Kion's Warehouse Equipment Gets Off to Modest Start but Should Pick Up; Shares Undervalued
Kion Group's first-quarter forklift sales grew strongly with a tailwind of a double-digit jump in industrywide orders, while logistics (warehouse) equipment orders got off to a more modest start with a book/bill below 1, at 0.96. Group reported revenue growth is rather meaningless, given its distortion by the Dematic warehouse equipment supplier acquisition at the end of 2016. We think the market is probably disappointed with the warehouse equipment order book, but we do not see it as an issue, ...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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