Kone: Oddo BHF upgrades, raising TP

(CercleFinance.com) - Oddo BHF has upgraded Kone shares from 'neutral' to 'outperform', while raising its target price for them to E53, from E45 previously.


The analyst estimates that the Group's sales growth should return to 5% p.a. from 2025 onwards, and that its adjusted EBIT margin could reach 14% by 2027.

The question now is whether Kone will be able to find a growth driver capable of compensating for what China has been in the past, and whether it therefore deserves to return to its historical multiples, the broker adds.

Oddo BHF believes that the modernization segment (19% of sales in Q4 2023) could play this role, with 'high-single digit' growth expected every year.

The new CEO is expected to present his strategic vision at the CMD (investor day) at the end of September, stresses Oddo BHF, which has raised its estimates by 1.4% for 2024 and 4% beyond. Our estimates are higher than those of the consensus (2%) from 2025 onwards, it concludes.


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