Industrials

Report by AlphaValue

AlphaValue raises their FY26 estimates on better H2 visibility, stronger automation penetration and an improving margin mix. The order backlog is up 23% Y/Y, while a greater contribution from smaller, higher-margin orders should offset the heavier weighting of lower-margin key-account projects seen in H1. FY27 sales and EBIT estimates rise 3%, with FY28 forecasts increased 5%. AlphaValue expects continued growth in warehouse automation to increasingly offset weakness in ITS, supported by long-term structural drivers including labour shortages, the continued expansion of e-commerce and the growing importance of reverse logistics. While competition from Asia, particularly Chinese players, remains a drag, AlphaValue believes the expanding secondary market for lithium-ion battery-powered trucks should remain supportive and become increasingly relevant over the coming years. TP €35 (45% upside).

Industrials

Report by Asymmetric Advisors

ML, the No. 3~4 global forklift player, has seen its share price nearly double since Asymmetric turned bullish last May. A combination of strong US orders and backlog, price hike effect and FX have boosted earnings whilst a large amortisation charge will disappear from FY3/26. Despite the impressive share performance, Asymmetric remains the only broker covering the stock and ML's PER remains low at <7x next year vs. >13x at global peers Kion and Jungheinrich.