DSV: Engine replacement at Road. Remain Outperform, TP DKK 2,100

Research evidence excerpt

DSV: Engine replacement at Road. Remain Outperform, TP DKK 2,100

Alex Irving, CFA +44 20 7676 7044 alex.irving@bernsteinsg.com 23 July 2026

DETAILS

EXHIBIT 1: DSV Investment thesis

DSV: Atop the industry, and still climbing

INVESTMENT RECOMMENDATION

DSV has continuously delivered both organic and inorganic total shareholder Recommendation: Outperform

return. As a freight forwarder, more complex logistics demand provides a

structural boost to the group’s earnings potential. A laser focus on cost has seen Target price 12 (Months): DKK 2,100 (45% upside)

margins expand over the last decade, and its conversion ratio in air and sea,

post-synergy, should stand some 20%pt above closest peer Kuehne+Nagel.

With the 2025 acquisition of DB Schenker, DSV became the world’s largest VALUATION MULTIPLES (FY+2)

freight forwarder — and arguably the world’s largest 3PL. A defensive, asset-light

business model that results in resilient earnings even in an economic slowdown.

The future looks bright. 19.7x

17.7x

15.3x 15.4x 15.7x

• M&A masters strike again. Just over 20 years ago, few outside the 12.3x 11.7x 12.6x

logistics industry or specializing in Danish stocks knew who DSV was. 9.6x

Since then, from a Nordic road freight forwarding specialist with a market cap of

DKK 4bn (c. $600m), the company has transformed itself into one of the

largest global airfreight and seafreight forwarders through a string of well-

executed, highly-accretive acquisitions. The DB Schenker acquisition saw the EV/EBITDA EV/EBIT P/E

Danes finally claiming the title of the largest freight forwarder in the world. Prior 10y median Current BERN TP

M&A deals have marked inflection points in DSV’s EPS growth: we expect

the same again with its latest, largest deal. CHANGES TO TARGET PRICE

Unchanged