KNEBV.HE - KONE Oyj

Helsinki - Helsinki Real Time Price. Currency in EUR
60.28
-1.66 (-2.68%)
At close: 6:29PM EEST
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close61.94
Open61.60
Bid60.20 x 0
Ask60.26 x 0
Day's Range59.94 - 61.76
52 Week Range42.39 - 62.28
Volume1,587,780
Avg. Volume1,036,481
Market Cap31.249B
Beta (5Y Monthly)0.67
PE Ratio (TTM)34.29
EPS (TTM)1.76
Earnings DateJul 17, 2020
Forward Dividend & Yield1.70 (2.74%)
Ex-Dividend DateFeb 26, 2020
1y Target Est43.00
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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      Kone <KNEBV.HE> reported a smaller than expected 10% fall in first-quarter profit on Wednesday, with demand for its elevators and services strong in many countries despite the coronavirus outbreak. The company performed strongly in central and northern Europe and the Americas in the first quarter, Chief Executive Henrik Ehrnrooth said, but the impact of the coronavirus had hurt Kone in China, India and southern Europe. "We have been able to weather the storm quite nicely," Chief Executive Henrik Ehrnrooth told reporters.

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      What Market Meltdown? Let's Do a $19 Billion Buyout

      (Bloomberg Opinion) -- With impeccable timing, the private equity industry has agreed a jumbo leveraged buyout just as markets have turned dramatically. It’s a bad look, and Advent International and Cinven will have to strain every sinew to make their 17 billion-euro ($19 billion) deal for Thyssenkrupp AG’s elevator business pay off.Germany’s Thyssenkrupp is a distressed seller but the industrial conglomerate ran the auction with finesse, using a high price from Finnish rival Kone Oyj to stimulate the bidding in the early stages. Kone benefited from more potential merger savings. It also faced antitrust hurdles. Hence the vendor put two buyout consortiums into the last round to battle it out. Regulatory clearance became irrelevant and the fight came down to money. Result? Advent and Cinven paid the price that Kone was mooting, without the attendant antitrust uncertainty.The sale alleviates Thyssenkrupp’s debt burden. It doesn’t address the weak profitability of its remaining operations. Activist shareholder Cevian Capital gets the breakup it sought, but Thyssenkrupp’s shares are at their lowest since 2003.The puzzle is why Advent and Cinven were willing to pay nearly 1 billion euros more than the rival consortium, which included Blackstone Group Inc. In fact, the deal isn’t as expensive as the big number suggests. It works out at 16 times the asset’s 1.1 billion euros of Ebitda for this year, as forecast by Jefferies. Peers were trading on 18 times before this week’s market correction, according to the broker.The new owners should be able to lift the elevator maker’s Ebitda faster than its recent low single-digit growth rate, given Thyssenkrupp couldn’t afford much investment. Suppose Ebitda after five years is 1.4 billion euros and the business fetches a peer multiple on sale. The unit would be worth 8 billion euros more than its acquisition price.Advent and Cinven would juice that return with leverage. The predictability of revenue from servicing elevators means the asset can probably sustain more debt than the average buyout. Borrowings of about 8 times Ebitda would leave the consortium putting in 8 billion euros of equity. So they could plausibly double their money on exit, which equates to a mid-teens internal rate of return. If there was room to pay down debt along the way, a return approaching 20% might be possible.There are a lot of ifs and buts, though. At such levels of borrowing the consortium is probably relying on so-called “payment-in-kind” notes, which roll up interest into the sum to be repaid on maturity. If that financing fell due before it was time to exit, there would be a need to refinance or sell assets.Elevator businesses are attractive to lenders given that lifts will always need maintenance. Still, the current market conditions are scarcely helpful here. And while Advent and Cinven are no amateurs, it’s natural to ask what value they see that Blackstone did not.Big deals are so scarce that private equity will pay up to secure them when they become available. The timing is striking all the same. U.S. energy group TXU sold to private equity for $48 billion before the last crisis, while pharmacist Alliance Boots went for 11.8 billion pounds ($15 billion at today’s rates). TXU went bust. Advent and Cinven will hope this deal is remembered for the right reasons.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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      FRANKFURT/DUESSELDORF, Germany (Reuters) - Germany's Thyssenkrupp has shortlisted two private equity consortia in the sale of its 16 billion euro ($17 billion) elevator unit, dealing a blow to Finland's Kone, which withdrew from the closely watched deal. Potentially Europe's biggest private-equity deal in 13 years, the transaction is now in its last stages and could come to a head next week when Thyssenkrupp's supervisory board is scheduled to meet. The cash-strapped conglomerate said it would focus on negotiations with two private equity consortia: one consisting of Blackstone, Carlyle and the Canadian Pension Plan Investment Board and another led by Advent and Cinven.

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    • Ups and downs: the battle to buy Thyssenkrupp's elevator unit
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    • Kone offers $19 billion for Thyssenkrupp's elevator business
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      FRANKFURT/DUESSELDORF, Germany (Reuters) - Finland's Kone <KNEBV.HE> has offered about 17 billion euros ($18.9 billion) for Thyssenkrupp's <TKAG.DE> elevator unit, the highest bid so far, drawing scepticism from one of the German group's labour bosses who said price alone would not cut it. Kone, which has long championed the advantages of a tie-up between the world's third- and fourth-largest elevator groups, on Tuesday said it had made a non-binding bid, a day after a deadline expired. Kone's offer represented a premium of about 1 billion euros (844 million pounds) over the best offer from leading competitors from the private equity world, according to a person familiar with the matter.

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    • Thyssenkrupp, Kone discuss multi-billion euro break-up fee - sources
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      FRANKFURT/DUESSELDORF, Germany (Reuters) - Finland's Kone has proposed paying a multi-billion euro break-up fee to Thyssenkrupp in an effort to improve its chances in an auction for the German conglomerate's elevator business, three people familiar with the matter said. Kone, in a partnership with private equity firm CVC, is among suitors for Elevator Technology (ET), which Thyssenkrupp has put up for sale in a bid to pay down pensions and debt, and invest in restructuring its other struggling businesses. Under the plans, Kone would pay the break-up free - which one source put at 3 billion euros ($3.3 billion) - upfront, making it easier for Thyssenkrupp to accept a deal with the firm, which could face an antitrust review lasting more than a year.

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      UPDATE 3-Thyssenkrupp, Kone discuss multi-billion euro break-up fee - sources

      FRANKFURT/DUESSELDORF, Germany, Nov 19 (Reuters) - Finland's Kone has proposed paying a multi-billion euro break-up fee to Thyssenkrupp in an effort to improve its chances in an auction for the German conglomerate's elevator business, three people familiar with the matter said. Kone, in a partnership with private equity firm CVC , is among suitors for Elevator Technology (ET), which Thyssenkrupp has put up for sale in a bid to pay down pensions and debt, and invest in restructuring its other struggling businesses. Under the plans, Kone would pay the break-up free - which one source put at 3 billion euros ($3.3 billion) - upfront, making it easier for Thyssenkrupp to accept a deal with the firm, which could face an antitrust review lasting more than a year.

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