Comment / Analysis: K+N – the ATM that keeps giving... to its owner  

Growth is Kuehne + Nagel’s obsession, as the executive team of the Swiss 3PL often reminds us.

However, look at what a lack of discipline chasing growth has meant in the past 10 years or so in terms of shareholder value. 

2007

Before the credit crunch in October 2007, just about one year before Lehman Brothers collapsed, with 120m shares outstanding – which is bang in line with its current share count – K+N stock hit a then-record of Sfr124 a share.  

That year, earnings per share came in at Sfr4.5, which meant ...