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I was impressed by the headline improvement in Panalpina’s interim results last week, despite markedly lower net cash balances which could force the Swiss freight forwarder to reconsider its dividend policy as soon as the end of this fiscal year.

Cash balances (Source: Panalpina)

But it would be an understatement to say that the trading update did not boost investors’ spirits. In a single trading session, its stock – which rather surprisingly had risen in the weeks ahead of ...

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