3 models fit KION GROUP AG and they disagree: 0 of 3 land within 15% of the average. The price is below every model.
Two or more of our models back this value.
Large discount(i)Bronze41
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionKION GROUP AG (KGX.DE)
Fair value (3 models)
€68.58
ACCE price target
€41.00
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: €33.03 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
51.8% below
+107.6% to fair value
ACCE score
55
out of 100
P/E
11.3x
forward 7.7x
1-year return
-41.1%
Dividend yield
1.77%
KION GROUP AG in four questions
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Overview
ACCE thesis
KION Group makes forklift trucks under the Linde and STILL brands, along with warehouse automation systems through its Dematic unit, which builds automated storage and order-fulfilment equipment for logistics operators. The structural case rests on that automation business: warehouse robotics and integrated systems carry longer service contracts and higher switching costs than the truck franchise, and e-commerce and nearshoring keep demand for them rising. The near-term driver is margin repair, since revenue growth of 7.7% is not yet reaching the bottom line, with operating margin at 6.7% against a gross margin of 26.3%. At 7.7 times forward earnings against 11.3 times trailing, the market is pricing in a meaningful earnings recovery that the reported 6.5% return on equity does not yet show. That gap between a cheap forward multiple and thin current profitability is the question worth a deeper look: whether Dematic's order book and cost actions convert revenue growth into operating leverage.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Leverage above comfort
Debt/Equity of 1.22 and net margin of 3.4% leave limited cushion if industrial demand softens. Operating margin of 6.7% is thin for a cyclical capital goods business.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 7.7% year over year, ahead of the 6.3% average annual pace over five years.
The stock trades at 8.5 times forward earnings, a low multiple against the 12.0 times trailing figure.
Analysts' mean price target of EUR 50.87 sits 46.1% above the current share price.
Why it could disappoint
Return on invested capital is just 1.4%, a thin return on the money the business has tied up.
Debt equals 1.22 times shareholders' equity, a heavy borrowing load for a company earning a 3.4% net margin.
Earnings per share missed expectations by 10.6% in the latest quarter, with 0.93 reported against 1.04 forecast.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 29, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where KGX.DE's valuation models land
Price
€33.03
Model fair value
€68.58
Model range
€38.22 to €115
Fair value €68.58
Price €33.03
The price is below the whole model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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