Jungheinrich AG : We switch places – Higher order intake growth, EBIT margin resilience and valuation upside can be found at KION, down to Neutral (Outperform)
>Structural (e.g. automated warehouse recovery) and organic (e.g. China volumes) growth drivers to favour KGX over JUN3 - We expect only limited impetus for Jungheinrich in FY 2024, based on: 1/ low regional diversification, 2/ limited organic volume growth potential (ODDO BHFe: +3% y-o-y) in industrial truck orders, 3/ good market prospects, especially for counterbalance trucks (JUN3: only ~15% exposure in FY 23e) and 4/ new product introductions (e.g. cubic storage ...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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