Kepler upgrades Kone to 'buy' on 'compelling' merger logic

ThyssenKrupp AG

23/06/2026 09:56

   ** Kepler Cheuvreux upgrades Finnish elevator maker Kone KNEBV.HE to "buy" from "hold" citing the compelling industrial logic of its potential merger with TK Elevator
** The broker notes that while antitrust remains a key issue, expected remedies are manageable and Kone could retain around 85 percent of the target's revenue
** "Based on the intact strategic rationale for the merger and seemingly manageable remedies, we see clear upside for Kone's share price from here," the broker adds
** The combined entity would become the clear global market leader while generating material pre-tax cost synergies and achieving average earnings per share accretion
** Driven by a discounted cash flow model showing strong merger value creation, the brokerage raises its PT on the stock by 17% to EUR 68

 (Reporting by Agnieszka Olenska)
 ((Agnieszka.Olenska@thomsonreuters.com;))