Kardex "Takeaways from conf call with CEO & CFO" (Buy) Vogel

Research evidence excerpt

Kardex "Takeaways from conf call with CEO & CFO" (Buy) Vogel

Global Research

8 June 2026ab

Kardex Equities

SwitzerlandTakeaways from conf call with CEO & CFO

Industrial, Diversified

12-month rating Buy

Further granularity on top-line drivers for today ad-hoc release

In our view, the clear majority of the order weakness at Kardex's Automated Products 12m price target CHF357.00

division related to the segment's exposure to the US government. On average, we

expect that around 5% of the division's orders and sales related in the past to that

Price (08 Jun 2026) CHF216.00

customer group. However, on the back of previous reluctance to approve projects on

behalf that customer group, we estimate that the respective order and sales exposure RIC: KARN.S BBG: KARN SW

fell to 0% in Jan/Feb 2025 for Kardex. However, we also expect to see some early signs

Trading data and key metrics

of demand improvements from that customer group in the meantime. Moreover, we

52-wk range CHF335.00-216.00

anticipate that additional customers delayed project execution, while some other orders

turned out to be larger and thus come with longer order-sales lead times. In Market cap. CHF1.67b/US$2.09b

combination, this resulted in the company's weakness in 1Q26 orders and sales driving Shares o/s 7.72m (ORD)

today's ad-hoc release, in our view. Free float 77%

Avg. daily volume ('000) 16.3

Additional details on margin guidance Avg. daily value (m) CHF4.2

Despite this shortfall in volumes at its Automated Products division, Kardex continued Common s/h equity (12/26E) €0.31b

with its investment program (IT and sales), which then negatively impacted the P/BV (12/26E) 7.1x

segments margins. However, also in its Standardized Systems division, operating Net debt to EBITDA (12/26E) NM