Kuehne + Nagel International AG

KNIN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 419.00	Zdcmfg	Mshdhjllr

Kuehne+Nagel Earnings: A Return to Revenue Growth

Benjamin Slupecki

Jul 23, 2024

Results were a mixed bag for narrow-moat Kuehne+Nagel. After a decline in revenue in the first quarter, revenue rose 1% in the second quarter, driven by disruptions in the Red Sea and a recovery in demand for air freight. On a negative note, earnings did not grow in line with revenue, falling 25% year over year, highlighting the downside of the operating leverage inherent in the business. We reiterate our CHF 220 fair value estimate and see shares as overvalued currently.

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