Choppier Seas Haven't Dented Kuehne+Nagel's Performance in First Half

Narrow-moat Kuehne+Nagel has continued to deliver exceptional results in the first half of the year, in the face of a slow reversal of trends that set off the supply chain crisis, as well as recessionary concerns. Net turnover was up 55%, while earnings more than doubled over the period. Although we may tweak our near-term forecasts on the back of this additional data point, we don’t expect this to have a material impact on our view of the stock. At current levels we believe the shares are overvalued.