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Jungheinrich AG JUN3

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Morningstar’s Analysis

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Jungheinrich's Q3 Manages Through Raw Material Cost Inflation With Good Margin Performance

Analyst Note

| Denise Molina, CFA |

Jungheinrich's third-quarter 2021 results reflected robust order demand and good margin management in the face of raw material cost inflation. Having recently adjusted our forecasts for the company's updated guidance, we are maintaining our fair value estimate. Orders outgrew revenue, in line with other industrials that have faced challenges converting order growth into revenue growth due to supply chain shortages. Orders grew 26%, more than twice the 12% revenue growth rate. High utilization rates and cost containment protected margins despite raw material cost inflation. The 8.6% EBIT margin was 260 basis points higher than the prior-year margin. The company has been executing an ongoing cost-cutting program, which is bearing fruit. We maintain our narrow moat rating. 

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Company Profile

Business Description

Jungheinrich is Europe’s second-largest forklift manufacturer with a niche carved out in the retail and wholesale segment, including a stronghold in supermarkets. The company was founded in 1953 by Friedrich Jungheinrich, and control of Jungheinrich remains in his descendants’ hands through special voting shares. Globally, the company ranks number four behind Toyota and Kion Group, but nearly 90% of its sales comes from Europe, which still accounts for more than 30% of global forklift industry production.

Friedrich-Ebert-Damm 129
Hamburg, 22047, Germany
T +49 4069480
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Dec 31, 2015
Fiscal Year End Dec 31, 2021
Stock Type
Employees 18,323