DSV A/S: CMD targets ahead of consensus. Execution matters. Multiple does not reflect upside optionality.

研报英文原文证据摘录

DSV A/S: CMD targets ahead of consensus. Execution matters. Multiple does not reflect upside optionality.

Update

May 12, 2026 07:21 AM GMT

Morgan Stanley & Co. International plc+MDSV A/S | Europe Cedar Ekblom, CFA

Equity Analyst

CMD targets ahead of Cedar.Ekblom@morganstanley.comPeter Ajose-Adeogun +44 20 7425-4623

Peter.Ajose-Adeogun@morganstanley.com +44 20 7677-1618

consensus. Execution matters.

DSV A/S (DSV.CO, DSV DC)

ADRDSDVY.PKMultiple does not reflect upside Transport | Denmark

Stock Rating Overweight

Industry View In-Lineoptionality. Price target DKr 2,100.00

Shr price, close (May 11, 2026) DKr 1,540.50

52-Week Range DKr 1,913.50-

Key Takeaways 1,233.00

Mkt cap, curr (mn) DKr 363,803

45% 2030 group conversion margin compares to consensus of 41%. Net debt (12/26e) (mn)* DKr 78,222

EV, curr (mn)* DKr 448,835

20% pre tax ROIC by 2030 implies ~DKK42bn EBIT on our 2030 IC estimate. * = GAAP or approximated based on GAAP

Implies ~10% upside to 2030e MSe EBIT.

DKK9bn incremental productivity savings. Plans to harmonise IT systems to

enable AI roll-out.

No buyback announced today, our base case remains a restart in H1 2027.

Expect modest positive reaction, optionality if executed. We rate shares

Overweight.

DSV introduces 2030 financial targets centred on conversion and ROIC, guiding to

~45% group conversion and ~20% ROIC.

How these compare vs. MSe and consensus: Targets are modestly ahead of

consensus in 2030. Assuming no change to revenue estimates, delivering a 45%

conversion margin in 2030 will drive a ~10% uplift to 2030 consensus EBIT. Our

estimates sit modestly ahead of consensus.

Opinion: We would expect shares to react positively to these mid term ambitions

but do think that execution will be key, especially after costs came in higher than

expected in Q1.