Kardex Holding AG

SWX:KARN Stock Report

Market Cap: CHF 2.1b

Kardex Holding Valuation

Is KARN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of KARN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KARN (CHF267.5) is trading below our estimate of fair value (CHF336.35)

Significantly Below Fair Value: KARN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KARN?

Key metric: As KARN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for KARN. This is calculated by dividing KARN's market cap by their current earnings.
What is KARN's PE Ratio?
PE Ratio30.5x
Earnings€72.60m
Market Cap€2.22b

Price to Earnings Ratio vs Peers

How does KARN's PE Ratio compare to its peers?

The above table shows the PE ratio for KARN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.2x
BCHN Burckhardt Compression Holding
22.8x9.9%CHF 2.2b
DAE Dätwyler Holding
30.9x19.0%CHF 2.3b
INRN Interroll Holding
23.7x6.5%CHF 1.6b
SFSN SFS Group
19.5x10.3%CHF 4.9b
KARN Kardex Holding
30.5x6.9%CHF 2.1b

Price-To-Earnings vs Peers: KARN is expensive based on its Price-To-Earnings Ratio (30.5x) compared to the peer average (24.2x).

Price to Earnings Ratio vs Industry

How does KARN's PE Ratio compare vs other companies in the European Machinery Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
KARN 30.5xIndustry Avg. 17.4xNo. of Companies28PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KARN is expensive based on its Price-To-Earnings Ratio (30.5x) compared to the European Machinery industry average (17.4x).

Price to Earnings Ratio vs Fair Ratio

What is KARN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

KARN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.5x
Fair PE Ratio19.1x

Price-To-Earnings vs Fair Ratio: KARN is expensive based on its Price-To-Earnings Ratio (30.5x) compared to the estimated Fair Price-To-Earnings Ratio (19.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst KARN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 267.50
CHF 272.82
+2.0%
14.3%CHF 342.00CHF 225.00n/a5
Dec ’25CHF 273.50
CHF 273.17
-0.1%
14.3%CHF 342.00CHF 225.00n/a5
Nov ’25CHF 262.50
CHF 273.17
+4.1%
14.3%CHF 342.00CHF 225.00n/a5
Oct ’25CHF 272.50
CHF 265.97
-2.4%
14.7%CHF 342.00CHF 225.00n/a6
Sep ’25CHF 275.00
CHF 265.97
-3.3%
14.7%CHF 342.00CHF 225.00n/a6
Aug ’25CHF 267.50
CHF 262.93
-1.7%
14.6%CHF 342.00CHF 225.00n/a6
Jul ’25CHF 230.50
CHF 257.71
+11.8%
11.5%CHF 316.00CHF 225.00n/a6
Jun ’25CHF 249.00
CHF 252.74
+1.5%
11.4%CHF 312.00CHF 220.00n/a7
May ’25CHF 244.00
CHF 252.74
+3.6%
11.4%CHF 312.00CHF 220.00n/a7
Apr ’25CHF 253.00
CHF 250.33
-1.1%
11.4%CHF 307.00CHF 220.00n/a6
Mar ’25CHF 235.00
CHF 244.00
+3.8%
11.1%CHF 294.00CHF 210.00n/a6
Feb ’25CHF 224.00
CHF 242.57
+8.3%
10.4%CHF 294.00CHF 210.00n/a7
Jan ’25CHF 218.00
CHF 234.00
+7.3%
6.5%CHF 255.00CHF 210.00n/a6
Dec ’24CHF 207.50
CHF 234.35
+12.9%
6.5%CHF 255.00CHF 210.00CHF 273.506
Nov ’24CHF 174.40
CHF 237.62
+36.3%
5.9%CHF 255.00CHF 220.00CHF 262.506
Oct ’24CHF 200.50
CHF 237.62
+18.5%
5.9%CHF 255.00CHF 220.00CHF 272.506
Sep ’24CHF 200.00
CHF 237.62
+18.8%
5.9%CHF 255.00CHF 220.00CHF 275.006
Aug ’24CHF 217.50
CHF 232.80
+7.0%
5.7%CHF 255.00CHF 220.00CHF 267.506
Jul ’24CHF 200.50
CHF 213.80
+6.6%
6.3%CHF 230.57CHF 200.00CHF 230.506
Jun ’24CHF 198.60
CHF 213.80
+7.7%
6.3%CHF 230.57CHF 200.00CHF 249.006
May ’24CHF 202.50
CHF 213.80
+5.6%
6.3%CHF 230.57CHF 200.00CHF 244.006
Apr ’24CHF 198.00
CHF 213.54
+7.8%
6.4%CHF 230.57CHF 200.00CHF 253.006
Mar ’24CHF 176.60
CHF 199.37
+12.9%
7.1%CHF 220.00CHF 180.00CHF 235.006
Feb ’24CHF 183.20
CHF 199.37
+8.8%
7.1%CHF 220.00CHF 180.00CHF 224.006
Jan ’24CHF 152.00
CHF 193.53
+27.3%
8.1%CHF 220.00CHF 175.00CHF 218.006
Dec ’23CHF 159.20
CHF 194.37
+22.1%
8.3%CHF 220.00CHF 175.00CHF 207.506

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 02:58
End of Day Share Price 2024/12/20 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Kardex Holding AG is covered by 11 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christian ArnoldBank Vontobel AG
Lasse StuebenBerenberg
Martin ComtesseJefferies LLC