DSV: Road bumps, not end of the road

研报英文原文证据摘录

DSV: Road bumps, not end of the road

Deutsche Bank

Research

Rating Company Date

Buy DSV 23 July 2026

Forecast Change

Europe

Denmark

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (DKK) 1,433.50

DSV.CO DSV DC CPH DSV

Price Target (DKK) 1,823.00

Transport

Logistics ADR ISIN 52-week range (DKK) 1,902.501,264.50-

DSDVY US26251A1088

Road bumps, not end of the road

Valuation & Risks

Harishankar Ramamoorthy

Market sees structural issues: DKK 57bn Mcap lost for a DKK 270m miss Research Analyst

DSV shares lost DKK 57bn in market cap yesterday - at first glance, this seems to +44-20-754-12940

be an oversized reaction to an apparent c. DKK 270m miss in Road EBIT. But in

Jaime Rowbotham

essence, the markets are taking the view that the issues within the Road division are Research Analyst

structural, and not just a near-term problem in integrating Schenker. +44-20-754-72690

Gopal Krishan

DSV sees teething issues Research Associate

DSV is maintaining that the issues are not structural. Rather, in some geographies

where the business is integrating Schenker Road operations, there seems to be a

lack of central visibility on the movement of goods and vehicles. This seems driven Key changes

by numerous legacy systems facing issues in talking to one another. DSV says this 1,881.00 to

TP ↓ -3.1%

impacts proper manpower planning / scheduling at terminals, leading to a drop in 1,823.00

on-time delivery - currently at c. 89% vs. a more normal level of 93-95%. To avoid DB EPS (DKK) 66.90 to 59.51 ↓ -11.1%

the consequent penalties for delayed deliveries (and potential client churn), DSV is 292,403 to

Revenue (DKKm) ↑ 0.3%

investing additional costs (above the GP, blue collar workforce / express trucks, etc., 293,356

to meet unscheduled / volatile vehicle movements). Mgmt.