Kuehne + Nagel A straightforward 2Q26 but full valuation given low earnings growth prospects; remain UW

研报英文原文证据摘录

Kuehne + Nagel A straightforward 2Q26 but full valuation given low earnings growth prospects; remain UW

J P M O R G A N Europe Equity Research

27 July 2026

Kuehne + Nagel Underweight

KNIN.S, KNIN SW

A straightforward 2Q26 but full valuation given low Price (24 Jul 26):CHF204.40

earnings growth prospects; remain UW Price Target (Dec-27):CHF175.00

Kuehne+Nagel delivered a strong 2Q26 performance, largely as the market European Transport & Logistics

ACexpected, driven by a strong Air & Sea performance, offset by a slightly softer Alexia Dogani

Contract Logistics. Management raised the 2026 EBIT guidance to CHF 1.35- (44-20) 3493-3791

1.55bn (vs. CHF 1.25-1.4bn; co-consensus CHF 1.4bn, JPMe CHF 1.5bn) and has alexia.dogani@jpmorgan.com

also raised the cost savings of >CHF120m in 2026 (vs. CHF 100m previously) J.P. Morgan Securities plc

given positive progress to date. The introduction of AI productivity targets of CHF Harry J Gowers

100-150m by 2027 (gross), targeting a 5% improvement in productivity were to (44-20) 7134-7522

harry.gowers@jpmorgan.com

some extent anticipated but likely yet to be reflected in expectations. Overall the J.P. Morgan Securities plc

quarter highlighted good progress on unit costs, benefits from the recent Middle

Shikha Khurana

East disruptions in the top line for both A&S with some market share gains in Road (91-22) 6157-5022

helping performance. We increase our 2026-28 EBIT estimates by 4% on average shikha.khurana@jpmchase.com

on better cost control and improvement in yields, but remain Underweight with a J.P. Morgan India Private Limited

Dec-27 PT of CHF 175 (unchanged), implying 14% downside potential, as we see Bhavpreet S Batra

valuation as full given our cautious view on K+N's medium-term earnings growth (91-22) 6157-5046

prospects.