K+N - Geel, Belgium, Expansions

Now, look at the key highlights of Kuehne + Nagel’s annual results released today.

All good, right?

Well, no – and not only because the shares plummeted 6%, closer to their 52-week lows.

Balance sheet

Look below at the left side of its balance sheet.

Goodwill and other intangibles are up 46.5%, while gross cash is down 30% – which typically means lower quality earnings, and heightened dividend risk, under normal circumstances.

But this is K+N ’The Great’, and it has something really innovative, financially, up ...

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