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Equity Story

  • Jungheinrich’s business model is characterized by a strong intralogistics portfolio that covers all necessary areas, including digital products and services. This large installed base is a high entry barrier for competitors and enables Jungheinrich to bank on their organic growth capabilities.

  • Jungheinrich has a strong balance sheet to drive rental fleet and financial services. The rental service can compensate for economic fluctuations and declines in customers’ investments. The company has a less volatile cyclical profile compared to peers.

  • Their core market of Intralogistics posts a high margin of nearly 8%, which are mostly pressed down by temporary high costs in research and development (e.g. lithium-ion-technology).

SWOT Analysis

Strengths

  • Strong balance sheet to drive rental fleet and financial service

  • Large installed base is high barrier to entry

  • Strong organic growth capabilities

  • Less volatile cyclical profile compared to peers

Weaknesses

  • Limited M&A track record

  • One brand for all market segments

  • Only preferred shares traded

  • Margin gap to bellwether KION

Opportunities

  • Logistic system

  • Integrated business model to capture higher share of installed base

  • Benefiting from replacement cycle in Europe

  • Maturing of emerging markets leads to more demand for premium trucks

Threats

  • Forklift trucks are highly cyclical by nature, especially new trucks

  • Brand dilution while growing globally in low-end markets 

  • Chinese peers potentially gaining more ground

  • Robotics suppliers entering the logistics business field

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