DSV A/S: Ambition clear. Now to Execution...

研报英文原文证据摘录

DSV A/S: Ambition clear. Now to Execution...

UpdateMhighlighted that the transition is gradual. This leaves the near-term phasing of the

incremental DKK9bn productivity opportunity deliberately vague, and makes

2026/27 execution on Schenker the key proof point before investors can fully

underwrite the 2030 AI/network benefits.

3. Backing out ~DKK88bn Gross Profit by 2023, 2.7% annual CAGR. Taking DSV's

guidance on invested capital, pre tax ROIC and conversion margins implies a GP of

around DKK88bn by 2030, only 2.7% CAGR growth 2026e-2030e. At the same

time, the business assumes GDP growth of 3% and targets share gains. So what is

the drag? No details provided by DSV, but a likely driver, in our view, is a lower GP

yield over time for commoditised business cushioned by growing the value add

services. We do not think that the guidance implies productivity savings are given

away. In our view, this remains a core debate and one not settled at the CMD.

4. Customers and share gain. DSV discussed the importance of large customers,

acknowledging they are difficult to replace and explaining why retention has been

such a major focus throughout the integration so far. This also ties directly into

management’s commercial strategy, which it sees as the route to delivering above-

market growth. Commercial execution appears increasingly deliberate post-

Schenker, with management applying a globally coordinated, data-driven approach.

In our view, the dedicated account planning across the top ~650 accounts, alongside

differentiated servicing for SMEs, supports meaningful wallet-share and growth

opportunities across all customer segments. Notably, 41% of globally managed

customers already procure services from all three divisions, highlighting further