Kuehne + Nagel International AG

KNIN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 126.00	Ytdvzxk	Bnyfkxwg

Kuehne+Nagel Earnings: No End in Sight to the Squall

Michael Field

Mar 1, 2024

Narrow-moat logistics firm Kuehne+Nagel rounded off a tumultuous 2023 with fourth-quarter numbers showing no end in sight to the malaise in global shipping. Revenue for the year fell by a whopping 40% year over year, while EBIT fell by half. We reiterate our CHF 220 fair value estimate and see the shares as overvalued currently.

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