Jungheinrich

Jungheinrich is targeting by 2030 group revenues of around € 10bn (10.8% CAGR, not including major acquisitions) and an EBIT margin of ~10%. Key elements of the business expansion strategy include:
1) strong growth outside Europe
2) M&A with focus on North America and APAC
3) Becoming one of the leading players for fully automated materials handling solutions and
4) Expansion in the fast-growing mid-tech market (strategic partnership with EP Equipment).

We have adjusted up our estimates to take these improved prospects into account, even though we take a slightly more cautious view than the company. Our revenue projections amount to € 5.900bn for FY26 (+5.7% yoy) and € 6.280bn (+6.4% yoy) – mainly driven by the expected recovery in demand for industrial trucks and the continued growth in service business while the group's targets are more ambitious.

We expect slight EBIT margin improvement by 20bps to 8.3% for 2026 and 30bps to 8.6% for 2027. We are projecting EBIT of € 491mn (+8.3% yoy) for 2026 and € 542mn (+10.4% yoy) for 2027.

We confirm our Buy rating for Jungheinrich and increase our target price from € 39 to € 45. Valuation of Jungheinrich shares still looks attractive (adj. P/E 26E of 11.5, 27E of 10.3; EV/adj. EBIT 26E of 7.3 and 27E of 6.2). Multiples for 2026E are 25-30% below the historical average for Jungheinrich’s 1Y forward multiples (P/E of 15.2, EV/EBIT of 10.5). Our DCF model (WACC of 9.5%) derives a “fair value” of € 45.