Hello, everyone,

Following our last stock showdown between Eli Lilly $LLY (+2.49%) and Novo Nordisk $NOVO B (+2.56%) , today we’re deliberately switching industries.

Away from weight-loss injections, drug pipelines, artificial intelligence, and major tech topics—and toward a business that operates behind the scenes, yet without which our modern economy could hardly function:

global logistics.

Because no matter which new smartphone is sold, which medication is produced, or which online store is supplied—in the end, raw materials, components, and finished goods actually have to get from one place to another.

By plane, container ship, truck, and finally to the warehouse or directly to the customer.

This is exactly where companies like DSV $DSV (+0.21%) and Kühne+Nagel $KNIN (-0.1%) make their money.

These may not be the stocks everyone talks about every day. But they ensure that the products of the big stock market stars actually make it onto the roads, into the factories, and to the customers.

That’s why two of the world’s leading logistics groups are going head-to-head today:

DSV from Denmark and Kühne+Nagel from Switzerland.

Both manage global supply chains, but they take different approaches.

DSV has relied heavily on major acquisitions for years and must now prove whether the massive integration of DB Schenker is truly paying off.

Kühne+Nagel is growing less spectacularly but is currently impressing with a stronger balance sheet, solid operational performance, and new growth areas centered on cloud infrastructure, healthcare, and its partnership with Amazon and AWS.

As always, we’ll take a look at the business models, current figures, balance sheets, cash flows, dividends, valuations, as well as opportunities and risks.

Of course, this also includes daily and weekly charts, as well as specific potential entry points.

The key question this time is:

Is DSV, with its enormous potential for synergies and growth, the more exciting stock—or is Kühne+Nagel, with its proven quality, stronger balance sheet, and cleaner chart the better choice in the end?

Enjoy today’s stock duel: DSV $DSV (+0.21%)
vs. Kühne+Nagel $KNIN (-0.1%)
— integration giant versus quality leader.

What this duel is really about

Neither company sells its own ships or aircraft; instead, they manage global supply chains. Their most important “raw material,” therefore, isn’t steel but information:

Whoever does a better job of coordinating capacity, routes, customs, warehousing, and customer demand earns revenue from every container shipped or every air freight shipment.

That’s what makes scale valuable—and explains why DSV has been acquiring companies for decades, while Kühne+Nagel grows more through organic expansion and specialization.

DSV has become a global platform following the acquisition of DB Schenker.

Kühne+Nagel remains more compact but, by its own account, is the world’s number one in air and ocean freight volume.

The comparison is therefore less a case of David versus Goliath than two different operating systems:

DSV buys scale and squeezes out synergies; Kühne+Nagel tries to use its existing scale in a more profitable and customer-oriented way.

DSV: The Schenker Bet

The enterprise value of the Schenker transaction was 106.7 billion DKK.

DSV expects annual synergies of approximately 9 billion DKK, with full financial impact beginning in 2027. By the end of the third quarter of 2026, approximately 8.7 billion DKK of the expected 11 billion DKK in integration and transaction costs had been booked. Nearly all countries have been integrated or are in the midst of the process.

This is both a major opportunity and the greatest risk. If the integration succeeds, buying power, network utilization, cross-selling, and back-office efficiency will all increase.

If it fails in part, the result will be customer losses, duplicate structures, and high debt. DSV reports a gearing ratio of 2.5, while the long-term target is less than 2.0.

Cash flow must therefore first repair the balance sheet before large share buybacks once again become the dominant driver of returns.

Four points are crucial for me:

• Road must stabilize,
• the DKK 9 billion in synergies must not be delayed any further,
• adjusted free cash flow must increase without real estate sales, and
• gearing should fall below 2.0 by 2027.

Kühne+Nagel: Quality with a New Growth Edge

In 2026, Kühne+Nagel announced a seven-year strategic partnership with Amazon and AWS. The focus is on infrastructure, equipment, maintenance, and the expansion of cloud data centers. The agreement is accompanied by a performance-based option on existing Kühne+Nagel shares. This locks Amazon in for the long term but also increases the bargaining power of an already very large customer.

In addition, air freight for cloud and semiconductor customers, healthcare logistics, and integrated contract logistics are growing. In the third quarter, EBIT for Air Logistics rose by 84 percent, Sea Logistics by 55 percent, Road by 40 percent, and Contract Logistics by seven percent.

This is broad enough that we cannot speak of just a single division.

The downside is the valuation. Anyone buying Kühne+Nagel at around 24.6 times expected earnings is assuming that 2026 will not mark a short-term cyclical peak.

The company can hardly afford to make any operational mistakes.

Q3 2026: Who currently has the better momentum?

Kühne+Nagel delivered the stronger quarter. All four segments grew; Air Logistics saw a 10 percent increase in volume in the third quarter, and management raised its forecast once again. At DSV, Air & Sea and Contract Logistics are strong, but Road remains a work in progress. There, quarterly EBIT fell by 35.1 percent because integration, productivity, and customer retention are not yet functioning as planned.

Kühne+Nagel clearly wins the balance sheet comparison. DSV’s debt is strategically justified by the Schenker acquisition, but it is a real economic burden. On the positive side, net interest-bearing debt has been declining since the end of 2025. On the downside, part of the strong Q3 cash flow came from real estate sales. At Kühne+Nagel, cash on hand covers a large portion of the debt, making it easier to weather economic downturns.

Dividends and Capital Returns

Kühne+Nagel is the clear favorite when it comes to dividends.

The six CHF paid for 2025 represent a yield of approximately 2.5 percent at the current price. DSV pays seven DKK, which amounts to only about 0.5 percent.

At DSV, share buybacks have historically been more important than dividends; following the Schenker acquisition, debt reduction is the priority for now.

Kühne+Nagel, on the other hand, distributes a large portion of its profits— in 2025, the payout ratio was around 81 percent.

Valuation and My Own DCF

In the base case, both stocks are trading above my DCF value.

This is not evidence of overvaluation, but rather an indication of market expectations.

For DSV , following the Schenker acquisition, a normalized free cash flow of around 18 billion DKK and several years of growth are needed.

For Kühne+Nagel , it requires free cash flow of around 1.15 billion CHF and consistently solid margins. About three-quarters of both base-case values come from the terminal value—small changes in the cost of capital and long-term growth significantly impact the fair value.

Customer Concentration and AI

Neither DSV nor Kühne+Nagel publishes a reliable top-10 customer ratio. Kühne+Nagel reports having around 400,000 customers. Amazon is strategically important, but the overall customer base remains broad. At DSV, the issue is less about a single major customer and more about the loss of several customers during the Road integration.

DSV expects total productivity gains of approximately 9 billion DKK by 2030 from AI, technology, and network optimization—in addition to the Schenker synergies. Kühne+Nagel expects significant AI effects starting in 2027 and is enhancing its data and cloud infrastructure via AWS. For me, AI is not a competitive moat for either company. It is becoming a tool for route planning, capacity management, quote generation, customs, warehousing, and back-office operations. Whoever integrates processes and data more seamlessly will win; however, the physical network remains indispensable.

Technical Analysis and Entry Strategy

Kühne+Nagel is trading above the 50-day and 200-day EMAs on the daily chart; the RSI is around 63, and the MACD is positive.

The weekly chart confirms the trend but is approaching the resistance zone of 240 to 245 CHF. Entering the position on a pullback around 224 CHF offers a better risk-reward ratio than buying directly at the high.

DSV has made a strong turnaround on the daily chart but remains below the 200-day moving average at 1,432 DKK.

The weekly chart is still neutral: RSI just below 50, MACD still negative but improving. Therefore, I’d like to see either a pullback into the 1,300s or a confirmed breakout above 1,475 DKK.

My Final Verdict

This stock showdown goes to Kühne+Nagel—albeit by a narrow margin.

For me, DSV remains the more exciting bet on successful integration and strong synergies, while Kühne+Nagel currently scores points with its stronger balance sheet, better operational execution, and more convincing chart.

Now I’m curious to hear your thoughts:

Which of the two logistics companies would you prefer?

Are you betting on the greater leverage at DSV $DSV (+0.21%) or on the currently more visible quality of Kühne+Nagel $KNIN (-0.1%) ?

Do you even have stocks like these in your portfolio?

In the next stock showdown, we’ll return to the healthcare sector.

Then, AstraZeneca $AZN (+6.73%)
and Roche $ROP (+0.24%) . Among other things, we’ll be discussing oncology, diagnostics, pipeline quality, patent risks, dividends, and, of course, current valuations.

See you at the next Stock Duel!

Your Raketentoni from Denmark

Sources and Notes

DSV: Q3 2026 Interim Report, Annual Report 2025, Capital Markets Day 2026, and official Schenker data.

Kühne+Nagel: Q3 2026 Earnings, Annual Report 2025, Q3 Presentation, and Amazon/AWS announcement.

ECB reference rates as of October 29, 2026; two research PDFs provided and four charts as of October 30, 2026.

Valuations and scores are based on my own scenario calculations; this is not investment advice.

@Tigawutz

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@Aktienhauptmeister

@Multibagger

@Tenbagger-Capital

@Get_Rich_or_Die_Tryin

@Stocktective

@Simpson

@WarrenamBuffet

@SAUgut777

@TradingHase

@PikaPika0105

@Derspekulant1

@NichtRelevant

@Klein-Anleger

@Dividendenopi

and, of course, everyone else :)

Morningstar published its list, and 14 of the 16 companies are British. I ran the 13 I’ve already analyzed through my tool:

🟢 EXCELLENT (4)

• $NWG (-8.6%) NatWest - 5.06%, P/E ratio 8.68x, quality 75/100

• $RKT (+2.48%) Reckitt - 4.16%, P/E ratio 11.6x

• $HSBA (-2.53%) HSBC - 3.70%, P/E ratio 10.36x

• $LLOY (-5.82%) Lloyds - 3.58%, P/E ratio 15.6x

🟣 WATCH (3)

• Relx, AstraZeneca, and Unilever ($REL (+2.64%) , $AZN (+6.73%) , $ULVR (+1.44%) ). Quality businesses, but valuations no longer offer room to run

🟠 CAUTION (4)

• BP (4.87%), Shell (3.39%), Rio Tinto (4.52%), and Barclays ($BP. (-0.32%)
$SHEL (+0.1%) , $RIO (-1.68%) , $BARC (-3.81%) ). High returns that mask cyclicality. The 78% marginal tax rate on oil in the UK doesn’t help

🔴 LOW THRESHOLD (2)

• Rolls-Royce $RR. (-3.55%) : It’s on Morningstar’s list, but pays 0.39%. Quality 35, Opportunity 5

• Glencore $GLEN (-3.27%) : Quality 10/100. A high yield can also mask a declining business

Hi there, community! 🚀

While many investors are desperately searching for the next hot stock, we’ve unearthed a Swedish powerhouse for the defensive A-side of our portfolio.

Imagine a stock that’s basically like a hand-picked Scandinavian quality ETF , has outperformed the market for over 100 years, is led by Northern Europe’s most powerful financial dynasty, and has outperformed even Warren Buffett’s Berkshire Hathaway and the S&P 500 over the past 5 years.

Since the chart for GQ is distorted by the stock split, you’ll find a chart below comparing it to the S&P 500 and others.

That’s exactly what Investor AB $INVE A (+0.01%)

.

The stock $INVE B (+1.93%) is exactly the same, except that the voting rights here are 1:10.

Let’s fire up the engine room and lay this Scandinavian money-printing machine on the dissection table, following our 15-point template exactly:

Investor AB ISIN: SE0015811955 ~€38.21 / 440.00 SEK

1. What the company does & how it came to be

The origins: Investor AB was founded as early as 1916 by the legendary Swedish industrialist family Wallenberg as far back as 1916. The family’s philosophy has been the same for generations: “Esse non videri” (To be, not to seem). The Wallenbergs have shaped the Scandinavian economy for over a century.

The Business Model – The Ultimate Scandinavian Compounder:

Investor AB is an investment holding company that allocates its capital across three highly profitable pillars:

• Listed Core Holdings: The backbone consists of majority or anchor stakes in global market leaders. These include industrial giants such as $ATCO A (-2.75%)
  Atlas Copco (compressed air & vacuum technology), $ABBN (-3.32%)
  ABB (robotics & energy), $AZN (+6.73%)
  AstraZeneca (Pharmaceuticals), $SEB
  SEB (Skandinaviska Enskilda Banken), $EPI A (-3.2%)
  Epiroc (mining equipment), $SOBI (+0.77%)
  Sobi (biotech), Nasdaq Inc., Wärtsilä, Electrolux and Husqvarna.

• Unlisted companies (Patricia Industries): Wholly-owned subsidiaries in the medical technology and healthcare sector (e.g., Mölnlycke Health Care, Permobil, Laborie). These cash cows are fully consolidated into Investor AB’s balance sheet and generate steady profits.

• Financial investments (EQT): Investor AB is the largest anchor investor and co-founder of the global private equity giant EQT AB. Here, the company benefits directly from the lucrative buyout and infrastructure business.

2. Current Key Figures & Facts

• Market Capitalization: approx. 116.5 billion EUR / ~1,300 billion SEK
• Current share price:
  38.21 EUR (52-week range: €25.67 – €38.26)
• Revenue (LTM): approx. 29.63 billion EUR
• Net income (LTM): approx. 23.71 billion EUR
• P/E Ratio: 4.9x
  (Extremely cheap for a quality compounder)
• P/B Ratio:
  1.2x
  (Close to net asset value)
• Return on Equity (ROCE):
  27.3%
• Net Debt/Total Capital: A meager 7.5%
  (Rock-solid balance sheet)

3. Core Quality Formula (Revenue Growth + Margin)

Our target score for solid investments is > 25.

• Revenue CAGR (5 years):
  20.1% p.a. (current LTM revenue growth, driven by consolidation, is as high as 285.1%)
• Operating EBIT Margin: Massive 82.1%
• Score = Revenue CAGR 20.1% + EBIT margin 82.1% = 102.2 points

• Conclusion:
  Phenomenal! A quality score of 102.2 points completely blows our scale out of the water. Since private equity firms have virtually no physical cost of goods sold, nearly the entire gross profit remains as EBIT.

4. Cash Flow Quality Formula

• Free Cash Flow (FCF) Yield:
  1.6%
• Conclusion: For a holding company, the FCF yield is naturally lower, as profits are directly reinvested to increase the net asset value (NAV) of the portfolio companies. This reinvestment yields a return on equity of over 27%!

5. Dividend Filter (Income-Core)

• Dividend Yield:
  1.35% (~€0.4985 per share)
• Payout Ratio:
  6.36% (Extremely conservative, maximum leeway)
• Dividend growth (5 years):
  10.1% p.a.
• Growth streak: Increased for 6 consecutive years.
• Filter Exception: Although this appears to fall below our 3.5% minimum threshold, our quality exception: The dividend is growing at a double-digit rate, the balance sheet is extremely strong, and net asset growth is easily outpacing the overall market.
• 🇸🇪 Tax Note for Sweden: Sweden levies a 30% withholding tax. Under the double taxation treaty (e.g., with Germany or Denmark), 15% is directly credited, so there are no tax disadvantages.

6. Exclusion Rule Check

Does any of our exclusion rules apply? Not at all!

• The EBIT margin is > 80%.
• No debt problems (net debt at a meager 7.5%).
• A genuine value investment rather than a stock based on an empty narrative.

7. Future and Industry Outlook

The mix of automation (Atlas Copco, ABB), healthcare (AstraZeneca, Mölnlycke), digitalization (Nasdaq, EQT), and mining (Epiroc) addresses the most important megatrends of the coming decades.

Through the Wallenbergs’ active management, $INVE A (+0.01%) , underperforming holdings are consistently restructured and investments in future-oriented sectors are increased.

8. Competition

Compared to other Scandinavian holding companies (such as Latour, Kinnevik, or Indutrade) and global holding companies, its visual superiority is evident:

• 5-Year Performance: Over the past 5 years, Investor AB has achieved a total return of +83.00% —while the S&P 500 (SPY) returned +70.47% and other European benchmarks stood at -32.07% !

9. Analyst Forecasts & Fair Value

• Fair Value Model (InvestingPro):
  42.22 EUR
• Upside Potential:
  +10.5% from the current all-time high
• Quality Check Rating:
  4 out of 5 (Very good)

10. Chart Analysis of Recent Months

• Trend: A solid, crystal-clear upward trend from the lower left to the upper right.
• 52-week range: €25.67 to €38.26 (currently at an all-time high).
• Distance from moving averages:
• Current price +7.2% above the 50-day moving average.
• Price is trading +18.4% above the 200-day moving average.
• Volatility: Extremely low volatility.

11. Bargain Hunter List (Entry Zones)

Since the stock is currently trading near its 52-week high, the following zones are suitable for phased purchases:

Zone 1 (Direct Purchase / First Tranche):

• Price range: €37.50 – €38.50 (approx. 430 – 445 SEK)
• Strategy: Current level for starting a savings plan or investing the first tranche.

Zone 2 (First Dip / EMA 50 Support):

• Price range: €34.00 – €35.50 (approx. 390 – 410 SEK)
• Strategy: Healthy consolidation around the 50-day moving average. This presents an ideal buying zone for adding to your position.

Zone 3 (Bargain Hunter / EMA 200 Support):

• Price Range: €30.00 – €32.00 (approx. 345 – 365 SEK)
• Strategy: Strong long-term support around the 200-day moving average. An absolute bargain zone to significantly increase your position.

12. Future Viability

With over 100 years of success, deep roots in Scandinavian industry, and access to exclusive private equity deals through EQT, Investor AB is one of Europe’s most future-proof companies.

13. Potential Alternatives

Those looking for similar investment strategies will find them at $BRK.A (+0.07%)
Berkshire Hathaway (U.S.), $DHR (-1.64%)
Danaher (U.S.) or $MC (+0.48%)
LVMH (France). However, none of them offers this specific focus on Northern Europe combined with such a historically low P/E ratio.

14. Profit Margin Report

• EBIT Margin:
  82.1%
• Net Income: 23.71 billion EUR in profit on 29.63 billion EUR in revenue.
• Capital Efficiency: Return on capital employed (ROCE) of 27.3% demonstrates excellent capital allocation by management.

15. RaketenToni’s Conclusion & Risk Disclosure

Investor AB $INVE A (+0.01%) is the ultimate A-share stock!

If you don’t want to deal with the complexities of individual stock risks but still want to outperform the broader market, Investor AB gives you a Scandinavian super-ETF disguised as an individual stock to your portfolio. I’ve already done it!

A P/E ratio under 5, a 27% ROCE, and a 5-year performance that puts Berkshire Hathaway in the shade make this stock a must-have for any long-term wealth-building strategy.

An absolute top-tier compounder for the next 20 years!

As always, I’d love to hear your thoughts :)

Greetings from Denmark

Yours, Raketentoni

@Keineui

@Aktienhauptmeister

@Multibagger

@Tenbagger2024

@Get_Rich_or_Die_Tryin

@Stocktective

@Simpson

@WarrenamBuffet

@SAUgut777

@TradingHase

@PikaPika0105

@Derspekulant1

@NichtRelevant

@Klein-Anleger

@Dividendenopi

and, of course, everyone else :)

Rumors of an alleged merger between $BMY (+2%) and $AZN (+6.73%)

Both companies are in the oncology industry .

A merger of the two companies would create a company with a market value of $400 billion . This would also make it the 4th largest pharmaceutical manufacturer.

• Bristol Myers is facing impending patent expirations for blockbuster drugs such as Eliquis and Opdivo. A merger would significantly strengthen the pipeline of cancer therapies strengthen.

• 
  Skepticism at Astrashareholders: Many analysts are wondering whether AstraZeneca can handle this huge and complex undertaking at all, both financially and strategically.

At the moment, nothing is set in stone , but discussions are underway.

What is your opinion of Bristol and AstraZeneca shareholders?

Monday, July 27

10:00 a.m.: Germany Ifo Business Climate Index (Germany’s most important economic barometer)

2:30 p.m.: U.S. Durable Goods Orders

4:00 p.m.: U.S. Dallas Fed Index (Manufacturing)

Tuesday, July 28

4:00 p.m.: US CB Consumer Confidence (July)

4:00 p.m.: US JOLTS (Job Openings—important for the US labor market)

Wednesday, July 29

8:00 p.m.: US Fed Interest Rate Decision 🌶

8:30 p.m.: US Fed Press Conference

Thursday, July 30

10:00 a.m.: DE Gross Domestic Product (Q2)

2:00 p.m.: German inflation rate (July) 🌶

2:30 p.m.: U.S. core PCE (Fed’s preferred inflation indicator) & initial jobless claims 🌶

Friday, July 31

11:00 a.m.: EU inflation rate & GDP (Q2) 🌶

3:45 p.m.: US Chicago Purchasing Managers’ Index

$PYPL (-0.8%)
$KO (+0.52%)
$BA (+0.35%)
$MSFT (-0.97%)
$V (+0.49%)
$AZN (+6.73%)
$META (-0.98%)
$HOOD (-3.29%)
$AAPL (-1.58%)
$MA (-0.23%)
$XOM (+1.7%)
$CVX (+1.29%)
$CCO (-7.66%)
$ARM (-2.74%)
$QCOM (-7.5%)

As every Sunday, the most important news from the past week, as well as the most important dates for the coming week.

Also as a video:

https://youtube.com/shorts/45X4AF8Hg3Q?is=FqId21576f3wE8Y_

Tuesday:

With $AZN (+6.73%) AstraZeneca is the first pharmaceutical company to threaten to stop bringing new drugs to Germany after the planned SHI reform. This is partly due to the manufacturer discounts planned in the new savings package.

https://www.handelsblatt.com/unternehmen/industrie/pharma-astra-zeneca-droht-mit-stopp-neuer-medikamente-in-deutschland/100216722.html

Wednesday:

After a four billion euro investment by $FRA (-0.31%) Fraport, the new Terminal 3 at Frankfurt Airport opens today. This will increase capacity by 25 million passengers. The many new advertising spaces are therefore particularly exciting for Fraport.

https://www.handelsblatt.com/unternehmen/handel-konsumgueter/luftfahrt-t3-in-frankfurt-ein-terminal-wird-zum-werbekanal/100216737.html

Friday:

The German business climate fell more sharply than expected in April. The ifo business climate index fell to 84.4 points. A decline to 85.5 points had been expected.

https://de.marketscreener.com/boerse-nachrichten/deutsches-geschaeftsklima-sinkt-im-april-staerker-als-erwartet-laut-ifo-umfrage-ce7f59dfd98cf526

$INTC (-10.36%) Intel appears to have achieved a turnaround. The company is back in the profit zone and expects further growth. Chips for data centers in particular appear to be in demand.

https://www.finanzen.net/nachricht/aktien/quartalsbilanz-intel-aktie-springt-zweistellig-an-rueckkehr-in-die-gewinnzone-gelungen-umsatz-ueberzeugt-15626279

The most important dates for the coming week:

Tuesday: 05:00 Interest rate decision (Japan)

Wednesday: 14:00 Inflation data (DE)

Thursday: 14:00 Interest rate decision (ECB)

Can you think of any other dates?

$4568 (+2.36%) together with $AZN (+6.73%) is currently developing the drug Datroway (breast cancer). Sales revenues of around € 6 billion are expected by 2030:

https://www.fiercepharma.com/marketing/top-10-most-anticipated-drug-launches-2025#:~:text=It's%20already%20off%20to%20a,out%20last%20year's%20roundup%20here.

What do you think of the share? There is still a dividend and the share price has been down 30% for a year. Irritates me a little. Any opinions?