Jungheinrich AG : Following the principle of the cautious businessman bears upside potential – new Outperform (Neutral)
>Forward looking and cautious guidance approach – no 2nd KGX - We increase our recommendation for Jungheinrich from Neutral to Outperform on 1/ selectivity in order acceptance (only take as many orders as can be processed – ODDO BHFe: +2.5% y-o-y in FY22) and related positive pricing effects, 2/ lower lead times compared to peers and corresponding market share gains (JUN3: 6 months vs KGX: 12 months), 3/ expected positive EBIT-margin impact from the finalisation of se...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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