KAPSCH TRAFFICCOM : A leader in the promising Intelligent Transportation Systems market
Kapsch TrafficCom (KTC) is a global key player in the fast-growing market of intelligent transportation systems (ITS). The group provides innovative solutions in tolling, tolling services, traffic management and demand management. In view of improved profitability (EBIT margins +100 bp to 3.8% in 2026-27e vs adj. 2023-24) as well as a sound financial profile (average equity ratio of 23%, average positive FCF of € 30m and further reduction in gearing over 2024-25e to 2026-27e), we reiterate our Outperform rating and set a new TP of € 13.00, on the back of our model update. With this report, the stock coverage has been transferred to Klaus Breitenbach.Kapsch TrafficCom is an international supplier of superior intelligent transportation systems (ITS). Co. subdivided into the following three segments: Road Solution Projects; Services, System Extensions, Components Sales; and Others. The segment Road Solution Projects relates to the installation of ITS solutions. The segment Services, System Extensions, Components Sales relates to the sale of services and components in the area of ITS solutions. The segment Others relates to non-core business activities conducted by Kapsch Components KG. In this segment, Co. offers engineering solutions, electronic manufacturing and logistics services to affiliated entities and third parties.
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