Guinness European Equity Income Fund on Konecranes Plc
Thesis
Konecranes recovered after weaker July results as the fund viewed the Q2 shortfall as largely timing-related. The investment case is supported by an attractive valuation, 13% year-over-year growth in Q2 order intake and a 16% increase in confirmed orders to €3.4bn. A larger backlog provides improved visibility into the second half, while a sizeable order for battery-powered cranes highlights continuing demand for port modernisation and electrification.
“This gives good visibility into the second half, with a higher level of backlog than a year ago.”
Key risks
- Q2 results fell short of market expectations