2Q26 preview: on track

研报英文原文证据摘录

2Q26 preview: on track

Accessible version

DSV

Reiterate Rating: BUY | PO: 2,250 DKK | Price: 1,566 DKK

Nudge up 2026E EBIT, 44% upside to PO 18 June 2026

We expect 2Q gross profit and EBIT to increase sequentially. The air and ocean cargo Equity

markets have tightened due to strong demand, resulting in higher rates (see our: Freight

Follower). We nudge up our 2Q group EBIT forecast to DK6.1bn, in-line with CFO

Key Changescomments at the CMD (see DSV note). Our 2026 EBIT estimate increases by 1% to

DKK24.3bn, and we see scope for the company to raise the bottom end of its DKK 23- (DKr) Previous Current

25.5bn guidance. Our Adj EPS estimate falls by 1% as we update our interest expense. 2026E EPS 63.14 62.52

The shares trade on 18x 2027E P/E, well below the 1yr fwd LT avg. of 23.5x, which is 2027E EPS 86.38 85.91

unjustified given earnings growth from cost savings. DSV is on our “25 for 2026” list. 2028E EPS 103.29 102.88

Execution is key 2026E DPS 7.76 7.64

Investors are looking to the 2Q results for proof of management's execution of the Muneeba Kayani >>

Schenker integration following the 1Q miss and change in road management. We Research Analyst

forecast the Air and Sea conversion ratio improves to 40.4% in 2Q, above 33% in 1Q. MLI+44 (UK)20 7996 5208

We continue to model buybacks begin in 2027 but see potential for an earlier start. muneeba.kayani@bofa.com

Air and Sea: yields benefit from tighter market KateResearchXiao,AnalystCFA >>

Air market volume growth rebounded to 4% y/y in April, supported by strong demand by MLI+44 (UK)20 7996 3051

hyperscalers. Air rates remain elevated with the tight market benefiting forwarder's 2Q kate.xiao2@bofa.com

yields (see our: fieldtrip feedback from KNIN). We forecast DSV’s air volumes increase Jack Raeburn >>

Research Analyst