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DSV AS Stock Quote DSV

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Morningstar's DSV AS Stock Analysis

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Is it the right time to buy or sell?

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DSV Delivers in the Second Quarter, but Clouds on the Horizon

Michael Field, CFA Senior Equity Analyst

Analyst Note

| Michael Field, CFA |

As freight rates fall and capacity issues ease, DSV continues to deliver in 2022. Although numbers were skewed upward by the integration of GIL, the fact that management are once again upgrading full-year EBIT guidance to 10%, indicates the economic environment remains supportive, at least for the remainder of the year. While we expect to tweak our near-term estimates on the back of this update, we do not expect this to have a material impact on our DKK 1,120 fair value estimate. At current levels we view the shares as fully valued.

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Key Statistics - DSV

Company Profile - DSV

Business Description

DSV is a Danish-listed transport and logistics company, offering transport services worldwide by road, air, sea, and train, with the bulk of its activities coming from its European trucking network and airfreight and sea freight forwarding businesses. Since its founding in 1976, the company has grown rapidly, mainly via acquisitions. The company has been active in the mergers and acquisitions segment, most recently acquiring peer GIL in 2021. This acquisition further diversifies its revenue base away from European road freight and adds scale in key regions such as the Middle East. It also moves DSV into third spot among the largest 3PL firms globally.

Hovedgaden 630
Hedehusene, 2640, Denmark
T +45 43203040
Industry Integrated Freight & Logistics
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 76,071

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