KION GROUP AG : RS feedback - We expect upside on FY 24 order intake & adj. EBIT level at ITS, but SCS adj. EBIT margin recovery potential is overestimated. Neutral
>Volume recovery in ITS expected for H2 24, SCS remains a lumpy business - We were on the road with the IR team in Dublin (incl. HIR), attracting interest especially in learning whether we can already anticipate an inflection point in SCS. The general remarks are: 1/ SCS remains a lumpy business (€ 150-200m orders can occur regularly) with higher conversion times & lower sales recognition in H1 24, while e-commerce activities are still muted (high capacities need to ...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.
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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