DSV "All eyes on execution. What to look for at Q2." (Buy) Nedelcu

研报英文原文证据摘录

DSV "All eyes on execution. What to look for at Q2." (Buy) Nedelcu

Global Research

8 June 2026ab

DSV Equities

DenmarkAll eyes on execution. What to look for at Q2.

Trucking

12-month rating Buy

What drove the share price underperformance YTD?

We believe the recent underperformance of DSV vs. peers is mainly a reflection of the 12m price target DKr2,015.00

two consecutive EBIT misses in 4Q and 1Q in Air and Sea (Figure 5InvestorfocusiscurentlyonexecutionatQ2inthecontextofmeaningfulmisesinAir&Seain4Q25and1Q26). The bear argument is Prior : DKr1,945

that these misses are a reflection of increased operational complexity and/or execution

Price (04 Jun 2026) DKr1,611.5

issues in terms of the Schenker integration. In this backdrop some investors are not

ready to underwrite the doubling of EPS reflected in the company mid-term targets or RIC: DSV.CO BBG: DSV DC

2028 sell-side estimates. Using the 5-year average P/E multiple pre-COVID of 21x we

Trading data and key metrics

calculate that the market implies 78 DKK EPS vs. sell side consensus DKK >100/sh in

52-wk range DKr1,902.50-1,264.50

2028 (Figure 16AtcurentsharepricesandusinghistoricalaveragePEvaluation,wecalculateanimpliedEPSofc.78/shDKforDSV,whichrepresentsac.25%discountto2028cons.expectations.Webelievethismainlyreflectsconcernsonexecution.). For the stock to re-rate we believe investors need to see an

improvement in execution at Q2 results. We rate DSV Buy with a PT of DKK/sh 2,015 Market cap. DKr384b/US$59.3b

(prior DKK 1,945/sh). Shares o/s 239m (ORD)

Free float 96%

What matters most at Q2? Avg. daily volume ('000) 382

We forecast Q2 Group EBIT of DKK 6.1bn vs. current BBG cons. DKK 6bn and company Avg. daily value (m) DKr602.5

indications > DKK 6bn.