KION $KGX (+5,51%) is a global market leader for industrial trucks (Linde, STILL) and automated warehouse solutions (Dematic). In 2024, the adj. EBIT margin rose to 8.0%; service revenue share > 48% supports cash flow.
Share currently trading ≈ 15% below book value.
With EV/EBITDA < 3 ×, P/E ratio ≈ 13 ×, double-digit FCF yield and significant book value discount, KION offers a pronounced margin of safety. From a purely value-oriented perspective #kion currently worth buying - provided you accept the cyclical nature of the project business and keep an eye on the margins of the Supply Chain Solutions business unit (Dematic).
