Kardex (1K) | Buy | Credibility dented but growth story still intact

研报英文原文证据摘录

Kardex (1K) | Buy | Credibility dented but growth story still intact

Kardex Buy | Target Price: CHF310.00

Momentum improving since Q2

Importantly, positive momentum has emerged across divisions since March, with Remstar's

booking recovery continuing into H2 and forecasts describing the segment performance as "out

of the valley" (CEO).

According to statements made at the call, Remstar bookings accelerated sharply after March,

with March-May average monthly product bookings running 25% above the softer August-

February period.

There was no mention of order cancellations, thus suggesting orders were not lost but timing-

shifted into the backlog for H2 and beyond.

Standardized Systems, therefore, maintains a solid H2 backlog and should part-compensate for

weak H1 margins in the second half of 2026, which is back within the margin target range.

Chart 3:Automated Products, semi-annual sales and orders Chart 4:Standardized Systems, semi-annual sales and orders

Source: Company data, Kepler Cheuvreux Source: Company data, Kepler Cheuvreux

The Remstar product backlog (ex life cycle business) stood at below EUR200m at year-end 2025

but should grow to EUR240m by the end of H1 2026 (a 20% increase).

US government orders - historically 5% of Remstar revenue in normal years but absent for

recent quarters - showed first positive signs in early February following a budget compromise,

though full normalisation has not yet occurred.

Management emphasised that returning to the historical 5% run rate would be a good

achievement given broader Remstar growth, noting that key accounts focus on army storage

solutions. In this niche market, Remstar commands a leading 80%+ market share and local-for-

local production, suggesting it should therefore capture the upswing.