Narrow-Moat Kuehne+Nagel Hits the Squall

Narrow-moat Kuehne+Nagel delivered a bumper set of full-year results, with revenue almost doubling precoronavirus levels, and net profits more than tripling. These results came with the warning that the volumes and profit levels in 2022 will not be repeated in 2023, something the investor community is well aware of, given the share price has fallen by almost 30% from its peak during the pandemic. While we will update our forecasts on the back of these results, we do not expect this to change our fundamental view on the stock. Relative to our CHF 196 fair value estimate, we see shares as fully valued at these levels.