Freight forwarder Ceva plans to raise 1.3 billion Swiss francs ($1.4 billion) of new equity capital via a Swiss stock-exchange listing in the next three months. The plan is to use the money to cut debt, as well as “participate in market consolidation”. In the meantime the firm plans to grow its revenues – including via competing for market share – and improve profitability. The latter is needed given its EBITDA margin fell below that of Panalpina in 4Q 2017 after dropping more quickly than the sector average. Presumably by listing in Switzerland it is looking for a valuation similar to t...