Kuehne + Nagel International AG

KNIN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 243.00	Zbhvg	Pmjcdzsl

Kuehne+Nagel Earnings: Showing Some Signs of Life

Michael Field

Apr 23, 2024

It was a mixed start to the year for narrow-moat Kuehne+Nagel. The revenue decline in 2023 spilled into 2024, with a drop of 18% in the first quarter, leading to a reduction in earnings of 40%. On a more positive note, management was upbeat about demand trends and highlighted the material costs taken out of the business over the period. We reiterate our CHF 220 fair value estimate and see shares as overvalued currently.

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