Kion and Jungheinrich Analyst Meetings: No Joy on Margins From Either as They Focus on Sales Growth
We attended Kion's and Jungheinrich's back-to-back analyst events this week and believe both companies are willing to forgo near-term EBIT margin improvements to capture structural growth for forklifts and warehouse automation equipment due to the rise of e-commerce and e-procurement. They and we expect forklift demand to grow by mid-single digits and warehouse automation equipment at twice that rate, both above GDP. With working capital and capital investment ratios likely to remain stable for...Jungheinrich is engaged in the development of new trucks and logistics solutions. Co.'s operating activities are divided into two segments: Intralogistics, which is engaged in the development, production and sale of new trucks including logistics systems as well as the mail-order business, short-term hire which include the rental of new and used material handling equipment, reconditioning and sale of used equipment and the provision of after-sales services including the maintenance, repair and spare parts businesses; and Financial Services, which encompasses the usage transfer and sales financing of material handling equipment and warehousing technology products.
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