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Research Tree provides access to ongoing research coverage, media content and regulatory news on KUEHNE & NAGEL INTL AG-REG. We currently have 7 research reports from 1 professional analysts.
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KUEHNE & NAGEL INTL AG-REG
KUEHNE & NAGEL INTL AG-REG
Volume grows but yield declines
18 Oct 16
The company reported Q3 16 results. Net revenues declined 2.4% to CHF4.1bn. The gross profit was up 3.3% to CHF1.64bn and the gross margin increased from 37.9% to 40.1%. EBIT declined 3% to CHF223m and the EBIT margin reached 5.4% compared to 5.5% in Q3 15. The two divisions, Airfreight and Seafreight, contributed 86.1% to total net revenues and 82.6% to total EBIT (85.7% in Q3 15). In the first nine months 2016, revenues declined 1.4% to CHF12.2bn (the market estimated €12.4bn) and gross profit improved 6.3% to CHF4.9bn (the market estimated CHF4.04bn). EBIT increased 5.9% to CHF678m (estimate CHF701m). The EBIT margin improved from 5.2% to 5.5%. Net income reached CHF531m (estimate CHF546m).
19 Jul 16
The company reported first half year results ending in June. Net revenues declined marginally by 0.9% to CHF8.15bn (market estimates: CHF8.14bn; our estimates CHF8.17bn). EBIT, however, increased 11% to CHF455m (market estimates: CHF450m; our estimates CHF446m). The EBIT margin increased from 5% to 5.6%. The operating performance was mainly driven by lower costs of goods sold which declined by 6.1%. The gross margin improved from 36.7% to 40%. Sea- and airfreight contributed 78.1% to total net revenues and 80.9% to total EBIT.
23 May 16
Kuehne Holding AG has acquired a stake of around 20% in the German company VTG AG. According to our estimates, the company paid €26 per share, or around €149.6m for the stake. Based on the dividend of €0.50, Kuehne Holding will generate a dividend yield of 1.9% (AGM on 31 May). Kuehne Holding AG is privately owned by Michael Kuehne. Kuehne Holding AG owns a portfolio of different companies such as Kuehne + Nagel AG (majority shareholder), around 20% in Hapag Lloyd AG as well as assets in the real estate and luxury hotel business and now a stake of 20% in VTG AG.
Efficient cost management
21 Apr 16
In Q1 16, revenues declined 2.1% to CHF4.01bn. EBITDA however improved 11.2% to €259m and the EBITDA margin increased from 5.7% to 6.5%. EBIT also increased 14.2% to CHF217m. The EBIT margin increased from 4.6% to 5.4%. The two business divisions, Airfreight and Seafreight, contributed 79.1% to total revenues and 82.9% to total EBIT compared to 85.3% in Q1 15.
Negative currency impacts overshadow solid performance
02 Mar 16
The company reported final 2015 results ending in December. Net revenues declined 4.4% to CHF16.73bn, mainly due to the strong Swiss franc. Negative currency effects impacted net turnover by 8ppts. At constant currency, revenues increased 3.6% to CHF18.1bn. Revenues in the Americas increased by 9.7% to CHF5.2bn, whereas revenues in the EMEA region declined 8.9% to CHF14.02bn. Revenues in Asia Pacific remained stable. EBIT increased 3.8% to CHF850m and at constant currency +10.9% to CHF908m. The EBIT margin improved from 4.7% to 5.1% (estimate 5.2%). The operating performance was in line with expectations or even above expectations due to the strong Swiss franc. Net income increase 6.8% to CHF676m. Due to the strong operating performance, management decided to increase the normal dividend from CHF4 to CHF5 per share. In the financial year 2014, shareholders profited from the additional anniversary dividend of around CHF3 per share. The total payout ratio is around 88.3% compared to 130.3% in 2014 and 115.7% in 2013.
Revenues declined and profitability increased
16 Oct 15
The company reported solid results in Q3 15. Revenues declined 6.7% to CHF4.2bn but EBIT jumped 9% to CHF230m. The EBIT margin improved from 4.7% to 5.5%. In the first nine months, revenues declined 4.4% to CHF12.4bn but grew at constant currency by 3.3%. EBIT increased 5.4% (13.3% in cc) to CHF640m compared to CHF607m in 2014. The EBIT margin improved from 4.7% to 5.2%. The strong performance was mainly driven by the two largest business divisions, Seafreight and Airfreight, which contributed 83.9% to total EBIT.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.
06 Dec 16
Acal’s H117 results reflected the weaker demand that was previously flagged combined with positive FX trends. Design & Manufacturing (D&M) continues to grow as a proportion of total revenues and profits and management has raised its targets for this part of the business. The company continues to consider further acquisitions, recently increasing its debt facility to support its growth strategy. The outlook for FY17 is unchanged – based on H117 order inflow, H217 is expected to be stronger and we leave our earnings forecasts substantially unchanged.