Kuehne + Nagel International AG

KNIN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 393.00	Ggznlx	Pbkszdyp

Kuehne+Nagel Earnings: Still Negotiating Rough Seas

Michael Field

Oct 25, 2023

Soon after DSV released its results on Oct. 24, narrow-moat third-party logistics company Kuehne+Nagel reported a similarly stark third-quarter update. Revenue fell by almost 50% year over year, with EBIT declines coming in a touch worse. With no end in sight to the malaise, management’s commentary was focused on cost controls for the final quarter of 2023. We reiterate our CHF 220 fair value estimate and see the shares as moderately overvalued currently.

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