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1. Company Snapshot

1.a. Company Description

Koenig & Bauer AG develops and manufactures printing and postprint systems worldwide.It operates through three segments: Sheetfed, Digital & Webfed, and Special.The Sheetfed segment offers offset presses for packaging and commercial printing, as well as workflow and logistics solutions; and peripheral equipment for finishing and processing printed products, such as rotary/flatbed die cutters and folding-box gluing lines.


The Digital & Web segment provides digital and offset web-fed presses for decor, flexible packaging, and newspaper and commercial printing applications.This segment also offers flexo presses for flexible packaging, as well as presses for flexo and digital printing of corrugated boards.The Special segment offers special presses for banknote and security printing applications; and systems for industrial marking and coding, as well as special systems for direct metal decorating and glass and hollow container printing.


The company also provides inspection, maintenance, and calibration services; retrofits/upgrades and service contracts; and spare parts, consumables, and accessories for the presses.Koenig & Bauer AG was founded in 1817 and is headquartered in Würzburg, Germany.

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1.b. Last Insights on SKB

Koenig & Bauer AG's recent performance was driven by strong financial results, with the company beating earnings expectations in Q2 2025. A record order backlog and significant operational improvements contributed to the positive momentum. Despite challenges in the US market and increased administrative costs, the company's robust financials were a highlight. With a focus on growth, Koenig & Bauer's performance was likely bolstered by its strategic positioning, according to a recent earnings call.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Google to advance German data centre infrastructure with $6.3bn investment

Nov -12

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Koenig & Bauer (XTRA:SKB): Five-Year Loss Reduction Sets Backdrop for Potential Profitability Pivot

Nov -06

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Koenig & Bauer AG (WBO:SKB) Q3 2025 Earnings Call Highlights: Operational Turnaround and ...

Nov -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.70%)

6. Segments

Sheetfed

Expected Growth: 2.5%

The 2.5% growth of Sheetfed from Koenig & Bauer AG is driven by increasing demand for high-quality packaging and commercial printing, fueled by e-commerce growth and brand owners' need for premium packaging. Additionally, the company's focus on innovative products, such as VariJET and Rapida, and its strong market presence in Europe and Asia, contribute to its growth momentum.

Special

Expected Growth: 2.8%

Koenig & Bauer AG's 2.8% growth is driven by increasing demand for packaging and commercial printing, expansion in emerging markets, and strategic investments in digital and sustainable printing solutions. Additionally, the company's focus on innovation, cost savings initiatives, and a strong order backlog contribute to its growth momentum.

Digital & Web

Expected Growth: 3.5%

The 3.5% growth in Digital & Web segment of Koenig & Bauer AG is driven by increasing demand for digital printing solutions, growth in e-commerce and online publishing, and rising adoption of digital marketing strategies by businesses. Additionally, the company's investments in R&D and strategic partnerships have enhanced its product offerings, contributing to the segment's growth.

Reconciliation

Expected Growth: 2.2%

Koenig & Bauer AG's 2.2% growth is driven by increasing demand for packaging and commercial printing, expansion in emerging markets, and strategic investments in digital and service businesses. Additionally, the company's focus on cost savings and operational efficiency measures have contributed to the growth.

7. Detailed Products

Sheetfed Offset Presses

High-performance sheetfed offset presses for commercial and packaging printing

Web Offset Presses

High-speed web offset presses for newspaper, commercial, and packaging printing

Digital Printing Presses

High-quality digital printing presses for commercial, label, and packaging printing

Flexographic Printing Presses

High-performance flexographic printing presses for flexible packaging and label printing

Security Printing Presses

High-security printing presses for banknotes, passports, and other secure documents

Coding and Marking Systems

Inkjet and laser coding and marking systems for product identification and tracking

Specialist Presses

Customized printing presses for specialized applications such as glass, plastic, and metal decoration

8. Koenig & Bauer AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Koenig & Bauer AG is moderate, as there are alternative products and services available in the market, but they are not highly substitutable.

Bargaining Power Of Customers

The bargaining power of customers for Koenig & Bauer AG is low, as the company has a strong brand reputation and customers have limited bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Koenig & Bauer AG is moderate, as the company has a diverse supplier base and suppliers have some bargaining power.

Threat Of New Entrants

The threat of new entrants for Koenig & Bauer AG is high, as the industry has low barriers to entry and new entrants can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry for Koenig & Bauer AG is high, as the industry is highly competitive and companies are constantly competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 37.39%
Debt Cost 11.91%
Equity Weight 62.61%
Equity Cost 11.91%
WACC 11.91%
Leverage 59.73%

11. Quality Control: Koenig & Bauer AG passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 8.2

Growth: 5.0

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Yield: 0.0

Momentum: 9.5

Volatility: 0.7

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Koenig & Bauer

A-Score: 3.7/10

Value: 6.2

Growth: 2.7

Quality: 1.4

Yield: 0.0

Momentum: 9.5

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Value: 5.1

Growth: 3.4

Quality: 4.9

Yield: 2.5

Momentum: 1.0

Volatility: 0.7

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Nel

A-Score: 2.9/10

Value: 8.0

Growth: 5.6

Quality: 3.1

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

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Kornit Digital

A-Score: 2.6/10

Value: 6.7

Growth: 3.2

Quality: 3.9

Yield: 0.0

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Volatility: 0.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.2$

Current Price

10.2$

Potential

-0.00%

Expected Cash-Flows