An elevator is sold once and then serviced for three decades. Schindler does not earn on the cabin but on the legally mandated service subscription behind it: 61 percent of the workforce works in maintenance and installation, and the EBIT margin sits at a record level.

The new deep dive covers the moat, the SCHN vs. SCHP structure, the KONE-TKE merger and why this quality rarely comes at a discount.

https://primal.net/Alien-Investor/schindler-subscription-to-the-vertical

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