Kone: Raise Valuation by 12% and Maintain Wide Moat; Long-Term Upside From Modernization Demand

Kone is one of the four largest global elevator and escalator companies operating in a mature, consolidated, and structurally attractive industry. The company derives approximately 60% of its revenue—and the bulk of its profit—from its service segment, which benefits from a large installed base generating high margins, recurring revenue, and stable cash flows.