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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 8 research reports from 1 professional analysts.
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KUEHNE & NAGEL INTL AG-REG
KUEHNE & NAGEL INTL AG-REG
Another strong performance
02 Mar 17
The company reported solid 2016 results, although net revenues declined 1.2% to CHF16.5bn. The gross margin improved from 37.4% to 39.6% and EBITDA increased 6.6% to CHF1.11bn, meeting our estimates. The EBITDA margin improved from 6.2% to 6.8% and the EBIT margin from 5.1% to 5.6%. Net income rose 6.2% to CHF718m. Management proposed a dividend increase of 10% to CHF5.50 per share. The total payout ratio will reach around 92%. The two business divisions, Seafreight and Airfreight, contributed 80.9% to total EBIT compared to 85.2% in 2015. The Contract Logistics division was the main contributor to the strong operating performance, increasing from 14% to 16% of total EBIT. Revenues increased 3.5% to CHF4.6bn and EBIT jumped 23.5% to CHF147m. Especially in Q4, the business contributed strongly to the overall performance (EBIT up 42.4%). The performance was mainly driven by the scaling of industry-specific solutions, new customer projects and efficient cost management.
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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.