Kuehne + Nagel International AG
KNIN: XSWX (CHE)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CHF 967.00 | Qcfyxy | Kqrnvkpr |
Kuehne+Nagel Earnings: A Return to Revenue Growth
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.