Here is Aapeli’s company report on KONE following Q4. 
We reiterate our Reduce recommendation for KONE and our target price of EUR 56. The company’s Q4 result was in line with expectations, while order intake exceeded forecasts. The guidance provided for this year was fairly well in line with our expectations, although the lower ends of the guidance range appeared cautious in our view. We estimate that the guidance came as a slight disappointment to the market following the recent share price rally. We made only minor negative revisions to our forecasts following the report. In our view, the stock’s valuation is currently on the stretched side and, despite the good earnings growth outlook for the coming years, we estimate the risk-adjusted expected return to be insufficient.