Financial PerformanceSchindler requires 11 more days’ worth of working capital than Kone, likely tied to fewer prepayments from new installations.
Sales PerformanceAs confirmed by the Q1 conference call, China is still a difficult place to sell new lifts.
UrbanisationStock unlikely to beat the market until urbanisation restarts, because Schindler has already outperformed peer Kone on valuation and currently lacks a clear idiosyncratic reason to own.