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DHL Group DHL

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Stock XETR Rating as of
€38.84 +0.84 (2.21%)
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Company Report

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DHL's B2B Package Volumes Remain Sluggish; 2024 Guidance Muted

Matthew Young

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (roughly 12% of total revenue) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to continue to offset declines in traditional mail-related activity (on average) over the freight cycle, and despite an overall soft freight and logistics backdrop in 2023 and into early 2024.

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Price vs Fair Value

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DHL is trading at a 2% discount.
Price
€39.05
Fair Value
€55.00
Uncertainty
Medium
1-Star Price
€71.00
5-Star Price
€63.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

DHL's global package delivery operations should enjoy positive longer-term tailwinds from e-commerce growth.

Bears

Muted retail-sector restocking and soft industrial end markets will probably pressure B2B package volumes into first half 2024.

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News

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Trading Information

Previous Close Price
€38.00
Day Range
€38.19–38.93
52-Week Range
€36.04–47.05
Bid/Ask
€0.00 / €0.00
Market Cap
€45.87 Bil
Volume/Avg
2.3 Mil / 2.7 Mil

Key Statistics

Price/Earnings (Normalized)
13.07
Price/Sales
0.58
Dividend Yield (Trailing)
4.81%
Dividend Yield (Forward)
4.81%
Total Yield
6.91%

Company Profile

Based in Germany, DHL Group ranks among the largest parcel-shipping and third-party logistics providers globally. Its DHL divisions (international express shipping, air and ocean freight forwarding, contract logistics, and e-commerce solutions) generate roughly 80% of revenue. Roughly 20% of revenue comes from the Post and Parcel Germany division, which includes the legacy postal business and the German small-package delivery business.
Sector
Industrials
Industry
Integrated Freight & Logistics
Stock Style Box
Large Value
Total Number of Employees
594,396
Website
http://www.dpdhl.com

Competitors

Valuation

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Metric
DHL
UPS
FDX
Price/Earnings (Normalized)
 13.0716.7015.33
Price/Book Value
 2.047.402.48
Price/Sales
 0.581.400.77
Price/Cash Flow
 5.8311.265.63
Price/Earnings
DHL
UPS
FDX

Financial Strength

Metric
DHL
UPS
FDX
Quick Ratio
 0.740.981.17
Current Ratio
 0.951.101.31
Interest Coverage
 7.2211.9216.46
Quick Ratio
DHL
UPS
FDX

Profitability

Metric
DHL
UPS
FDX
Return on Assets (Normalized)
 5.51%10.65%5.74%
Return on Equity (Normalized)
 16.07%39.23%19.12%
Return on Invested Capital (Normalized)
 9.19%18.27%8.22%
Return on Assets
DHL
UPS
FDX
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Integrated Freight & Logistics Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
UPS
United Parcel Service Inc Class BBtghykhqKkqm$125.9 Bil
FDX
FedEx CorpMwpckndKktpyv$65.4 Bil
DPSTF
DHL Group—Khqqk$49.2 Bil
DHLGY
DHL Group ADRCxvywbmDdyxlrl$49.2 Bil
ZTO
ZTO Express (Cayman) Inc ADRXbbkpjppzLjwrn$17.6 Bil
JBHT
JB Hunt Transport Services IncGkkclfnqSwbmxhn$16.9 Bil
EXPD
Expeditors International of Washington IncJctfvkpzfFcr$16.1 Bil
CHRW
C.H. Robinson Worldwide IncWmbzvsbnhTsn$8.1 Bil
LSTR
Landstar System IncStlrvyckdrJxkx$6.3 Bil
HUBG
Hub Group Inc Class ATqygxgnhmWvnddyr$2.5 Bil

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