Added to YB: 2026-08-27
Pitch date: 2026-08-25
KARN.SW [neutral]
Kardex Holding AG
+3.8%
current return
Author Info
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Company Info
Kardex Holding AG provides intralogistics solutions in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.
Market Cap
CHF 2.0B
Pitch Price
CHF 250.00
Price Target
N/A
Dividend
2.45%
EV/EBITDA
14.96
P/E
72.16
EV/Sales
2.21
Sector
Machinery
Category
growth
Kardex (KARN Switzerland): Record orders set up a stronger growth phase
KARN.SW (earnings): H1 mixed: orders +26%, backlog record +42%, rev +6% but EBIT -38% on delayed deliveries (Q1 US gov halt), continued investment, unfavorable mix. Mgmt retains 2026 targets: 15-20% order/sales growth, 8-10% EBIT margin — achievable given backlog + postponed projects shifting into later periods. Key driver: Standardized Systems orders +118%, now ~24% of sales; 2nd-largest AutoStore partner globally, could reach ~1/3 of revenue medium-term. Caveat: SS margins structurally below legacy, so mix shift means rev growth won't flow proportionally to EBIT until scale benefits. LT target: €1.5bn rev, 10-14% EBIT margin by 2029-31. Swing factor: converting backlog without further delivery disruption.
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