Intrinsic Value Logwin AG (TGHN.DE)

• Previous Close: €284.00
• Intrinsic Value: €162.01
• Upside potential: -43%

Stock Valuation Context

Business Model And Market Position

Logwin AG operates as a global logistics and transport solutions provider, specializing in two core segments: Air + Ocean and Solutions. The Air + Ocean segment focuses on intercontinental freight services, leveraging air and ocean transport to meet demand across industries like automotive, electronics, and retail. The Solutions segment delivers tailored supply chain management, warehousing, and value-added services, catering to complex logistical needs in sectors such as industrial engineering and consumer goods. With a heritage dating back to 1877, Logwin has established a strong market presence, supported by its subsidiary DELTON Logistics S.á r.l., positioning it as a reliable partner for integrated logistics in competitive and dynamic markets. The company’s diversified service portfolio and industry-specific expertise enable it to address niche demands while maintaining scalability across global supply chains.

Revenue Profitability And Efficiency

Logwin reported revenue of €1.44 billion for the period, with net income of €64.5 million, reflecting a stable operational performance. The diluted EPS of €22.41 underscores efficient earnings distribution among shareholders. Operating cash flow stood at €109 million, indicating robust liquidity generation, while capital expenditures were modest at €4.4 million, suggesting disciplined investment in growth.

Earnings Power And Capital Efficiency

The company demonstrates solid earnings power, supported by its diversified logistics segments. With an operating cash flow of €109 million and minimal capital expenditures, Logwin maintains high capital efficiency. The net income margin of approximately 4.5% highlights its ability to convert revenue into profit effectively, despite the competitive logistics landscape.

Balance Sheet And Financial Health

Logwin’s balance sheet remains healthy, with €372.6 million in cash and equivalents against total debt of €59.7 million, indicating strong liquidity and low leverage. This conservative financial structure provides flexibility to navigate market volatility and invest in strategic initiatives without overextending its debt position.

Growth Trends And Dividend Policy

The company has shown consistent performance, supported by its global logistics network. A dividend per share of €12.8 reflects a commitment to returning value to shareholders, aligning with its stable cash flow generation. Growth prospects are tied to expanding demand for integrated logistics solutions, particularly in e-commerce and industrial sectors.

Valuation And Market Expectations

With a market capitalization of approximately €708 million and a beta of 0.086, Logwin is perceived as a low-volatility investment in the logistics sector. The valuation reflects expectations of steady, albeit moderate, growth, given its established market position and operational efficiency.

Strategic Advantages And Outlook

Logwin’s strategic advantages lie in its long-standing industry expertise, diversified service offerings, and strong financial health. The outlook remains positive, driven by global supply chain complexities and increasing demand for tailored logistics solutions. The company is well-positioned to capitalize on these trends while maintaining profitability and shareholder returns.

Sources

Company filings, market data