Norman Levine Kone Corporation KNEBV-HEL PAST TOP PICK Feb 16, 2018

A Finnish elevator manufacturer. A cyclical business, but very well-run. He prefers Halma (?) out of Britain which makes sensors and smoke detectors. It generates considerable free cash flow that can grow 10% a year in revenues bottom line and dividends.

A global elevator company. The dividend has risen substantially. In the last couple of years, it has been relatively dead money, but now we are starting to see an expansion of the global economy, so he expects it to start to move again. Cash reserves exceed all liabilities by a considerable margin. A good growth stock on urbanization. Countries like China and India need more elevators, and this company has the market share in both countries. Dividend yield of 3.4%. (Analysts’ price target is €44.00.)

(A Top Pick Feb 10/17, Up 15%) New construction and maintenance of elevators and escalators. New construction has largely been in Asia but Maintenance is very profitable. He continues to like it.

(A Top Pick May 20/22, Up 6%)

It all-time peaked in 2021, so he sold half and took profits. Then, Putin invaded Ukraine a year ago, so he bought that back as the Euro weakened. This has been a winner for him over a long time. Elevators as a whole have done well--a recurring revenue business with net cash.