DSV (AO) | Buy | CMD feedback: more light than shadow

Research evidence excerpt

DSV (AO) | Buy | CMD feedback: more light than shadow

News comment

Release date: 13 May 2026

Marc Zeck, CFA

Equity Research Analyst

Buy + 49 69 7569 6323DSV mzeck@keplercheuvreux.com

Denmark | Transport Logistics MCap: DKK377.0bn Country Top Picks

Target Price: DKK2000.00 Bloomberg: DSV DC Reuters: DSV.CO

Current Price: DKK1609.50 Free float 83%

Up/downside: 24.3% Avg. daily volume (DKKm) 1,301.9

YTD abs performance -0.3% Market data: 12 May 2026

52-week high/low (DKK) 1902.50/1264.50

CMD feedback: more light than shadow

Key points:

In our view, DSV delivered a mostly successful CMD. The company tackled the AI question at length and provided new mid-term

targets that exceeded the previous pre-Schenker targets. Unfortunately, we did not get the restart of the share buyback program

yet but we are looking forward to H1 2027 as a new target date.

We believe the new mid-term targets suggest that DSV is looking for at least DKK40bn in EBIT in 2030, which is about 8% ahead of

Visible Alpha consensus estimates.

While the overall volume of AI-related discussions was welcome, and from a quality point of view, there was little that DSV could

have done more, we feel that the persuasive power of the quantitative figure, DKK6bn in AI-related efficiency gains, was

somewhat weakened by the decision to bundle efficiency gains related to Tango and STAR, which are Schenker trade

management systems, into it.

What are the main takeaways

In our CMD preview, we identified three topics that the market will focus on:

1) AI: Delivered - DSV spent a lot of time talking about AI during the CMD. In virtually every sub-segment of the

presentation, the company emphasised the benefits that AI will bring. In addition, the management is confident enough