DSV (+) : Solid new mid-term targets

研报英文原文证据摘录

DSV (+) : Solid new mid-term targets

EQUITIES

TRANSPORT & INFRA.

DSV OUTPERFORMPRICE* DKK1,541  TARGET PRICE DKK2,000 (UPSIDE 30%)

FLASH NOTE

Solid new mid-term targets

12 MAY 2026 Securities Research Report Production time: 07:32* (London time)

Research Analyst & Publishing Entities

James Hollins BNP Paribas London Branch (+44) 203 430 8438 james.hollins@uk.bnpparibas.com

DSV has published its mid-term outlook ahead of its CMD today, including financial targets. The key targets include a

group conversion ratio of >45%. There is also an incremental DKK9bn target for productivity improvements related to

AI, tech and network optimisation. The group conversion ratio is as we expected, and also where we believe that

buyside consensus was on the ratio.

BNPP view

The mid-term targets are unlikely to be seen as a major surprise, and we thus do not expect a significant share price

reaction today. However, the addition of a nominal upside target from AI and tech should be taken well and we call the

shares up low-single digit %.

What happened

DSV is hosting its 2026 CMD today in Copenhagen. The group published its agenda yesterday and today has released

an update related to its targets.

The key statistic in the outlook is a targeted mid-term group conversion ratio of >45%. As per our preview last week,

this is at the level we had expected and matches the mid-term outlook provided at its CMD in 2022 (including its 2026

targets, naturally set prior to the acquisition of DB Schenker). We believe that buyside consensus was also at a repeat

of the mid-term target of >45%, albeit this is marginally more aggressive when set against the target given in 2022 due

to the group's higher relative exposure to the lower margin Road and Contract Logistics divisions.