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Jungheinrich AG JUN3 Stock Quote

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Morningstar‘s Stock Analysis JUN3

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Is it the right time to buy or sell?
Is it the right time to buy or sell?

1-Star Price


5-Star Price


Economic Moat


Capital Allocation


Jungheinrich's Cost Management Showing Through in Third-Quarter Margin

Analyst Note

| Denise Molina, CFA |

Jungheinrich’s revenue grew by double digits in the third quarter, supported by previous robust order growth and longer lead times from supply chain disruptions. Margins held steady despite cost inflation. However, the value of new orders declined versus the same period in 2021, in line with expectations due to the previous period of extraordinary growth and potential macroeconomic headwinds. Forklift orders closely follow the business cycle. As capital expenditure items, customers usually delay purchases when macroeconomic headwinds start to form. Free cash flow for the first nine months was negative EUR 273 million with higher working capital due to supply chain shortages. We expect free cash flow to return to positive in the coming quarters. We maintain our narrow moat rating and EUR 30 fair value estimate.

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Key Statistics JUN3

Company Profile JUN3

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, Jungheinrich 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
Industry Specialty Industrial Machinery
Most Recent Earnings Dec 31, 2015
Fiscal Year End Dec 31, 2022
Employees 19,400