About a year ago, when Panalpina traded around its current level of CHF120 a share on the stock exchange, I wrote that the Swiss freight forwarder had been forced to bow to the cyclical headwinds that had materially affected the business of many of its clients.

These headwinds are now fully apparent.

Its latest financials, released on 20 July, confirm the company lies between a rock and a hard place, having done little over the past year to entice either myself or other analysts ...

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