DSV (AO) | Buy | CMD - first take: Higher than expected targets but no SBB

Research evidence excerpt

DSV (AO) | Buy | CMD - first take: Higher than expected targets but no SBB

DSV Buy | Target Price: DKK2000.00

Company description Management

DSV is engaged in the provision of transport and logistics services. Its operations Jens H. Lund, CEO

are divided into three areas: 1) Air and Sea specialises in the handling of air and Michael Ebbe, CFO

sea freight to destinations around the world, 2) the Road business offers land Brian Ejsing, COO

transportation across Europe, the US, and South Africa, 3) Solutions specialises Key shareholders

in logistics solutions across the entire supply chain. The company, based in Free float 83.00%

Denmark, is active globally. Ernst Göhner Stiftung 8.83%

Agility 8.03%

Capital Research 4.65%

Investment case Valuation methodology

DSV's main equity story going forward will centre on the Our target price is based on a blend of a DCF and a forward

integration of DB Schenker. EV/EBIT target multiple.

In addition to Schenker, AI emerges as a second pillar of DSV's Risks to our rating

equity story M&A integration mishaps (e.g. impairments, missing of synergy

We believe that the trade war and more complex globalization targets) would be a clear risk for our valuation methodology.

environment will ultimately be beneficial for DSV A 1929-style trade war would clearly put our estimates at risk.

Catalysts An unexpected further normalisation of GP/volume yields to

We expect DSV to provide the market with more details on the pre-pandemic levels would mean downside risk to our

benefits of the DB Schenker acquisition, AI and potential share- estimates.

buybacks at the CMD early in 2026.

Key data charts

Price performance Sales split by region Sales split by division

SWOT analysis

Strengths Weaknesses

Impressive track record of value-accretive M&A deals.