Kuehne + Nagel International AG

KNIN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 485.00	Hpptfp	Ptkcwtkg

Kuehne + Nagel Earnings: From the Highs of 2022 to the Lows of 2023

Michael Field

Apr 25, 2023

Renowned investor Howard Marks often describes markets as a pendulum that swings from one extreme to the other, rarely spending much time in the center. For narrow-moat Kuehne + Nagel, this phrase couldn’t be truer of market conditions. From the best year ever in 2022, we’ve now entered a period described by Kuehne’s CEO as “extremely challenging.” Revenue is down 37% year over year, and EBIT is down 45%. While we may tweak our estimates on the back of this update, we reiterate our CHF 196 fair value estimate. We believe the shares are currently overvalued.

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