Volumes Good, Pricing Bad for KN in First Half
Narrow-moat Kuehne + Nagel delivered a mixed first-half performance. Revenue grew by more than 8% year over year as several key divisions in the group increased volumes well in excess of the market level. This was clearly at the expense of price, with group margins falling to 5.1% for the first six months of the year, versus 5.6% achieved in fiscal 2016. However, we do not expect to make any material changes to our forecasts at this early stage. We retain our CHF 127 fair value estimate and beli...Kuehne & Nagel International is a holding company, engaged in providing logistics solutions. Co.'s business units comprised of: Seafreight, Airfreight, Overland, and Contract logistics. Co. operates on a worldwide basis in the following geographical areas: Europe, Americas, Asia-Pacific and Middle East, Central Asia and Africa. Within its Seafreight, Airfreight and Overland business units, Co. is engaged in purchasing transportation services from direct (asset-based) carriers and selling a combination of those services to its customers. Co. also develops solutions for the construction, renovation and operation of hotel chains and casinos all over the world.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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