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

1/6

Valuation Score 1/6

  • 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 (CHF272) is trading below our estimate of fair value (CHF332.48)

Significantly Below Fair Value: KARN is trading below fair value, but not by a significant amount.

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 Ratio31.2x
Earnings€72.60m
Market Cap€2.26b

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 Average25.4x
BCHN Burckhardt Compression Holding
23.5x9.9%CHF 2.2b
DAE Dätwyler Holding
32.3x25.3%CHF 2.4b
INRN Interroll Holding
26x6.5%CHF 1.8b
SFSN SFS Group
19.6x10.6%CHF 4.9b
KARN Kardex Holding
31.2x6.9%CHF 2.1b

Price-To-Earnings vs Peers: KARN is expensive based on its Price-To-Earnings Ratio (31.2x) compared to the peer average (25.4x).

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 31.2xIndustry Avg. 17.5xNo. of Companies28PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KARN is expensive based on its Price-To-Earnings Ratio (31.2x) compared to the European Machinery industry average (17.5x).

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 Ratio31.2x
Fair PE Ratio19.2x

Price-To-Earnings vs Fair Ratio: KARN is expensive based on its Price-To-Earnings Ratio (31.2x) compared to the estimated Fair Price-To-Earnings Ratio (19.2x).

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 272.00
CHF 272.82
+0.3%
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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