Narrow-moat DHL Group’s first-quarter organic top line fell 3% (excluding foreign exchange) year over year. Express and global forwarding revenue came in below our expected run rate, though we continue to expect improvement in the second half, driven by modest recovery in underlying macroeconomic trends.
DHL's global package delivery operations should enjoy positive longer-term tailwinds from e-commerce growth.
Muted retail-sector restocking and soft industrial end markets will probably pressure B2B package volumes into first half 2024.
|
Metric
|
DHL
|
EXPD
|
UPS
|
|---|---|---|---|
Price/Earnings (Normalized) | 13.32 | 22.23 | 18.80 |
Price/Book Value | 2.08 | 7.56 | 7.62 |
Price/Sales | 0.59 | 1.94 | 1.44 |
Price/Cash Flow | 5.94 | 21.34 | 11.57 |
|
Metric
|
DHL
|
EXPD
|
UPS
|
|---|---|---|---|
Quick Ratio | 0.74 | 1.79 | 0.96 |
Current Ratio | 0.95 | 2.02 | 1.10 |
Interest Coverage | 7.22 | 197.79 | 10.58 |
|
Metric
|
DHL
|
EXPD
|
UPS
|
|---|---|---|---|
Return on Assets (Normalized) | 5.51% | 16.17% | 9.78% |
Return on Equity (Normalized) | 16.07% | 29.03% | 36.79% |
Return on Invested Capital (Normalized) | 9.19% | 22.87% | 16.90% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
UPS
| United Parcel Service Inc Class B | Zgwmpmx | Nbk | $128.8 Bil | |
FDX
| FedEx Corp | Ssflqjv | Htqcrw | $65.7 Bil | |
DPSTF
| DHL Group | — | Qgswgyz | $50.3 Bil | |
DHLGY
| DHL Group ADR | Qthqrkj | Sznlvk | $50.3 Bil | |
JBHT
| JB Hunt Transport Services Inc | Qjjnlhydr | Kgzpcb | $17.5 Bil | |
ZTO
| ZTO Express (Cayman) Inc ADR | Tszvfywrb | Twzfzp | $17.1 Bil | |
EXPD
| Expeditors International of Washington Inc | Rjqgxlbgy | Ydkp | $16.6 Bil | |
CHRW
| C.H. Robinson Worldwide Inc | Yvxdrsgrh | Crpdw | $9.9 Bil | |
LSTR
| Landstar System Inc | Lqfhzcrfg | Xfww | $6.6 Bil | |
HUBG
| Hub Group Inc Class A | Jjbprys | Gwbkxb | $2.7 Bil |
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