Rankings Machinery & automation Kalmar
Kalmar
85
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Tariff rates and America−3
- Quality of growth−2
- Future segment−2
Strengths
- Strong balance sheet+2
- Service and margin uplift+2
- Buybacks+1
How the score is built
From 100 to 85, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 36.50 EUR
- Median analyst target
- 42.00 EUR
- Upside to median
- +15.1%
- Analysts
- 5
- Target range
- 33.00 – 48.00 EUR
- 52-week change
- +2%
- P/E (trailing)
- 14.0
- Forward P/E
- 12.4
- PEG
- 1.56
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−4 of −30
- −2Quality of growthThe earnings improvement comes from margin improvement, price increases and efficiency gains, not from volume: analysts expect only c. 5% annual revenue growth over the next three years and 6% EPS growth in 2026.
- −2Future segmentOrders in the eco portfolio (electric and hybrid machines) fell 10% to EUR 180m in Q2, even though eco sales rose 27%; electrification of port equipment is going more slowly than sales suggest.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −2Multiples vs own historyForward P/E 13.4 vs 13.2–14.2 and EV/EBIT 10.9 vs 10.8–12.2 in 2024–2025 – at the bottom of a short history of only two years since the spin-off, and on a margin close to record.
- −1Absolute price levelFCF yield after leasing about 6.1% (148.5 m EUR) and earnings yield 7.0%; cheaper than Konecranes (forward P/E 16.2) and Hiab (19.8), but in a cyclical industry.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−9 of −35
- −3Tariff rates and AmericaOrder intake from the Americas is sensitive to US tariffs and trade policy; tariff costs are offset only by price increases and efficiency gains, which could pressure volume if customers postpone purchases.
- −2Demand and ordersOrder intake fell 3% to EUR 899m in the first half (Q2 unchanged at 449m), the order book is EUR 986m (+1% since the start of the year), and management expects demand at the same level over the next six months.
- −2Execution vs targetsAdjusted operating margin of 12.4% in the first half vs full-year guidance of over 12.5%, so the second half has to lift; at the same time a reorganization is under way (Terminal Tractors and Horizontal Transportation are merged from 1/1 2027) for only approx. EUR 10m in savings, while the 2028 target is a 15% margin.
- −2CyclicalityEquipment makes up 66% of sales; in 2024 revenue fell 16% and EPS 34% when ports and distribution centres postponed investments – earnings can swing sharply with container volume and customers' appetite to invest.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Strong balance sheetNet debt only EUR 15m (net debt/EBITDA 0.06), interest cover 19.7 and Altman Z-score 4.0.
- +2Service and margin upliftService accounts for 34% of sales with an adjusted margin of 17.0% in Q2; operating margin has been lifted from 5.7% (2021) to 12.4%, and ROIC from 10.8% to 25.3%. Operating cash flow rose to EUR 82m in Q2 (22m).
- +1BuybacksBuybacks of EUR 12.4m and dividend of EUR 70.7m (TTM) are clearly below FCF after leasing of EUR 148.5m.
Caveats
What the score does not capture, or where the data is weak.
Spun off from Cargotec in July 2024, so the multiple history only covers 2024–2025 (financials from 2021 are pro forma). Not flagged cyclical, as earnings follow port and logistics investment and not directly a commodity or freight price, but equipment (66% of sales) is cyclically sensitive. Kalmar has A and B shares (approx. 9.5m A shares); the owner group's voting control and insider trades have not been examined. Only 5 analysts. Q3 report 29/10.
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