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Kuehne + Nagel International AG (CH:KNIN)
:KNIN
RESEARCH TOOLSreports
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Kuehne + Nagel International AG
(KNIN)
Rating:70Outperform
Price Target:
CHF183.00
â–²(12.79% Upside)
Positive Factors
Dividend
The dividend proposal is slightly better at CHF8.25 per share, reflecting a positive outlook.
Earnings
Kuehne + Nagel's Sea segment delivered a strong performance with Q1 EBIT of CHF210m, exceeding expectations and driven by better yields.
Negative Factors
Financial Performance
The Road segment underperformed with Q1 EBIT at CHF19m, missing expectations due to ongoing weakness in Europe.
Guidance
The company is cancelling its overly ambitious 2026 targets.
Kuehne + Nagel International AG (KNIN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF19.61B
Dividend Yield5.11%
Average Volume (3M)177.57K
Price to Earnings (P/E)16.7
Beta (1Y)1.06
Revenue Growth13.42%
EPS Growth1.21%
CountryCH
Employees77,130
SectorServices
Sector StrengthN/A
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)2.02
Shares Outstanding120,753,784
10 Day Avg. Volume170,644
30 Day Avg. Volume177,568
Financial Highlights & Ratios
PEG Ratio-1.20
Price to Book (P/B)7.55
Price to Sales (P/S)0.99
P/FCF Ratio20.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF179.00Price Target Upside10.32% Upside
Rating ConsensusHold
Number of Analyst Covering11
Kuehne + Nagel International AG Business Overview & Revenue Model
Company DescriptionKuehne + Nagel International AG (KNIN) is a global leader in logistics and supply chain management, headquartered in Switzerland. The company operates in several sectors including sea freight, air freight, contract logistics, and integrated logistics services. With a strong focus on providing customized solutions for its clients, KNIN offers products such as freight forwarding, warehousing, and distribution services, as well as value-added services like customs clearance and supply chain consulting.
How the Company Makes MoneyKuehne + Nagel generates revenue through multiple streams primarily by providing logistics and supply chain solutions. The company's key revenue streams include sea freight and air freight services, where they charge clients for the transportation of goods across international borders. Additionally, contract logistics services contribute significantly to their earnings, as clients often seek long-term partnerships for warehousing and distribution needs. The company also earns from integrated logistics services, which involve a combination of their core offerings to create tailored solutions for customers. Strategic partnerships with shipping lines, airlines, and technology providers enhance their service capabilities and cost efficiency, further boosting revenues. The company's focus on digitalization and investments in technology also play a crucial role in optimizing operations and enhancing customer service, thereby contributing to its financial performance.
Kuehne + Nagel International AG Earnings Call Summary
Earnings Call Date:Jul 24, 2025
(Q1-2025)
| % Change Since: |
Next Earnings Date:Oct 23, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong performance in market share growth, improved profitability, and a robust air and sea logistics segment. However, there were challenges in the road logistics segment and potential pressure on sea freight yields due to market conditions. Despite the decline in volumes from China to the U.S., the company managed to offset it with gains from other regions.Q1-2025 Updates
Positive Updates
Market Share and Profit Growth
Kuehne+Nagel achieved an 8% year-over-year growth in gross profit and a 7% uplift in EBIT, with significant market share gains and improved yields.
Sea Logistics Performance
Sea Logistics EBIT increased by 7% year-over-year to CHF210 million, with volumes up 3%, marking a return to year-over-year growth.
Air Logistics Improvement
Air Logistics EBIT saw a strong 23% improvement year-over-year, with volume growth of 5% and yields improving by 7% year-over-year.
Contract Logistics Achievement
Contract Logistics delivered an EBIT of CHF57 million, marking a 5% improvement year-over-year and achieving a new all-time high for the first quarter.
High Free Cash Conversion Rate
Kuehne+Nagel reported a free cash conversion rate of 55%, well above the historical average for the first quarter.
Negative Updates
Road Logistics Challenges
Road Logistics EBIT was down by 37% year-over-year, with a challenging operating environment and organic net turnover declining by 1%.
Potential Yield Pressure in Sea Freight
There is an anticipated pressure on rates and yields in sea freight due to market conditions, despite higher freight rates out of Southeast Asia.
Volume Decline from China to U.S.
Bookings out of China to the U.S. have slowed materially, declining by 25% to 30%, although partially offset by volumes from other regions.
Company Guidance
In the first quarter of 2025, Kuehne+Nagel reported an 8% year-over-year increase in gross profit and a 7% increase in EBIT, indicating strong market share gains and improved yields. Sea Logistics achieved a notable 12% EBIT growth, with an organic growth rate of 8% and a gross profit growth of 5%. The Sea and Air Logistics conversion rate improved to nearly 33%, contributing to a 6% increase in EPS year-over-year, or 4% on an organic basis. Free cash conversion improved to 55% in Q1, attributed to effective working capital management. Sea Logistics saw a 7% EBIT rise to CHF210 million, with volumes growing by 3%, marking a return to year-over-year growth. Air Logistics achieved a 23% EBIT increase, supported by a 5% volume growth and a 7% yield improvement. Despite a challenging environment, Road Logistics' EBIT decreased by 37% to CHF19 million, while Contract Logistics reached a record Q1 EBIT of CHF57 million, up 5% year-over-year. The company maintains its EBIT guidance for 2025 within the range presented at its recent Capital Markets Day, citing market volatility and uncertainty as key factors.Kuehne + Nagel International AG Financial Statement Overview
Summary
Kuehne + Nagel International AG exhibits a solid financial performance with strong profitability and cash flow metrics. While the income statement reflects efficient operations, the balance sheet highlights a balanced leverage strategy with some equity reduction concerns. Cash flow remains a key strength, providing the company with operational flexibility. Continued monitoring of revenue trends and equity changes will be vital for sustaining long-term growth.Income Statement
Kuehne + Nagel International AG demonstrates a stable income statement with key strengths in profit margins. The gross profit margin for TTM is approximately 28.82%, and the net profit margin is about 4.68%, indicating efficient cost management. EBIT and EBITDA margins are 6.55% and 9.96%, respectively, showcasing operational efficiency. However, revenue growth has been inconsistent, with a slight increase from 2023 to 2024 and a decline prior to that, suggesting potential demand fluctuations.75
Positive
Balance Sheet
The balance sheet reflects a moderate financial position with a debt-to-equity ratio of approximately 0.95 for the TTM, indicating a balanced leverage approach. The equity ratio is around 22.96%, showing a reasonable proportion of equity financing. Return on Equity (ROE) is 41.51%, which is robust, reflecting effective use of shareholders' equity. However, the decreasing stockholders' equity over recent periods signals potential risks in maintaining this leverage strategy.70
Positive
Cash Flow
Cash flow analysis reveals strong free cash flow growth of 24.07% from 2023 to TTM, indicating effective cash generation capabilities. The operating cash flow to net income ratio stands at 1.42, suggesting solid cash earnings conversion. However, the free cash flow to net income ratio is slightly lower at 1.22, pointing to some capital expenditure impacts. Overall, the company maintains healthy cash flow metrics, supporting its financial flexibility.80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.73B | 24.80B | 23.85B | 39.40B | 32.80B | 20.38B |
| Gross Profit | 8.82B | 8.67B | 3.15B | 5.96B | 5.38B | 3.40B |
| EBITDA | 2.50B | 2.49B | 2.75B | 4.59B | 3.69B | 1.81B |
| Net Income | 1.15B | 1.18B | 1.43B | 2.64B | 2.03B | 788.00M |
Balance Sheet | ||||||
| Total Assets | 11.75B | 11.72B | 10.97B | 14.75B | 14.65B | 9.85B |
| Cash, Cash Equivalents and Short-Term Investments | 581.00M | 1.15B | 2.01B | 3.78B | 2.31B | 1.70B |
| Total Debt | 3.41B | 2.35B | 1.82B | 1.70B | 1.89B | 1.99B |
| Total Liabilities | 9.79B | 8.46B | 7.81B | 10.60B | 11.44B | 7.44B |
| Stockholders Equity | 1.92B | 3.26B | 3.15B | 4.14B | 3.20B | 2.41B |
Cash Flow | ||||||
| Free Cash Flow | 1.49B | 1.18B | 1.39B | 4.16B | 2.26B | 1.53B |
| Operating Cash Flow | 1.73B | 1.48B | 1.70B | 4.40B | 2.46B | 1.72B |
| Investing Cash Flow | -785.00M | -452.00M | -243.00M | -223.00M | -1.08B | 158.00M |
| Financing Cash Flow | -1.55B | -1.91B | -3.12B | -2.64B | -800.00M | -1.04B |
Kuehne + Nagel International AG Technical Analysis
Negative
162.25
Price Trends
169.64
Negative
175.89
Negative
186.67
Negative
Market Momentum
-2.03
Positive
36.46
Neutral
9.92
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:KNIN, the sentiment is Negative. The current price of 162.25 is below the 20-day moving average (MA) of 167.65, below the 50-day MA of 169.64, and below the 200-day MA of 186.67, indicating a bearish trend. The MACD of -2.03 indicates Positive momentum. The RSI at 36.46 is Neutral, neither overbought nor oversold. The STOCH value of 9.92 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:KNIN.
Kuehne + Nagel International AG Peers Comparison
Overall Rating
UnderperformOutperform
Sector (56)
Financial Indicators
Performance Comparison
CH:KNIN
Kuehne + Nagel International AG
161.30
-87.12
-35.07%
CH:ADEN
Adecco Group AG
24.00
-3.18
-11.70%
CH:DKSH
DKSH Holding AG
57.90
-7.10
-10.92%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.