Jungheinrich AG : Typical conservative communication, resilient order intake trend (~1.3bn/ quarter), FY 2023 EBIT mid-point (€ 425m) = minimum target, Outperform
>Q2 wrap-up: Q2 2023 EBIT up 38% y-o-y, yielding an EBIT margin of 8.5% - Jungheinrich reported a Q2 2023 order intake increase of 18% y-o-y to € 1,334m (o/w € 89m from SSI) not indicating the expected sequential normalisation vs strong Q1 level of € 1.35bn. Revenues were driven by 1/ new business incl. storage solutions (€ 69m) and 2/ procurement risk management to safeguard production. Fears that JUN3 might see a deterioration of b-t-b ratio far below 1.0x are expec...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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