Kuehne+Nagel: Discounting a more supportive near-term backdrop

研报英文原文证据摘录

Kuehne+Nagel: Discounting a more supportive near-term backdrop

Global Research

27 July 2026ab

Kuehne+Nagel Equities

SwitzerlandDiscounting a more supportive near-term

backdrop Marine Transport

12-month rating Neutral

12m price target CHF205.00Reflecting more supportive industry dynamics in the near term

Prior : CHF179.00

Following K+N's recently released 2Q26 results, we also update our estimates for the

company. Hence, for our FY26E forecasts, we reflect latest results, which came in above Price (24 Jul 2026) CHF204.90

our expectations. Moreover, we also discount current industry price levels for sea and air RIC: KNIN.S BBG: KNIN SW

freight forwarding in our 3Q26E estimates for the company's top line and gross profit

margins. Furthermore, we cross-check our volume and revenue growth estimates for K Trading data and key metrics

+N's individual segments with the respective indications from our proprietary 52-wk range CHF210.60-148.15

quantitative growth model. This results, on a group level, in our forecasted FY26/27/28E Market cap. CHF24.3b/US$29.8b

group conversion rates of 15.8%/16.4%/17.2%. Combining that with the assumed Shares o/s 119m (REG)

continued support from the company's savings program, we raise our FY26/27/28 EPS Free float 41%

(UBS adj.) estimates by 5%/4%/1%. Reflecting our revised near-term estimates results in Avg. daily volume ('000) 215

an increased PT of CHF205 (previously CHF179). We rate K+N Neutral. Avg. daily value (m) CHF40.7

Common s/h equity (12/26E) CHF2.52b

Revenue and gross profit growth outlook remains positive P/BV (12/26E) 9.7x

We reflect the, on average, better-than-expected 2Q26 volume growth for K+N's Sea Net debt to EBITDA (12/26E) 1.5x

Logistics and Air Logistics segment in our divisional estimates for FY26E. Furthermore,