Added to YB: 2026-07-16
Pitch date: 2026-07-14
KARN.SW [neutral]
Kardex Holding AG
+1.26%
current return
Author Info
Boredom Baron is an equity analyst who focuses on EU small-cap stocks. I look for value, invest with patience, and wait for the market to catch up. Sign up for the newsletter.
Company Info
Kardex Holding AG provides intralogistics solutions in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.
Market Cap
CHF 2.0B
Pitch Price
CHF 237.50
Price Target
N/A
Dividend
2.53%
EV/EBITDA
12.46
P/E
47.47
EV/Sales
2.16
Sector
Machinery
Category
turnaround
Kardex: Selling More, Earning Less
KARN.SW (watchlist): Swiss warehouse automation leader, CHF237, debt-free w/ CHF150m net cash. 8 Jun profit warning cut FY26 EBIT margin to 8-10% (from ~12%) despite raising rev growth to 15-20%; mix drift to low-margin systems + cost base built ahead of volume. Stock round-tripped to -5% but EPS cut -21%, so fwd P/E expanded to ~29x—bad news made it pricier. Margin likely recovers to low-teens (not 13% peak) by 2027. Pass at 29x; buy on 30 Jul confirmation or wash-out to CHF190-200.
Read full article (14 min)