業種
Logistics & Supply Chain
Logistics & Supply Chain のすべてのレポート — 全 5 件。
39/100
66Buffett
Kuehne + Nagel: Sea Gross Profit per TEU Held at CHF 483 While Group EBIT Conversion Fell from 33.9% to 14.1%, and 26 Times Owner Earnings Leaves No Margin of Safety
Kuehne + Nagel is a Swiss global freight forwarder that buys carrier capacity and resells sea, air, road and contract-logistics services to around 400,000 customers, with ultimate control now passed from founder Klaus-Michael Kuehne to the Kuehne Foundation. Sea gross profit per TEU held at about CHF 483 in 2025, essentially flat on 2024, yet group EBIT conversion fell from 33.9% in 2022 to 14.1%, showing the pandemic profit peak was scarcity rent rather than a permanently larger franchise. Rating Hold: at roughly 26 times 2026 consensus earnings and free cash flow, the cost-led conversion recovery is already priced, and a conservative value of CHF 190-200 sits below the quote.
38/100
75Buffett
DHL AG: Express Supplies 60% of H1 Group EBIT on 31% of Revenue and German Mail Volume Falls 15%, but EUR 55.02 Sits 30% Above the EUR 42.2 Conservative Value
DHL AG, renamed from Deutsche Post AG on 1 September 2026, runs five different logistics economics under one balance sheet: global Express, freight forwarding, contract logistics, eCommerce parcels and Germany's regulated postal network. Express supplied roughly 60% of H1 2026 group EBIT of EUR 3.335bn from only about 31% of revenue, with divisional EBIT up 43.5% to EUR 1.999bn at a 15.2% margin, while German mail volumes fell 15.0% and letters alone 8.5%, and 2025 dividends plus buybacks of EUR 3.569bn exceeded EUR 2.295bn of reported free cash flow. Rating Hold: a lease-inclusive sum-of-the-parts puts base value at EUR 61.5 per share against a conservative EUR 42.2, so EUR 55.02 sits 30% above the conservative case and the margin of safety is none.
44/100
83Buffett
Expeditors International Deep-Dive Value Research
An asset-light freight-forwarding leader with no long-term debt, sustained buybacks that shrink the share count, and ROIC around 73.7%; at roughly $158.96 and a TTM P/E near 25.7x, the stock sits between fair and optimistic value with an insufficient margin of safety, so we rate it Watch.
40/100
72Buffett
J.B. Hunt Deep Value Investment Research
One of the largest ground transportation companies in North America, with intermodal plus dedicated contract services as the core profit engine. Rating: Watch — a good company at a bad price, with the current $267 implying nearly 40x owner earnings, above the optimistic range, versus an ideal buy price of $100-135.
40/100
76Buffett
C.H. Robinson: A Long-Term Value Investing Analysis
North America's largest asset-light logistics intermediary, C.H. Robinson brokered 37 million shipments and served 75,000 customers in 2025; at the current price of $174.23 and a P/E of 35.3x, the stock already prices in an optimistic Lean AI margin-improvement story, leaving essentially no margin of safety. Rating Watch: a good business, but not a good price.