Here is the company report on Kone from Aapeli following the Q1 results and the mega-deal 
We reiterate our Reduce recommendation for KONE and our target price of EUR 56. The company’s Q1 result was in line with expectations, but the main focus was on the historic merger with TK Elevator. We find the industrial logic of the deal very clear, but there is uncertainty regarding its final form and schedule due to competition authority proceedings. Furthermore, if the merger is realized, a massive integration process still lies ahead. In our view, the situation is a balancing act between increased long-term potential and medium-term risks. Looking at the big picture, we believe the risks and, on the other hand, the neutral valuation of the independent KONE weigh in the balance.