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Kuehne + Nagel International AG (CH:KNIN)
:KNIN
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Kuehne + Nagel International AG
(KNIN)
Rating:74Outperform
Price Target:
CHF209.00
â–²(22.01%Upside)
Positive Factors
Dividend Outlook
The dividend proposal is slightly better at CHF8.25 per share, reflecting a positive outlook.
Earnings Performance
Kuehne + Nagel's Sea segment delivered a strong performance with Q1 EBIT of CHF210m, exceeding expectations and driven by better yields.
Financial Strategy
The company seems to have changed the approach towards guidance, which is rated as positive.
Negative Factors
Financial Flexibility
Free cash flow is still held back by working capital headwinds, impacting the company's financial flexibility.
Macroeconomic Uncertainty
Management expressed caution by citing 'greater uncertainty related to global development' and warned that reducing supply chain disruptions could lower yields.
Performance Targets
The company is cancelling its overly ambitious 2026 targets.
Kuehne + Nagel International AG (KNIN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF20.34B
Dividend Yield4.82%
Average Volume (3M)196.53K
Price to Earnings (P/E)16.9
Beta (1Y)1.03
Revenue Growth13.34%
EPS Growth-4.15%
CountryCH
Employees77,130
SectorIndustrials
Sector Strength89
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)2.45
Shares Outstanding120,753,784
10 Day Avg. Volume164,495
30 Day Avg. Volume196,530
Financial Highlights & Ratios
PEG Ratio12.17
Price to Book (P/B)7.08
Price to Sales (P/S)0.00
P/FCF Ratio13.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF205.67Price Target Upside20.06% Upside
Rating ConsensusHold
Number of Analyst Covering9
Kuehne + Nagel International AG Business Overview & Revenue Model
Company DescriptionKuehne + Nagel International AG (KNIN) is a global logistics company headquartered in Switzerland. It specializes in providing end-to-end supply chain solutions, including international freight forwarding, contract logistics, and integrated supply chain management services. The company operates in various sectors such as sea freight, airfreight, road logistics, and contract logistics, catering to a diverse range of industries including automotive, consumer goods, industrials, pharmaceuticals, and technology.
How the Company Makes MoneyKuehne + Nagel generates revenue primarily through its logistics and supply chain services. The company earns money by managing and executing the transport of goods across multiple modes, including sea, air, and road logistics, for a wide array of clients globally. Revenue streams include freight forwarding services, where the company arranges and coordinates the transportation of goods on behalf of clients, and contract logistics, where Kuehne + Nagel manages warehousing and distribution operations. The company also benefits from significant partnerships with industry players and long-term contracts with major corporations, which provide steady income streams and enhance its market position. Additional revenue is generated through value-added services, such as customs clearance, supply chain optimization, and technology-driven logistics solutions.
Kuehne + Nagel International AG Earnings Call Summary
Earnings Call Date:Apr 24, 2025
(Q1-2025)
| % Change Since: -4.34%|
Next Earnings Date:Jul 24, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong financial performance, market share gains, and successful strategic initiatives like the integration of IMC. However, challenges remain, particularly in Road Logistics and sea freight yield pressures. The landscape is marked by uncertainty, especially in global trade patterns from China.Q1-2025 Updates
Positive Updates
Market Share and Profit Growth
Kuehne+Nagel increased its market share and achieved an 8% year-over-year growth in gross profit and a 7% increase in EBIT. Sea Logistics EBIT grew by 12% year-over-year.
Strong Performance in Air Logistics
Air Logistics saw a 23% improvement in EBIT year-over-year, with a 5% volume growth and a 7% increase in yields. Gross profit for Air Logistics grew by 12%.
Improved Cash Conversion and Capital Management
The company achieved a free cash conversion rate of 55%, well above the historical average for the first quarter. Working capital management contributed significantly to this improvement.
Contract Logistics Achievements
Contract Logistics delivered a new all-time high EBIT of CHF57 million in Q1, marking a 5% improvement on last year’s results.
Successful Integration of IMC
The acquisition of IMC positively contributed to earnings and cash flow, with no material synergies realized yet.
Negative Updates
Challenges in Road Logistics
Road Logistics EBIT for Q1 was CHF19 million, down by 37% year-over-year, reflecting a challenging operating environment and cost pressures.
Pressure on Sea Freight Yields
Despite positive volume growth, Sea Logistics faced pressure on yields, with organic unit EBIT down 3% year-over-year.
Uncertainty in Volume Trends
Volatility and uncertainty in global trade, especially regarding China to U.S. volumes, with a 25-30% decrease in bookings from China to the U.S.
Company Guidance
During the Q1 2025 Results Conference Call, Kuehne+Nagel reported significant financial and operational improvements. The company achieved an 8% year-over-year growth in gross profit and a 7% increase in EBIT, with Sea Logistics contributing a 12% EBIT growth. The organic sea and air EBIT growth was robust at 8%, driven by a 5% gross profit growth, while the combined organic sea and air conversion rate improved modestly to nearly 33%. Earnings per share (EPS) grew by 6% year-over-year or 4% on an organic basis. The free cash conversion rate reached 55%, well above the historical average for the first quarter. Sea Logistics saw a 7% year-over-year EBIT increase to CHF 210 million, with volumes up 3% despite market challenges. Air Logistics reported a strong 23% EBIT improvement year-over-year, with a 5% volume growth and yields up 7% to CHF 85 per 100 kilos. Road Logistics faced persistent market headwinds, with EBIT declining by 37% year-over-year, while Contract Logistics delivered a record EBIT of CHF 57 million, marking a 5% improvement. The company’s strategic initiatives under the Roadmap 2026 are progressing well, focusing on increasing customer satisfaction, enhancing digital processes, and supporting ESG efforts. Overall, Kuehne+Nagel maintained its guidance range for 2025 amid the current market uncertainty.Kuehne + Nagel International AG Financial Statement Overview
Summary
Kuehne + Nagel International AG exhibits solid financial performance with strong profitability and cash flow metrics. The income statement reflects efficient operations with strong profit margins, while the balance sheet indicates a balanced leverage strategy with some concerns about decreasing equity. Cash flow remains a key strength, providing operational flexibility.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 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 24.80B | 23.85B | 39.40B | 32.80B | 20.38B |
| Gross Profit | 8.67B | 3.15B | 5.96B | 5.38B | 3.40B |
| EBITDA | 2.49B | 2.75B | 4.59B | 3.69B | 1.81B |
| Net Income | 1.18B | 1.43B | 2.64B | 2.03B | 788.00M |
Balance Sheet | |||||
| Total Assets | 11.72B | 10.97B | 14.75B | 14.65B | 9.85B |
| Cash, Cash Equivalents and Short-Term Investments | 1.15B | 2.01B | 3.78B | 2.31B | 1.70B |
| Total Debt | 2.35B | 1.82B | 1.70B | 1.89B | 1.99B |
| Total Liabilities | 8.46B | 7.81B | 10.60B | 11.44B | 7.44B |
| Stockholders Equity | 3.26B | 3.15B | 4.14B | 3.20B | 2.41B |
Cash Flow | |||||
| Free Cash Flow | 1.18B | 1.39B | 4.16B | 2.26B | 1.53B |
| Operating Cash Flow | 1.48B | 1.70B | 4.40B | 2.46B | 1.72B |
| Investing Cash Flow | -452.00M | -243.00M | -223.00M | -1.08B | 158.00M |
| Financing Cash Flow | -1.91B | -3.12B | -2.64B | -800.00M | -1.04B |
Kuehne + Nagel International AG Technical Analysis
Negative
171.30
Price Trends
180.91
Negative
185.05
Negative
193.02
Negative
Market Momentum
-2.40
Negative
41.11
Neutral
28.37
Neutral
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 171.3 is below the 20-day moving average (MA) of 172.81, below the 50-day MA of 180.91, and below the 200-day MA of 193.02, indicating a bearish trend. The MACD of -2.40 indicates Negative momentum. The RSI at 41.11 is Neutral, neither overbought nor oversold. The STOCH value of 28.37 is Neutral, 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 (65)
Financial Indicators
Performance Comparison
CH:KNIN
Kuehne + Nagel International AG
171.30
-80.85
-32.06%
CH:ADEN
Adecco Group AG
25.96
-2.98
-10.30%
CH:DKSH
DKSH Holding AG
58.60
-6.50
-9.98%
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.