Jungheinrich AG

Germany - Engineering
16-December-11

Buy (old: Buy)

Price target: EUR 33.00 (old: EUR 33.00)

Roland Rapelius, CFA

Analyst

Price:

EUR 18.70

Next result:

Q4 29.03.12

Bloomberg:

JUN3 GR

Market cap:

EUR 635.8 m

roland.rapelius@ha-research.de

Reuters:

JUN3.DE

Enterprise Value:

EUR 593.4 m

Tel.: +49 40 414 3885 86

Its the installed base

Jungheinrich has recently underperformed the market which looks unjustified
based on fundamentals.
A huge installed base of some 875k Jungheinrich vehicles - very difficult to
replicate by new entrants is setting the stage for recurring cash flows from
services and spare parts accounting for 33% of sales and 59% of EBIT in 2010
(9.5% margin). Worldwide, >4,700 people are employed in the service organisation
(46% of total workforce). The high installed base also supplies substantial barriers for
new entrants as it is the precondition to run the large service network efficiently. As a
result, Jungheinrich claims a global #3 (#1: Toyota, #2 Kion) and a European #2
position (#1 Kion) with 21% market share. Going forward, margins are supported by
the fact that Jungheinrich has managed to increase the leasing business during the
recent years, from possibly 30% to now c. 40% of new vehicle sales. Leased vehicles
automatically come with a service contract, supporting the margin quality of the
installed base. This is a very attractive feature of the investment case.
Jungheinrich has also protected its home market very effectively by
industrialising the used vehicle business. Refurbishment is done in a separate plant in
Dresden, driving a significant volume of possibly >20k vehicles per year.
The cost base has improved, after Jungheinrich completed a restructuring program
in 2009 ( 80m one-off costs, thereof redundancy costs of 37m). Hence, the
company was already profitable on adj. EBIT level in 2009 despite a hefty 22% sales
slump (new business: -40%, after sales & service: -4%, hire trucks and used
equipment: -8%). The positive effect on margins this year is masked by lower capacity
utilisation with an output of possibly 76k vehicles this year vs. 81k in 2008.
Valuation looks highly attractive, trading at <8x P/E, 4.9x EV/EBIT, 13% FCF yield
2012E. The balance sheet is solid (net cash position, no goodwill) and the accounting
policy conservative (Jungheinrich generates top-nodge margins despite capitalising
only 17% of R&D while competitor KION capitalised c. half of R&D). BUY, price
target 33 based on FCFY 2012E.
Y/E 31.12 (EUR m)

2007

2008

2009

2010

2011E

2012E

2013E

Sales
Sales growth
EBITDA
EBIT
Net income
Net debt
Net gearing
Net Debt/EBITDA

2,000.7
14 %
275.0
139.5
81.6
66.4
104.9 %
0.2

2,145.1
7%
292.0
121.8
76.7
55.2
106.6 %
0.2

1,676.7
-22 %
98.7
-71.7
-55.2
-56.1
106.0 %
0.0

1,816.2
8%
236.2
97.6
82.3
-174.3
80.9 %
0.0

2,043.7
13 %
286.4
141.7
101.9
-189.6
71.1 %
0.0

2,020.6
-1 %
254.6
110.6
80.4
-243.7
62.4 %
0.0

2,079.5
3%
286.1
137.3
99.4
-313.5
53.7 %
0.0

EPS fully diluted

2.40
2.26
-1.62
2.42
CPS
2.06
2.62
7.40
6.60
DPS
0.58
0.55
0.12
0.55
Dividend yield
3.1 %
2.9 %
0.6 %
2.9 %
Gross profit margin
29.0 %
27.6 %
23.0 %
29.5 %
EBITDA margin
13.7 %
13.6 %
5.9 %
13.0 %
EBIT margin
7.0 %
5.7 %
-4.3 %
5.4 %
ROCE
13.1 %
11.1 %
-4.4 %
8.5 %
EV/sales
0.4
0.4
0.4
0.3
EV/EBITDA
3.1
2.8
7.3
2.6
EV/EBIT
6.2
6.8
-10.1
6.2
PER
7.8
8.3
51.4
7.7
Adjusted Free Cash Flow
9.9 %
9.6 %
-8.8 %
14.3 %
yield Company data, Hauck & Aufhuser Close price as of: 15.12.2011
Source:

3.00
3.48
0.65
3.5 %
30.7 %
14.0 %
6.9 %
11.3 %
0.3
2.1
4.2
6.2
17.4 %

2.37
4.40
0.55
2.9 %
29.5 %
12.6 %
5.5 %
8.5 %
0.3
2.1
4.9
7.9
13.0 %

2.92
4.07
0.65
3.5 %
29.9 %
13.8 %
6.6 %
9.6 %
0.2
1.7
3.5
6.4
18.1 %

Source: Company data, Hauck & Aufhuser

High/low 52 weeks:

33.44 / 17.80

Price/Book Ratio:

0.9

Relative performance (SDAX):

3 months

-1.5 %

6 months

-17.7 %

12 months

-19.9 %

Changes in estimates
2011
2012
2013

old:

old:

old:

Sales

EBIT

EPS

2,043.7
0.0%
2,020.6
0.0%
2,079.5
0.0%

141.7
110.6
0.0%
137.3
-

3.00
2.37
2.92
-

Key share data:

Number of shares: (in m pcs)

34.0

Authorised capital: (in m)

15.4

Book value per share: (in )

21.8

trading volume: (12 months)

58,354

Major shareholders:
Free Float
DWS
Danske
DJE
Schroder IM
Norges

100.0 %
6.4 %
5.2 %
3.6 %
2.0 %
1.9 %

Company description:
Supplier
of
materials
handling
equipment
and
warehousing
technology, mainly in Europe (93% of
2010 sales)

Jungheinrich AG
Financials

Profit and loss (EUR m)

2007

2008

2009

2010

2011E

2012E

2013E

Sales
Sales growth
Cost of sales
Gross profit
Sales and marketing
General and administration
Research and development
Other operating income
Other operating expenses
Unusual or infrequent items
EBITDA
Depreciation
EBITA
Amortisation of goodwill
Amortisation of intangible assets
Impairment charges
EBIT
Interest income
Interest expenses
Other financial result
Financial result
Recurring pretax income from continuing operations
Extraordinary income/loss
Earnings before taxes
Taxes
Net income from continuing operations
Result from discontinued operations (net of tax)
Net income
Minority interest
Net income (net of minority interest)
Average number of shares
EPS reported

2,000.7
14.5 %
1,421.0
579.7
368.8
28.8
39.9
7.1
9.8
0.0
275.0
124.8
150.3
0.0
10.8
0.0
139.5
33.0
34.0
0.0
-1.0
138.5
0.0
138.5
56.9
81.6
0.0
81.6
0.0
81.6
34.0
2.40

2,145.1
7.2 %
1,552.5
592.6
399.3
27.5
42.1
16.3
18.2
0.0
292.0
159.8
132.2
0.0
10.5
0.0
121.8
40.1
40.4
0.0
-0.3
121.5
0.0
121.5
44.7
76.7
0.0
76.7
0.0
76.7
34.0
2.26

1,676.7
-21.8 %
1,290.8
385.9
375.9
27.5
48.7
4.6
10.0
0.0
98.7
149.0
-50.2
0.0
9.9
11.5
-71.7
35.4
38.2
0.0
-2.7
-74.5
0.0
-74.5
-19.3
-55.2
0.0
-55.2
0.0
-55.2
34.0
-1.62

1,816.2
8.3 %
1,279.8
536.4
380.5
26.5
35.6
4.5
0.6
0.0
236.2
131.5
104.7
0.0
7.1
0.0
97.6
40.6
41.8
-0.5
-1.8
95.8
0.0
95.8
13.5
82.3
0.0
82.3
0.0
82.3
34.0
2.42

2,043.7
12.5 %
1,417.0
626.7
382.2
55.2
42.0
4.8
10.4
0.0
286.4
134.7
151.7
0.0
10.0
0.0
141.7
42.0
40.1
0.0
1.8
143.5
0.0
143.5
41.6
101.9
0.0
101.9
0.0
101.9
34.0
3.00

2,020.6
-1.1 %
1,423.6
597.0
406.1
29.3
45.5
5.0
10.5
0.0
254.6
134.0
120.6
0.0
10.0
0.0
110.6
44.9
42.2
0.0
2.7
113.3
0.0
113.3
32.8
80.4
0.0
80.4
0.0
80.4
34.0
2.37

2,079.5
2.9 %
1,458.7
620.7
403.4
29.6
45.7
6.2
10.9
0.0
286.1
138.8
147.3
0.0
10.0
0.0
137.3
49.1
46.3
0.0
2.8
140.1
0.0
140.1
40.6
99.4
0.0
99.4
0.0
99.4
34.0
2.92

Profit and loss (common size)

Sales
Cost of sales
Gross profit
Sales and marketing
General and administration
Research and development
Other operating income
Other operating expenses
Unusual or infrequent items
EBITDA
Depreciation
EBITA
Amortisation of goodwill
Amortisation of intangible assets
Impairment charges
EBIT
Interest income
Interest expenses
Other financial result
Financial result
Recurring pretax income from continuing operations
Extraordinary income/loss
Earnings before taxes
Tax rate
Net income from continuing operations
Result from discontinued operations (net of tax)
Net income
Minority interest
Net income (net of minority interest)
Source: Company data, Hauck & Aufhuser

2007

2008

2009

2010

2011E

2012E

2013E

100.0 %
71.0 %
29.0 %
18.4 %
1.4 %
2.0 %
0.4 %
0.5 %
0.0 %
13.7 %
6.2 %
7.5 %
0.0 %
0.5 %
0.0 %
7.0 %
1.6 %
1.7 %
0.0 %
-0.1 %
6.9 %
0.0 %
6.9 %
41.1 %
4.1 %
0.0 %
4.1 %
0.0 %
4.1 %

100.0 %
72.4 %
27.6 %
18.6 %
1.3 %
2.0 %
0.8 %
0.8 %
0.0 %
13.6 %
7.4 %
6.2 %
0.0 %
0.5 %
0.0 %
5.7 %
1.9 %
1.9 %
0.0 %
0.0 %
5.7 %
0.0 %
5.7 %
36.8 %
3.6 %
0.0 %
3.6 %
0.0 %
3.6 %

100.0 %
77.0 %
23.0 %
22.4 %
1.6 %
2.9 %
0.3 %
0.6 %
0.0 %
5.9 %
8.9 %
-3.0 %
0.0 %
0.6 %
0.7 %
-4.3 %
2.1 %
2.3 %
0.0 %
-0.2 %
-4.4 %
0.0 %
-4.4 %
25.9 %
-3.3 %
0.0 %
-3.3 %
0.0 %
-3.3 %

100.0 %
70.5 %
29.5 %
21.0 %
1.5 %
2.0 %
0.2 %
0.0 %
0.0 %
13.0 %
7.2 %
5.8 %
0.0 %
0.4 %
0.0 %
5.4 %
2.2 %
2.3 %
0.0 %
-0.1 %
5.3 %
0.0 %
5.3 %
14.1 %
4.5 %
0.0 %
4.5 %
0.0 %
4.5 %

100.0 %
69.3 %
30.7 %
18.7 %
2.7 %
2.1 %
0.2 %
0.5 %
0.0 %
14.0 %
6.6 %
7.4 %
0.0 %
0.5 %
0.0 %
6.9 %
2.1 %
2.0 %
0.0 %
0.1 %
7.0 %
0.0 %
7.0 %
29.0 %
5.0 %
0.0 %
5.0 %
0.0 %
5.0 %

100.0 %
70.5 %
29.5 %
20.1 %
1.5 %
2.3 %
0.2 %
0.5 %
0.0 %
12.6 %
6.6 %
6.0 %
0.0 %
0.5 %
0.0 %
5.5 %
2.2 %
2.1 %
0.0 %
0.1 %
5.6 %
0.0 %
5.6 %
29.0 %
4.0 %
0.0 %
4.0 %
0.0 %
4.0 %

100.0 %
70.1 %
29.9 %
19.4 %
1.4 %
2.2 %
0.3 %
0.5 %
0.0 %
13.8 %
6.7 %
7.1 %
0.0 %
0.5 %
0.0 %
6.6 %
2.4 %
2.2 %
0.0 %
0.1 %
6.7 %
0.0 %
6.7 %
29.0 %
4.8 %
0.0 %
4.8 %
0.0 %
4.8 %

Hauck & Aufhuser Institutional Research

Jungheinrich AG
Balance sheet (EUR m)

2007

2008

2009

2010

2011E

2012E

2013E

Intangible assets
Property, plant and equipment
Financial assets
FIXED ASSETS
Inventories
Accounts receivable
Other current assets
Liquid assets
Deferred taxes
Deferred charges and prepaid expenses
CURRENT ASSETS
TOTAL ASSETS
SHAREHOLDERS EQUITY
MINORITY INTEREST
Long-term debt
Provisions for pensions and similar obligations
Other provisions
Non-current liabilities
short-term liabilities to banks
Accounts payable
Advance payments received on orders
Other liabilities (incl. from lease and rental contracts)
Deferred taxes
Deferred income
Current liabilities
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

42.6
610.9
12.8
666.3
243.3
422.5
433.5
250.9
49.9
6.5
1,406.6
2,072.9
553.7
0.0
687.2
163.8
203.8
1,054.8
144.3
109.5
0.0
66.8
26.6
117.2
464.4
2,072.9

39.9
661.7
11.3
712.9
246.9
395.2
508.9
261.5
47.0
6.6
1,466.1
2,179.0
625.0
0.0
792.8
140.2
166.1
1,099.1
135.0
116.9
0.0
70.2
27.9
104.8
454.9
2,179.0

25.9
619.4
12.0
657.3
172.8
313.1
538.0
458.5
58.3
8.5
1,549.4
2,206.7
546.6
0.0
921.0
143.2
201.7
1,265.8
117.1
96.2
0.0
64.0
7.3
109.6
394.3
2,206.7

26.4
638.3
14.7
679.4
197.6
362.6
534.6
549.4
62.8
7.9
1,714.9
2,394.3
632.6
0.0
899.7
144.4
210.2
1,254.2
161.8
146.1
0.0
82.6
8.2
108.6
507.4
2,394.3

26.4
699.8
14.7
740.9
217.4
391.9
573.3
531.6
62.8
7.9
1,785.0
2,525.8
739.8
0.0
930.6
147.3
215.7
1,293.6
127.4
155.3
0.0
93.0
8.2
108.6
492.5
2,525.8

26.4
760.9
14.7
802.0
215.0
387.5
606.6
579.7
62.8
7.9
1,859.5
2,661.5
829.3
0.0
977.7
150.2
219.9
1,347.8
119.6
156.0
0.0
91.9
8.2
108.6
484.4
2,661.5

26.4
826.2
14.7
867.4
221.2
398.8
654.9
652.2
62.8
7.9
1,997.8
2,865.2
952.4
0.0
1,043.7
154.0
224.3
1,421.9
119.6
159.9
0.0
94.6
8.2
108.6
490.9
2,865.2

Balance sheet (common size)

2007

2008

2009

2010

2011E

2012E

2013E

2.1 %
29.5 %
0.6 %
32.1 %
11.7 %
20.4 %
20.9 %
12.1 %
2.4 %
0.3 %
67.9 %
100.0 %
26.7 %
0.0 %
33.2 %
7.9 %
9.8 %
50.9 %
7.0 %
5.3 %
0.0 %
3.2 %
1.3 %
5.7 %
22.4 %
100.0 %

1.8 %
30.4 %
0.5 %
32.7 %
11.3 %
18.1 %
23.4 %
12.0 %
2.2 %
0.3 %
67.3 %
100.0 %
28.7 %
0.0 %
36.4 %
6.4 %
7.6 %
50.4 %
6.2 %
5.4 %
0.0 %
3.2 %
1.3 %
4.8 %
20.9 %
100.0 %

1.2 %
28.1 %
0.5 %
29.8 %
7.8 %
14.2 %
24.4 %
20.8 %
2.6 %
0.4 %
70.2 %
100.0 %
24.8 %
0.0 %
41.7 %
6.5 %
9.1 %
57.4 %
5.3 %
4.4 %
0.0 %
2.9 %
0.3 %
5.0 %
17.9 %
100.0 %

1.1 %
26.7 %
0.6 %
28.4 %
8.3 %
15.1 %
22.3 %
22.9 %
2.6 %
0.3 %
71.6 %
100.0 %
26.4 %
0.0 %
37.6 %
6.0 %
8.8 %
52.4 %
6.8 %
6.1 %
0.0 %
3.5 %
0.3 %
4.5 %
21.2 %
100.0 %

1.0 %
27.7 %
0.6 %
29.3 %
8.6 %
15.5 %
22.7 %
21.0 %
2.5 %
0.3 %
70.7 %
100.0 %
29.3 %
0.0 %
36.8 %
5.8 %
8.5 %
51.2 %
5.0 %
6.1 %
0.0 %
3.7 %
0.3 %
4.3 %
19.5 %
100.0 %

1.0 %
28.6 %
0.6 %
30.1 %
8.1 %
14.6 %
22.8 %
21.8 %
2.4 %
0.3 %
69.9 %
100.0 %
31.2 %
0.0 %
36.7 %
5.6 %
8.3 %
50.6 %
4.5 %
5.9 %
0.0 %
3.5 %
0.3 %
4.1 %
18.2 %
100.0 %

0.9 %
28.8 %
0.5 %
30.3 %
7.7 %
13.9 %
22.9 %
22.8 %
2.2 %
0.3 %
69.7 %
100.0 %
33.2 %
0.0 %
36.4 %
5.4 %
7.8 %
49.6 %
4.2 %
5.6 %
0.0 %
3.3 %
0.3 %
3.8 %
17.1 %
100.0 %

Intangible assets
Property, plant and equipment
Financial assets
FIXED ASSETS
Inventories
Accounts receivable
Other current assets
Liquid assets
Deferred taxes
Deferred charges and prepaid expenses
CURRENT ASSETS
TOTAL ASSETS
SHAREHOLDERS EQUITY
MINORITY INTEREST
Long-term debt
Provisions for pensions and similar obligations
Other provisions
Non-current liabilities
short-term liabilities to banks
Accounts payable
Advance payments received on orders
Other liabilities (incl. from lease and rental contracts)
Deferred taxes
Deferred income
Current liabilities
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
Source: Company data, Hauck & Aufhuser

Hauck & Aufhuser Institutional Research

Jungheinrich AG
Cash flow statement (EUR m)
Net profit/loss
Depreciation of fixed assets (incl. leases)
Amortisation of goodwill
Amortisation of intangible assets
Others
Cash flow from operations before changes in w/c
Increase/decrease in inventory
Increase/decrease in accounts receivable
Increase/decrease in accounts payable
Increase/decrease in other working capital positions
Increase/decrease in working capital
Cash flow from operating activities
CAPEX
Payments for acquisitions
Financial investments
Income from asset disposals
Cash flow from investing activities
Cash flow before financing
Increase/decrease in debt position
Purchase of own shares
Capital measures
Dividends paid
Others
Effects of exchange rate changes on cash
Cash flow from financing activities
Increase/decrease in liquid assets
Liquid assets at end of period
Source: Company data, Hauck & Aufhuser

Regional split (EUR m)

Domestic
yoy change
Rest of Europe
yoy change
NAFTA
yoy change
Asia Pacific
yoy change
Rest of world
yoy change
TTL
yoy change
Source: Company data, Hauck & Aufhuser

2007

2008

2009

2010

81.6
124.8
0.0
10.8
19.1
236.3
-26.3
-45.5
8.1
0.0
-63.7
172.5
127.4
0.0
0.0
2.1
-125.3
47.2
-19.2
0.0
0.0
17.3
0.0
4.7
-36.5
15.5
250.9

76.7
159.8
0.0
10.5
-29.8
217.1
-3.6
27.3
-23.4
0.0
0.3
217.4
164.9
0.0
63.0
4.5
-223.5
-6.0
-27.9
0.0
0.0
18.6
0.0
-2.5
-46.6
-55.1
195.8

-55.2
169.0
0.0
9.9
52.8
176.6
74.1
82.1
-20.7
n/a
135.5
312.0
147.7
0.0
3.7
2.3
-149.1
162.9
88.7
0.0
0.0
17.6
0.0
1.2
71.1
235.2
458.0

82.3
131.5
0.0
7.1
60.7
281.7
-24.8
-49.4
49.9
0.0
-24.3
257.3
185.6
0.0
35.8
1.6
-219.7
37.6
-12.5
0.0
0.0
1.9
0.0
2.3
-14.4
25.4
549.4

2007

2008

2009

2010

2011E

2012E

2013E

505.0
8.8 %
1,372.0
15.8 %
0.0
n/a
0.0
n/a
124.0
25.3 %
2,001.0
14.5 %

557.0
10.3 %
1,467.0
6.9 %
0.0
n/a
0.0
n/a
121.0
-2.4 %
2,145.0
7.2 %

466.0
-16.3 %
1,119.0
-23.7 %
0.0
n/a
0.0
n/a
92.0
-24.0 %
1,677.0
-21.8 %

493.0
5.8 %
1,197.0
7.0 %
0.0
n/a
0.0
n/a
126.0
37.0 %
1,816.0
8.3 %

510.9
3.6 %
1,338.6
11.8 %
0.0
n/a
0.0
n/a
194.1
54.1 %
2,043.7
12.5 %

495.0
-3.1 %
1,299.2
-2.9 %
0.0
n/a
0.0
n/a
226.3
16.6 %
2,020.6
-1.1 %

509.5
2.9 %
1,318.4
1.5 %
0.0
n/a
0.0
n/a
251.6
11.2 %
2,079.5
2.9 %

2011E
101.9
134.7
0.0
10.0
2.9
249.5
-19.8
-29.4
9.2
0.0
-40.0
209.5
206.2
0.0
0.0
0.0
-206.2
3.3
-3.5
0.0
0.0
17.6
0.0
0.0
-21.1
-17.8
531.6

2012E
80.4
134.0
0.0
10.0
2.9
227.4
2.5
4.4
0.7
0.0
7.6
235.0
205.2
0.0
0.0
0.0
-205.2
29.8
39.3
0.0
0.0
21.0
0.0
0.0
18.3
48.1
579.7

2013E
99.4
138.8
0.0
10.0
3.8
252.0
-6.3
-11.3
3.8
0.0
-13.7
238.3
214.1
0.0
0.0
0.0
-214.1
24.1
66.0
0.0
0.0
17.6
0.0
0.0
48.3
72.5
652.2

Hauck & Aufhuser Institutional Research

Jungheinrich AG
Key ratios (EUR m)
P&L growth analysis
Sales growth
EBITDA growth
EBIT growth
EPS growth
Efficiency
Total operating costs / sales
Sales per employee
EBITDA per employee
Balance sheet analysis
Avg. working capital / sales
Inventory turnover (sales/inventory)
Trade debtors in days of sales
A/P turnover [(A/P*365)/sales]
Cash conversion cycle (days)
Cash flow analysis
Free cash flow
Free cash flow/sales
FCF / net profit
FCF yield
Capex / depn
Capex / maintenance capex
Capex / sales
Security
Net debt
Net Debt/EBITDA
Net debt / equity
Interest cover
Dividend payout ratio
Asset utilisation
Capital employed turnover
Operating assets turnover
Plant turnover
Inventory turnover (sales/inventory)
Returns
ROCE
ROE
Other
Interest paid / avg. debt
No. employees (average)
Number of shares
DPS
EPS reported
Valuation ratios
P/BV
EV/sales
EV/EBITDA
EV/EBITA
EV/EBIT
EV/FCF
Dividend yield
Source: Company data, Hauck & Aufhuser

2007

2008

2009

2010

2011E

2012E

2013E

14.5 %
15.0 %
17.8 %
22.5 %

7.2 %
6.2 %
-12.7 %
-6.0 %

-21.8 %
-66.2 %
-158.9 %
-171.9 %

8.3 %
139.3 %
-236.1 %
-249.2 %

12.5 %
21.3 %
45.2 %
23.8 %

-1.1 %
-11.1 %
-22.0 %
-21.1 %

2.9 %
12.3 %
24.1 %
23.7 %

22.0 %
201.9
27.8

22.0 %
203.2
27.7

27.3 %
159.3
9.4

24.2 %
179.3
23.3

23.7 %
195.0
28.0

24.1 %
202.8
24.9

23.3 %
209.9
28.8

44.3 %
8.2
77.1
28.1
111.5

45.3 %
8.7
67.2
27.5
97.8

55.2 %
9.7
68.2
27.2
89.8

48.9 %
9.2
72.9
41.7
87.6

46.4 %
9.4
70.0
40.0
86.0

49.5 %
9.4
70.0
40.0
85.1

50.2 %
9.4
70.0
40.0
85.4

45.1
2.3 %
55.3 %
7.1 %
94.0 %
144.1 %
6.4 %

52.6
2.4 %
68.5 %
8.3 %
133.9 %
114.4 %
10.6 %

164.3
9.8 %
-297.8 %
25.8 %
84.6 %
0.0 %
9.0 %

71.7
4.0 %
87.1 %
11.3 %
159.7 %
140.9 %
12.2 %

3.3
0.2 %
3.3 %
0.5 %
142.5 %
133.5 %
10.1 %

29.8
1.5 %
37.1 %
4.7 %
142.5 %
125.3 %
10.2 %

24.1
1.2 %
24.3 %
3.8 %
143.9 %
123.6 %
10.3 %

66.4
0.2
0.1
4.1
22.8 %

55.2
0.2
0.1
3.0
23.0 %

-56.1
0.0
-0.1
0.0
100.0 %

-174.3
0.0
-0.3
2.3
21.4 %

-189.6
0.0
-0.3
3.5
20.6 %

-243.7
0.0
-0.3
2.6
21.9 %

-313.5
0.0
-0.3
3.0
21.1 %

1.6
1.7
3.3
8.2

1.7
1.8
3.2
8.7

1.3
1.7
2.7
9.7

1.3
1.7
2.8
9.2

1.4
1.8
2.9
9.4

1.3
1.7
2.7
9.4

1.2
1.6
2.5
9.4

13.1 %
14.7 %

11.1 %
12.3 %

-4.4 %
-10.1 %

8.5 %
13.0 %

11.3 %
13.8 %

8.5 %
9.7 %

9.6 %
10.4 %

4.5 %
9907
34.0
0.6
2.40

4.6 %
10555
34.0
0.6
2.26

3.9 %
10525
34.0
0.1
-1.62

4.0 %
10131
34.0
0.6
2.42

3.8 %
10238
34.0
0.7
3.00

3.9 %
10222
34.0
0.6
2.37

4.1 %
9935
34.0
0.7
2.92

1.1
0.4
3.1
5.8
6.2
19.2
3.1 %

1.0
0.4
2.8
6.3
6.8
15.8
2.9 %

1.2
0.4
7.3
-14.4
-10.1
4.4
0.6 %

1.0
0.3
2.6
5.8
6.2
8.4
2.9 %

0.9
0.3
2.1
3.9
4.2
178.7
3.5 %

0.8
0.3
2.1
4.5
4.9
18.2
2.9 %

0.7
0.2
1.7
3.2
3.5
19.7
3.5 %

Hauck & Aufhuser Institutional Research

Jungheinrich AG
Disclosure in respect of section 34b of the German Securities Trading Act
(Wertpapierhandelsgesetz WpHG)

Company

Disclosure

Jungheinrich AG

(1)

Hauck & Aufhuser or its affiliate(s) was Lead Manager or Co-Lead Manager over the previous 12 months of a public offering of this
company.

(2)

Hauck & Aufhuser acts as Designated Sponsor for this company or offers Equity Advisory Services.

(3)

Over the previous 12 months, Hauck & Aufhuser and/or its affiliate(s) has effected an agreement with this company for investment banking
services or received compensation or a promise to pay from this company for investment banking services.

(4)

Hauck & Aufhuser and/or its affiliate(s) hold 5 % or more of the share capital of this company.

(5)

Hauck & Aufhuser holds a trading position in shares of this company.

(6)

Hauck & Aufhuser and/or its affiliate(s) holds a net short position of 1 % or more of the share capital of this company, calculated by
methods required by German law as of the last trading day of the past month.

(7)

Within the last five years Hauck & Aufhuser was a member of the issuing syndicate of this company.

(8)

The research report has been made available to the company prior to its publication / dissemination. Thereafter, only factual changes have
been made to the report

Historical target price and rating changes for Jungheinrich AG in the last 12 months
Initiation coverage
18-October-10

Hauck & Aufhuser distribution of ratings and in proportion to investment banking services
Buy
Sell
Hold

80.26 %
5.26 %
14.47 %

50.00 %
0.00 %
50.00 %

Valuation basis/rating key

Buy: Sustainable upside potential of more than 10% within 12 months.
Sell:

Sustainable downside potential of more than 10% within 12 months.

Hold: Upside/downside potential limited. No immediate catalyst visible.

Competent supervisory authority
Bundesanstalt fr Finanzdienstleistungsaufsicht BaFin (Federal Financial Supervisory Authority), Graurheindorfer Strae 108, 53117 Bonn and
Lurgiallee 12, 60439 Frankfurt am Main, Germany

Hauck & Aufhuser Institutional Research

Jungheinrich AG
Important Disclosures
This research report has been prepared by Hauck & Aufhuser Institutional Research AG, Hamburg, or one of its affiliates (Hauck & Aufhuser).
Hauck & Aufhuser has made every effort to carefully research all information contained in this financial analysis. The information on which the
financial analysis is based has been obtained from sources which we believe to be reliable such as, for example, Reuters, Bloomberg and the
relevant specialised press as well as the company which is the subject of this financial analysis.
Only that part of the research note is made available to the issuer, who is the subject of this analysis, which is necessary to properly reconcile with
the facts. Should this result change considerably, a reference is made in the research note.
Opinions expressed in this financial analysis are the current, personal opinions of the analyst responsible for the document as of the issuing date
indicated on this document and are subject to change without notice. Hauck & Aufhuser does not commit itself in advance to whether and in which
intervals an update is made. Also, the opinions in this document no not necessarily correspond to the opinions of Hauck & Aufhuser.
The document and the recommendations and estimations contained therein are not linked - whether directly or indirectly - to the compensation of
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Hauck & Aufhuser Institutional Research

Jungheinrich AG
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Hauck & Aufhuser Institutional Research