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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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
Upgrade on positive year-end trading update
10 Jan 17
The group has announced a positive year end update, with a stronger finish to the year delivering sales slightly better than expectations. Operational gearing results in a 7.5% increase in EPS. Cash generation is significantly better than expected. As a result, we increase our price target from 205p to 254p, based on a fair value P/E of 12.0x for 2017. With healthy growth set to carry on, the shares should continue to show robust momentum, with the potential for a special dividend an additional positive.