Madrid beckons: Kuehne's bolt-on M&A comes – one zero after another
While the Danes are (sigh) on a roll…
The recent nine-month performance of Switzerland’s Kuehne + Nagel continues to beg the question as to whether the Swiss forwarder is delivering the best value to shareholders, despite stock that offers the highest forward yield in the freight and logistics industry, to my knowledge.
Earnings rose between January and the end of September, but underlying cash flows were marginally lower, year-on-year, as the table below shows. K+N invested less than in 2015 on a comparable basis, while its cash balances fell to ...
Comment on this article
Arcadio
October 26, 2016 at 2:42 pmInteresting article, however I miss a currency analysis of CHF where K+N is trading.
It is true that stock price and revenue have bot growed in the last years, but if we see the exchange between CHF /EUR we can see that CHF appreciated over 30% compared to EUR, and K+N gets paid mostly in EUR and USD.
Ale Pasetti
October 27, 2016 at 1:05 pmCurrency swings are inevitable, and it’s worth flagging them. I will take the currency element into consideration in my next analysis. Thanks for your feedback, much appreciated.