Kion and Jungheinrich Analyst Meetings: No Joy on Margins from Either as They Focus on Sales Growth
We attended Kion and Jungheinrich's back to back analyst events this week and believe both companies are willing to forego 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 ...
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