	3.61%	4.47%	4.32%	1.24%	2.75%	4.94%	5.18%	5.74%
Price to Book	9.51 x	10.9 x	10.3 x	8.8 x	8.49 x	8.99 x	8.5 x	7.92 x
Nbr of stocks (in thousands)	517,842	518,390	517,962	517,089	517,237	517,527	-	-
Reference price ²	58.28	66.46	63.04	48.30	45.16	50.38	50.38	50.38
Announcement Date	1/28/20	1/28/21	2/2/22	1/26/23	1/26/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,982	9,938	10,514	10,907	10,952	11,208	11,620	12,101
EBITDA ¹	1,479	1,490	1,554	1,336	1,518	1,641	1,742	1,839
EBIT ¹	1,237	1,250	1,310	1,077	1,248	1,372	1,471	1,577
Operating Margin	12.4%	12.58%	12.46%	9.87%	11.4%	12.24%	12.66%	13.03%
Earnings before Tax (EBT) ¹	1,218	1,224	1,321	1,028	1,206	1,371	1,478	1,573
Net income ¹	931.3	939.2	1,014	774.5	925.8	1,036	1,127	1,203
Net margin	9.33%	9.45%	9.65%	7.1%	8.45%	9.25%	9.7%	9.94%
EPS ²	1.800	1.810	1.960	1.490	1.790	2.008	2.176	2.315
Free Cash Flow ¹	1,033	1,452	1,318	294.1	615.2	1,217	1,265	1,378
FCF margin	10.35%	14.61%	12.53%	2.7%	5.62%	10.86%	10.88%	11.39%
FCF Conversion (EBITDA)	69.86%	97.5%	84.79%	22.02%	40.53%	74.12%	72.59%	74.95%
FCF Conversion (Net income)	110.94%	154.62%	129.91%	37.97%	66.45%	117.39%	112.19%	114.53%
Dividend per Share ²	1.700	1.750	1.750	1.750	1.750	1.872	1.937	2.007
Announcement Date	1/28/20	1/28/21	2/2/22	1/26/23	1/26/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,767	5,377	2,442	2,555	2,998	2,912	2,557	2,836	2,750	2,810	2,568	2,856	2,850	2,938	2,696	2,927
EBITDA ¹	421.5	-	259	273.6	372	430.9	306.5	396	384.4	430.9	333.9	427.2	432.4	479.3	352	445
EBIT ¹	359.4	-	196.5	209.3	305.8	365	241.9	332	315.9	358.6	262.4	354.5	355.1	395	285	369
Operating Margin	12.99%	-	8.05%	8.19%	10.2%	12.54%	9.46%	11.71%	11.49%	12.76%	10.22%	12.41%	12.46%	13.44%	10.57%	12.61%
Earnings before Tax (EBT) ¹	360.1	-	170.7	180.1	313.4	364.1	241.1	284.7	319.7	360.6	265.7	359.3	358.9	397.3	291	375
Net income ¹	275.7	534.9	129.3	135.3	237.3	272.6	183.7	223.1	245.7	273.4	203	270.8	272.7	301	222	288
Net margin	9.96%	9.95%	5.3%	5.3%	7.91%	9.36%	7.19%	7.87%	8.93%	9.73%	7.9%	9.48%	9.57%	10.24%	8.23%	9.84%
EPS ²	0.5300	1.040	0.2500	0.2600	0.4600	0.5300	0.3500	0.4300	0.4700	0.5300	0.3900	0.5252	0.5269	0.5857	0.4400	0.5600
Dividend per Share ²	1.750	-	-	-	-	1.750	-	-	-	1.750	-	-	-	1.875	-	-
Announcement Date	2/2/22	2/2/22	4/27/22	7/20/22	10/27/22	1/26/23	4/26/23	7/20/23	10/25/23	1/26/24	4/24/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,553	1,954	2,164	1,309	1,013	1,467	1,664	2,079
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,033	1,452	1,318	294	615	1,217	1,265	1,378
ROE (net income / shareholders' equity)	30.1%	29.7%	32%	25.9%	40.9%	37.5%	38.9%	39%
ROA (Net income/ Total Assets)	11.4%	10.8%	11%	8.6%	10.8%	11.7%	12.2%	12.4%
Assets ¹	8,174	8,703	9,256	9,003	8,565	8,862	9,245	9,718
Book Value Per Share ²	6.130	6.120	6.130	5.490	5.320	5.600	5.930	6.360
Cash Flow per Share ²	2.450	2.930	3.060	1.030	2.180	2.650	2.940	3.030
Capex ¹	237	98	267	237	513	130	128	136
Capex / Sales	2.37%	0.99%	2.54%	2.18%	4.68%	1.16%	1.1%	1.13%
Announcement Date	1/28/20	1/28/21	2/2/22	1/26/23	1/26/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kone Oyj

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

50.38 EUR

Average target price

48.79 EUR

Spread / Average Target

-3.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Elevator & Conveying Equipment

	1st Jan change	Capi.
OTIS WORLDWIDE CORPORATION	+8.20%	39.13B
SCHINDLER HOLDING AG	+16.54%	27.83B
DAIFUKU CO., LTD.	+9.20%	7.43B
INTERROLL HOLDING AG	+10.11%	2.67B
FUJITEC CO., LTD.	+19.04%	2.14B
KARDEX HOLDING AG	+15.14%	2.13B
SHANGHAI MECHANICAL & ELECTRICAL INDUSTRY CO.,LTD.	+13.48%	1.71B
GUANGZHOU GUANGRI STOCK CO.,LTD.	+69.52%	1.48B
ATLANTIS GLORY INC.	-99.92%	1.24B

Elevator & Conveying Equipment