Kuehne + Nagel International AG

KNIN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Kuehne+Nagel Earnings: Tide Turns With a Return to Growth

Ben Slupecki

Oct 23, 2024

Narrow-moat Kuehne+Nagel reported a similar third-quarter update to peer DSV, showing strong revenue growth, but only modest earnings growth. This is a positive shift for the firm as Kuehne+Nagel underperformed DSV, so far this year. While year-to-date revenue and earnings have still fallen, it looks like they have hit an inflection point, with the second quarter now appearing to be the bottom. We reiterate our CHF 220 fair value estimate and see shares as fairly valued currently.

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Kuehne + Nagel International AG

Kuehne+Nagel Earnings: Tide Turns With a Return to Growth

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