DSV: Execution risk scare; sharp de-rating post an in-line 2Q offers compelling value; reiterate OW with c.50% upside potential

研报英文原文证据摘录

DSV: Execution risk scare; sharp de-rating post an in-line 2Q offers compelling value; reiterate OW with c.50% upside potential

J P M O R G A N Europe Equity Research

23 July 2026

DSV

Execution risk scare; sharp de-rating post an in-line 2Q Overweight

offers compelling value; reiterate OW with c.50% upside DSV.CO, DSV DC

potential Price (22 Jul 26):Dkr1,433.50

▼Price Target (Dec-27):Dkr2,165.00

Prior (Dec-27):Dkr2,200.00

DSV reported an in-line underlying 2Q26 EBIT (DKK6bn or DKK6,255mn incl.

a one-off property gain), but the underlying Road performance disappointed European Transport & Logistics

market expectations and overshadowed an improving Air & Sea and Contract Alexia Dogani AC

Logistics outturn driven by synergy realization and a strong top line. The (44-20) 3493-3791

underperformance of the Road division came as a surprise and points to some early alexia.dogani@jpmorgan.com

J.P. Morgan Securities plc

operational integration issues that management is now actively addressing. While

Harry J Gowersdisappointing, these early issues highlight the complexity of the integration of the

(44-20) 7134-7522

fragmented system landscape of the Road segment. The path ahead, however, is harry.gowers@jpmorgan.com

structurally unchanged in our view and we take comfort from DSV's willingness J.P. Morgan Securities plc

to incur extra costs (management noted a DKK250-500mn cost impact) in the near Shikha Khurana

term to address its service quality shortfall (80-89% vs. 93-95% normal) as it works (91-22) 6157-5022

through these initial integration issues in some key European countries. We make shikha.khurana@jpmchase.com

minor estimate changes for 2026-28 of <1% lower but with some changes in the J.P. Morgan India Private Limited

mix.