Investors Should Focus on Kion's Opportunity With Dematic; Shares Undervalued
Kion Group’s nine-month 2016 results imply lower forklift volume growth versus the industry, but we think for the right reasons, with the company demurring from chasing high-volume, low-value orders. The company posted year-over-year margin improvements while still increasing its top line by midsingle digits. We think Kion and its competitive positioning should be viewed not in the context of the results, but in the broader opportunity offered by its transformative Dematic acquisition (due to cl...Kion Group AG Formerly known as Kion Group AG (Pre-Reincorporation). Kion Group AG is a Germany-based supplier of industrial trucks, related services and supply chain solutions. The activities of the Company are divided into three segments: Industrial Trucks and Services, Supply Chain Solutions and Corporate Services. The Industrial Trucks and Services segment comprises forklift trucks, warehouse technology, counterbalance trucks, towing vehicles, as well as automated trucks and autonomous trucks. It operates through three international brands: Linde, STILL and Baoli, as well as through three regional brands: Fenwick (France), OM STILL (Italy) and OM Voltas (India). The Supply Chain Solutions segment offers integrated technology and software solutions, picking equipment, automated storage and retrieval systems, sorters, and conveyors, marketed under the Dematic brand. The Company is active in more than 100 countries across the world.
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