DSV A/S: CMD feedback – Cost savings flywheel continues

研报英文原文证据摘录

DSV A/S: CMD feedback – Cost savings flywheel continues

Equity Research

European Transportation

13 May 2026

DSV A/S

CMD feedback – Cost savings

flywheel continues

CMD targets came ahead of css, underpinned by visible cost DSV.CO/DSV DC OVERWEIGHT

drivers and moderate AI reliance, in our view. Conv. ratio and European Transportation NEUTRAL

IC guidance reflect 2030 EBIT at cDKK39/40bn, which we Price Target DKK 2100.00

Price (12-May-26) DKK 1609.50

think implies moderate organic growth (we estimate Potential Upside/Downside +30.5%

cDKK37bn ex growth). 2Q css blessed + SBB next catalyst. Source: Bloomberg, Barclays Research

European TransportationView: We think CMD overall ticked all the boxes, with targets ahead of expectations

Marco Limite

underpinned by some visibility on cost drivers. We think those cost savings have solid

+39 (0)2 6372 2582

foundations. cDKK3bn of operational/network efficiency seen as a second leg of Schenker marco.limite@barclays.com

synergies is a positive, whilst we believe that max 50%, if not less, of the cDKK6bn of Tech BBI, Milan

cost savings is actually coming from AI, as cDKK1bn is coming from Tango (new platform in

Helene Iselin

A&S) and cDKK2/3bn is potentially coming from STAR. Lower dependency on purely AI cost

+44 (0)20 7773 7391

savings increases our confidence in DSV hitting the targets as AI opportunities remain helene.iselin@barclays.com

attractive but difficult to assess at this stage (to what extent will they become Barclays, UK

commoditized cost savings?).

Andrew Lobbenberg

By running some back of the envelope math, we also believe that the conversion ratios are +44 (0)20 3555 0639

andrew.lobbenberg@barclays.comachievable. c45% group conversion ratio on cDKK195bn IC by 2030 would take EBIT pre-tax

Barclays, UK