Conclusion:

The elevator business, especially the maintenance part looks interesting, but given the businesses haven't been growing for the last 5 years, despite still a booming market I feel there is something going on that is not mentioned in the investor briefings. I think it is simply China, you see those cars now everywhere, and there is not much difference with elevators. Thus, in one word, COMPETITION. And when it is Chinese, the risks are high.

Maybe the fancy IoT related to elevators will give a boost, but the structure of the business is under heavy pressure.

August 2026 - the valuations might be relatively interesting, but are still high from an absolute perspective - P/E of 20 is still just around 5%.

Sven's Investing Conclusion - would I buy this if the P/E was 10? No, there is no moat, no margin of safety, it might do well for a while but you never know.

Verdict: Next!

Video: https://youtu.be/NNbke4YhznQ

Article is below: