Kuehne + Nagel International AG

KNIN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 952.00	Ddxvpr	Mvwrznds

Supply Chain Issues Still Generating Benefits for Kuehne+Nagel in the First Quarter

Michael Field

Apr 26, 2022

Like Maersk, on April 26 narrow-moat Kuehne+Nagel reported strong numbers, with supply chain issues in global shipping markets spilling over into 2022 and demand for transport services still strong. Revenue was up almost 70% year over year and earnings up more than 160% in the first quarter. While we still expect some normalisation in the second half of the year, a view supported by commentary from Maersk on April 26, we still expect a strong year from Kuehne+Nagel. Despite this, we view the current share price as overvalued relative to our CHF 196 fair value estimate.

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