DSV AS

DSV: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 5,862.00	Vlmzfxk	Tytdnjks

DSV Earnings: Market Conditions Easing but Not by Much

Michael Field

Feb 1, 2024

The good news for narrow-moat DSV is that the decline in revenue witnessed over the last year or so is slowing. In the fourth quarter of 2023, revenue fell by a little over 30%, better than the 40% decline measured at the last update. Clearly, the firm is not out of the woods yet, though, as it looks like the current malaise in shipping markets will last for some time longer. We reiterate our DKK 1,120 fair value estimate and see the shares as fairly valued currently.

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