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Equity Story

  • KION’s business model with forklift trucks made the company number one in Europe and can report a strong growth track throughout the years with nearly 5% on average annual growth (CAGR 2015-2019).

  • KION’s portfolio is rounded by their function as a strategic partner for their customers to enable them to optimize their supply chains. This is a service that will continue to grow as the emerging markets mature and helps customer loyalty and helps KION stand out from the competition. In the last three years, this segment grew on average by nearly 6% yoy and may become an important pillar especially in times of economic downturn.

  • KION Group posts continuously high margins of 13-18% throughout the last years over all segments. The margin in the main segment of Industrial Trucks & Services is steady with 10-11%, which shows a low amount of fixed costs throughout the company.

SWOT Analysis

Strengths

  • Number one in Europe and number two globally in forklift trucks

  • Strong growth track record in forklift trucks

  • High share of services sales protect sales

  • Market leader in warehouse automation systems

Weaknesses

  • Low market shares in the US truck market 

  • High dependence on Western European markets

  • Limited visibility on warehouse information markets 

  • Relatively high gearing

Opportunities

  • Growth through exposure towards automation and infralogistic trends

  • Taking market share in North America and China

  • Rising demand for services in maturing emerging markets

  • Leveraging on the common platforms

Threats

  • Cyclical downswing

  • Robotic suppliers entering the logistics field

  • New competition in China in warehouse and electric trucks

  • Logistics market investments could be halted if global trade decreases

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