We are initiating coverage on Kion Group with a narrow moat, stable rating; shares look undervalued.
As a market leader in forklift manufacturing, Kion is already well positioned to benefit from growing e-commerce. Given this, combined with its pending Dematic acquisition, we think the company will offer attractive long-term revenue growth and increasing returns. Despite rapid growth, e-commerce still accounts for only a small portion of global retail sales, just 8% in the United States and near 14% in China. The low penetration levels suggest a long runway for growth, as we believe forklift sa...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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