Kuehne + Nagel International AG (KNIN.VI) Stock Analysis

Kuehne + Nagel is a global, asset-light logistics intermediary operating in nearly 100 countries, with approximately 1,300 locations, more than 80,000 employees, and over 400,000 customers. It is the global number-one sea forwarder at approximately 4.0 million TEUs and air forwarder at approximately 2.0 million tonnes, with scale purchasing power, embedded digital workflows, and specialized vertical expertise supporting a durable competitive position. Q2 2026 showed improving momentum: net turnover rose 8.0% year over year to CHF 6.6 billion, recurring EBIT rose 6.0% to CHF 381 million, adjusted EPS increased 11.9% to CHF 2.26, and free cash flow was CHF 116 million. Management raised FY 2026 recurring EBIT guidance to CHF 1.35–1.55 billion. **The main catalysts are CHF 200 million of cost savings, CHF 100–150 million of AI productivity potential, and the seven-year Amazon/AWS collaboration.** At a baseline EUR 238.50 share price, valuation is demanding at 30.8x LTM P/E, although the 5-year probability-weighted target is EUR 289.86, implying 21.5% capital upside and 35.8% including dividends.