Stock summaries 3
Deutsche Post-DHL: Overweight (V) 3
DSV: Neutral (V) 3
FedEx: Neutral (V) 4
Kuehne & Nagel: Neutral (V) 4
AP Møller-Mærsk: Underweight (V) 4
Panalpina: Neutral (V) 4
TNT: Overweight (V) 4
UPS: Overweight (V) 4
Logistics sector overview 6
Summary 6
Global freight markets 6
Company earnings 8
The fundamentals 11
Earnings sensitivity 11
Valuations and share prices 11
Express parcel markets 13
Company analysis 15
Deutsche Post-DHL: O/W (V) 15
DSV: N (V) 16
FedEx: N (V) 19
Kuehne & Nagel: N (V) 21
A P Møller-Mærsk: U/W (V) 23
Company financials 33
Disclosure appendix 44
Disclaimer 47
Contents