Jungheinrich's 1Q Reflects Solid Demand for Its Forklifts; Shares Attractive
Jungheinrich's first-quarter forklift orders outpaced the broader market, and while margins were weak year over year, we expect improvements as the company has passed through a second price increase in six months to combat raw material price inflation. We are maintaining our EUR 36 fair value estimate and narrow moat rating. The shares look attractively valued.Orders in units grew 2% in the quarter for the company, outperforming the broader market, which declined 3%. We attribute the difference...
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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