DSV AS

DSV: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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DSV Earnings: Revenue Growth Helps Offset Lower Margins; Shares Remain Attractive

Ben Slupecki

Feb 4, 2025

Narrow-moat DSV announced mixed results for 2024 as it navigated the turmoil in the Red Sea and prepares to acquire DB Schenker. Revenue expanded 12% compared with 2023, driven by higher volumes in air and sea. Operating margin fell 220 basis points, driven by the normalization in the air business. This more than offset revenue growth, resulting in an 8% drop in operating profit year over year. Management issued 2025 EBIT guidance of DKK 15.5 billion-DKK 17.5 billion and said it still anticipates acquiring DB Schenker in the second quarter. We reiterate our DKK 1,660 fair value estimate.

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DSV AS

DSV Earnings: Revenue Growth Helps Offset Lower Margins; Shares Remain Attractive

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