SWX:KARN

Stock Analysis Report

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Executive Summary

Kardex AG provides intralogistics solutions and supplies automated storage solutions and materials handling systems worldwide.


Snowflake Analysis

Flawless balance sheet with solid track record.

Share Price & News

How has Kardex's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: KARN's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

8.5%

KARN

3.8%

CH Machinery

1.2%

CH Market


1 Year Return

6.9%

KARN

1.6%

CH Machinery

2.9%

CH Market

Return vs Industry: KARN exceeded the Swiss Machinery industry which returned 1.7% over the past year.

Return vs Market: KARN exceeded the Swiss Market which returned 3% over the past year.


Shareholder returns

KARNIndustryMarket
7 Day8.5%3.8%1.2%
30 Day18.8%7.0%2.5%
90 Day9.7%2.0%-1.5%
1 Year10.6%6.9%5.1%1.6%6.3%2.9%
3 Year75.7%56.1%3.3%-5.0%15.9%4.1%
5 Year240.3%188.8%37.1%16.0%28.4%6.9%

Price Volatility Vs. Market

How volatile is Kardex's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Kardex undervalued compared to its fair value and its price relative to the market?

26.87x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: KARN (CHF165.2) is trading above our estimate of fair value (CHF161.03)

Significantly Below Fair Value: KARN is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: KARN is poor value based on its PE Ratio (26.9x) compared to the Machinery industry average (19.1x).

PE vs Market: KARN is poor value based on its PE Ratio (26.9x) compared to the Swiss market (19.2x).


Price to Earnings Growth Ratio

PEG Ratio: KARN is poor value based on its PEG Ratio (6.2x)


Price to Book Ratio

PB vs Industry: KARN is overvalued based on its PB Ratio (7x) compared to the CH Machinery industry average (2x).


Next Steps

Future Growth

How is Kardex forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

4.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KARN's forecast earnings growth (4.3% per year) is above the savings rate (-0.2%).

Earnings vs Market: KARN's earnings (4.3% per year) are forecast to grow slower than the Swiss market (8.5% per year).

High Growth Earnings: KARN's earnings are forecast to grow, but not significantly.

Revenue vs Market: KARN's revenue (2% per year) is forecast to grow slower than the Swiss market (2.4% per year).

High Growth Revenue: KARN's revenue (2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KARN's Return on Equity is forecast to be high in 3 years time (27.3%)


Next Steps

Past Performance

How has Kardex performed over the past 5 years?

11.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KARN has a high level of non-cash earnings.

Growing Profit Margin: KARN's current net profit margins (9.4%) are higher than last year (9%).


Past Earnings Growth Analysis

Earnings Trend: KARN's earnings have grown by 11.1% per year over the past 5 years.

Accelerating Growth: KARN's earnings growth over the past year (15.9%) exceeds its 5-year average (11.1% per year).

Earnings vs Industry: KARN earnings growth over the past year (15.9%) exceeded the Machinery industry 0.5%.


Return on Equity

High ROE: KARN's Return on Equity (26.1%) is considered high.


Next Steps

Financial Health

How is Kardex's financial position?


Financial Position Analysis

Short Term Liabilities: KARN's short term assets (€237.9M) exceed its short term liabilities (€97.2M).

Long Term Liabilities: KARN's short term assets (€237.9M) exceed its long term liabilities (€20.6M).


Debt to Equity History and Analysis

Debt Level: KARN is debt free.

Reducing Debt: KARN had no debt 5 years ago.

Debt Coverage: KARN has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: KARN has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Kardex's current dividend yield, its reliability and sustainability?

2.72%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: KARN's dividend (2.72%) is higher than the bottom 25% of dividend payers in the Swiss market (1.93%).

High Dividend: KARN's dividend (2.72%) is low compared to the top 25% of dividend payers in the Swiss market (3.91%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, KARN has been paying a dividend for less than 10 years.

Growing Dividend: KARN's dividend payments have increased, but the company has only paid a dividend for 7 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (72%), KARN's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: KARN's dividends in 3 years are forecast to be covered by earnings (75.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.0yrs

Average management tenure


CEO

Jens Fankhänel (54yo)

4yrs

Tenure

€1,574,600

Compensation

Mr. Jens Fankhänel has been the Chief Executive Officer and Member of Management Board at Kardex AG since May 1, 2016. Mr. Fankhänel served as Head of Kardex Remstar Division at Kardex AG since January 201 ...


CEO Compensation Analysis

Compensation vs Market: Jens's total compensation ($USD1.64M) is above average for companies of similar size in the Swiss market ($USD1.25M).

Compensation vs Earnings: Jens's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Jens Fankhänel
Group CEO & Member of Management Board4yrs€1.57m0.025% 319.3k
Thomas Reist
CFO & Member of Management Board4yrsno data0.0072% 92.2k
Hans-Jürgen Heitzer
Head of Kardex Mlog Division & Member of Management Boardno datano data0.0045% 57.8k
Urs Siegenthaler
Head of Kardex Remstar Division & Member of Management Board1.33yrsno datano data
Edwin Van der Geest
Head of Investor Relationsno datano datano data
Alexandre Müller
Investor Relation Professionalno datano datano data

4.0yrs

Average Tenure

55.5yo

Average Age

Experienced Management: KARN's management team is considered experienced (4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Felix Thöni
Vice Chairman4yrs€411.20k0.44% 5.5m
Philipp Buhofer
Independent Chairman9yrs€215.30kno data
Jakob Bleiker
Independent Non-Executive Director8yrs€106.20k0.066% 844.4k
Andreas Häberli
Directorno datano datano data
Eugen Elmiger
Directorno datano datano data
Ulrich Looser
Independent Non-Executive Director8yrs€117.60k0.040% 505.7k

8.0yrs

Average Tenure

60yo

Average Age

Experienced Board: KARN's board of directors are considered experienced (8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Kardex AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Kardex AG
  • Ticker: KARN
  • Exchange: SWX
  • Founded:
  • Industry: Industrial Machinery
  • Sector: Capital Goods
  • Market Cap: CHF1.275b
  • Shares outstanding: 7.72m
  • Website: https://www.kardex.com

Number of Employees


Location

  • Kardex AG
  • Airgate
  • Thurgauerstrasse 40
  • Zurich
  • Zurich
  • 8050
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KARNSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJan 1990
KAX2DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1990
KRDX.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1990
0QOLLSE (London Stock Exchange)YesOrdinary SharesGBCHFJan 1990

Biography

Kardex AG provides intralogistics solutions and supplies automated storage solutions and materials handling systems worldwide. The company operates through Kardex Remstar and Kardex Mlog segments. The Kardex Remstar segment develops, produces, and maintains dynamic storage and retrieval systems. The Kardex Mlog segment offers integrated material handling systems and automated high bay warehouses. The company also provides retrieval machines, conveyor systems, vertical and horizontal systems, and warehouse management solutions, as well as turnkey systems. Further, it offers office technology solutions and products, such as mobile shelving. Kardex AG is headquartered in Zurich, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/31 20:31
End of Day Share Price2020/05/29 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.