DSV (+) : Crowd pleaser

Research evidence excerpt

DSV (+) : Crowd pleaser

EQUITIES

TRANSPORT & INFRA.

DSV OUTPERFORMPRICE* DKK1,541  TARGET PRICE DKK2,000 (UPSIDE 30%)

Crowd pleaser

When ambition meets passion12 MAY 2026

Securities Research Report DSV held its first CMD for four years yesterday, and the first since it completed the acquisition of

Production time: 18:33* (London time) Schenker. Bulls got most of what they wanted. An ambitious but deliverable conversion ratio target

Research Analysts & Publishing Entities for the group, affirmation of mid-term EBIT tracking towards >DKK40bn, and a clear determination

James Hollins to undertake further M&A and return to share buybacks, most likely in the very near-term.

BNP Paribas London Branch

(+44) 203 430 8438

james.hollins@uk.bnpparibas.com Something for the bulls at every turn

DSV's management provided a detailed and passionate outlook for each division. The group detailed

Hugo Watkins its divisional conversion rate targets (largely as expected, with an aggressive target of >55% in Air &

(+44) 203 430 8440 Sea) and also introduced divisional ROIC targets. All of them appear ambitious, but delivery would

hugo.watkins@uk.bnpparibas.com imply EBIT well ahead of FY30 consensus of c.DKK37.4bn. Nearer-term, we would also note the

CFO’s confidence in delivering Q226 EBIT above DKK6bn (consensus stands at DKK6.0bn).

When 'finalised' synergies have more to give

DSV has been lauded for its rapid delivery of the Schenker synergies, and is still guiding to the full

impact of DKK9bn of synergies in 2027. Nonetheless, the additional detail provided on an additional

DKK9bn of productivity improvements by 2030 suggests to us a further DKK3bn of Schenker

synergies, with DKK6bn of upside to group EBIT from AI and technology (including the full switch to