DSV Beyond the here and now: management, scale and technology to deliver margin-driven earnings growth; reiterate OW, AFL with PT up to DKK2,200

Research evidence excerpt

DSV Beyond the here and now: management, scale and technology to deliver margin-driven earnings growth; reiterate OW, AFL with PT up to DKK2,200

J P M O R G A N Europe Equity Research

28 May 2026

DSV

Beyond the here and now: management, scale and Overweight

technology to deliver margin-driven earnings growth; DSV.CO, DSV DC

reiterate OW, AFL with PT up to DKK2,200 Price (27 May 26):Dkr1,567.00

▲Price Target (Dec-27):Dkr2,200.00

Prior (Dec-27):Dkr2,170.00

We reiterate our OW, AFL rating on DSV with a new Dec-27 PT of DKK2,200

(+1.5% vs. previously; >45% upside potential) having updated our mid-term European Transport & Logistics

estimates with the inclusion of further productivity improvements that DSV is Alexia Dogani AC

targeting by 2030, DKK6bn of AI/tech savings and DKK3bn of network (44-20) 3493-3791

consolidation. Given DSV’s unique performance-driven culture, we expect it will alexia.dogani@jpmorgan.com

J.P. Morgan Securities plc

be able to successfully extract these benefits relative to its global peers and hence

Harry J Gowersdeliver these to the bottom line. We expect its cost position to materially improve

(44-20) 7134-7522

vs. peers (as it looks to deliver 40% productivity improvement in Air & Sea for harry.gowers@jpmorgan.com

instance), and enable it to deliver volume growth, slightly above market, but not J.P. Morgan Securities plc

at the expense of price/ yields as we see high execution risk at other global Shikha Khurana

forwarders from implementing similar initiatives given limited success to date on (91-22) 6157-5022

productivity/efficiency efforts demonstrated by the margin leadership that DSV shikha.khurana@jpmchase.com

has been able to sustain. We see this as one of the crucial debates post CMD, how J.P. Morgan India Private Limited