Initiating Coverage on Jungheinrich With a Narrow Moat; Shares Undervalued
We are initiating coverage on forklift manufacturer Jungheinrich with a narrow moat rating and stable moat trend. The shares offer reasonable upside opportunity relative to our EUR 31 fair value estimate. Jungheinrich should grow well above the GDP rate in its core market, Europe, benefiting from commerce growth. We expect Jungheinrich’s revenue to grow 6% in the medium term, driven by our expectation for European e-commerce to expand by 10% annually through 2020 and spur demand for warehouse sp...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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