DSV AS

DSV: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 1,299.00	Kzrcpx	Hkjhndsbrl

DSV Earnings: Slow Sailing in 2024

Michael Field

Apr 24, 2024

As with peer Kuehne + Nagel on April 23, narrow-moat DSV’s first-quarter results contained some bright spots but not enough to avoid disappointing investors, with the shares down midsingle digits on the day. Revenue was down just 6% over the period, but profits fell by almost 30%. We reiterate our DKK 1,120 fair value estimate and see moderate upside from the prevailing share price.

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