Kardex Holding Valuation

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

KARN (CHF237) is trading below our estimate of [[fair value]] (CHF284.51)

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 (CHF237) is trading below our estimate of fair value (CHF284.51)

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?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for KARN. This is calculated by dividing KARN's market cap by their current preferred multiple.
What is KARN's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	€1.91b

KARN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.5x
Enterprise Value/EBITDA	18.5x
PEG Ratio	4x

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.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	36.5x
BCHN Burckhardt Compression Holding	23x	9.1%	CHF 2.1b
OERL OC Oerlikon	48.5x	40.7%	CHF 1.6b
INRN Interroll Holding	33.8x	10.1%	CHF 2.2b
DAE Dätwyler Holding	40.6x	24.3%	CHF 3.0b
KARN Kardex Holding	28.6x	7.1%	CHF 1.8b

Price-To-Earnings vs Peers: KARN is good value based on its Price-To-Earnings Ratio (28.6x) compared to the peer average (36.5x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	12.9%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	12.9%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: KARN is expensive based on its Price-To-Earnings Ratio (28.6x) compared to the European Machinery industry average (17.8x).

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 Ratio	28.6x
Fair PE Ratio	17.6x

Price-To-Earnings vs Fair Ratio: KARN is expensive based on its Price-To-Earnings Ratio (28.6x) compared to the estimated Fair Price-To-Earnings Ratio (17.6x).

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.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CHF 237.00	CHF 257.81 +8.8%	11.5%	CHF 316.00	CHF 225.00	n/a	6
Jul ’25	CHF 230.50	CHF 257.71 +11.8%	11.5%	CHF 316.00	CHF 225.00	n/a	6
Jun ’25	CHF 249.00	CHF 252.74 +1.5%	11.4%	CHF 312.00	CHF 220.00	n/a	7
May ’25	CHF 244.00	CHF 252.74 +3.6%	11.4%	CHF 312.00	CHF 220.00	n/a	7
Apr ’25	CHF 253.00	CHF 250.33 -1.1%	11.4%	CHF 307.00	CHF 220.00	n/a	6
Mar ’25	CHF 235.00	CHF 244.00 +3.8%	11.1%	CHF 294.00	CHF 210.00	n/a	6
Feb ’25	CHF 224.00	CHF 242.57 +8.3%	10.4%	CHF 294.00	CHF 210.00	n/a	7
Jan ’25	CHF 218.00	CHF 234.00 +7.3%	6.5%	CHF 255.00	CHF 210.00	n/a	6
Dec ’24	CHF 207.50	CHF 234.35 +12.9%	6.5%	CHF 255.00	CHF 210.00	n/a	6
Nov ’24	CHF 174.40	CHF 237.62 +36.3%	5.9%	CHF 255.00	CHF 220.00	n/a	6
Oct ’24	CHF 200.50	CHF 237.62 +18.5%	5.9%	CHF 255.00	CHF 220.00	n/a	6
Sep ’24	CHF 200.00	CHF 237.62 +18.8%	5.9%	CHF 255.00	CHF 220.00	n/a	6
Aug ’24	CHF 217.50	CHF 232.80 +7.0%	5.7%	CHF 255.00	CHF 220.00	n/a	6
Jul ’24	CHF 200.50	CHF 213.80 +6.6%	6.3%	CHF 230.57	CHF 200.00	CHF 230.50	6
Jun ’24	CHF 198.60	CHF 213.80 +7.7%	6.3%	CHF 230.57	CHF 200.00	CHF 249.00	6
May ’24	CHF 202.50	CHF 213.80 +5.6%	6.3%	CHF 230.57	CHF 200.00	CHF 244.00	6
Apr ’24	CHF 198.00	CHF 213.54 +7.8%	6.4%	CHF 230.57	CHF 200.00	CHF 253.00	6
Mar ’24	CHF 176.60	CHF 199.37 +12.9%	7.1%	CHF 220.00	CHF 180.00	CHF 235.00	6
Feb ’24	CHF 183.20	CHF 199.37 +8.8%	7.1%	CHF 220.00	CHF 180.00	CHF 224.00	6
Jan ’24	CHF 152.00	CHF 193.53 +27.3%	8.1%	CHF 220.00	CHF 175.00	CHF 218.00	6
Dec ’23	CHF 159.20	CHF 194.37 +22.1%	8.3%	CHF 220.00	CHF 175.00	CHF 207.50	6
Nov ’23	CHF 155.40	CHF 203.40 +30.9%	8.6%	CHF 228.00	CHF 175.00	CHF 174.40	6
Oct ’23	CHF 132.20	CHF 212.90 +61.0%	4.7%	CHF 228.00	CHF 200.00	CHF 200.50	5
Sep ’23	CHF 164.20	CHF 212.90 +29.7%	4.7%	CHF 228.00	CHF 200.00	CHF 200.00	5
Aug ’23	CHF 190.00	CHF 218.42 +15.0%	4.4%	CHF 228.00	CHF 200.00	CHF 217.50	5
Jul ’23	CHF 159.60	CHF 257.30 +61.2%	15.3%	CHF 311.02	CHF 200.00	CHF 200.50	5

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