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Morningstar’s Analysis

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DSV Continues to Feel the Tailwind in Third Quarter

Michael Field, CFA Senior Equity Analyst

Analyst Note

| Michael Field, CFA |

Narrow-moat DSV’s third-quarter report reads strongly, with gross profit up almost 20% year to date and EBIT up almost 60%, as the company takes full advantage of the disruption to shipping markets and resulting issues with tight capacity. Volume growth in airfreight picked up in the third quarter as yields continued to rise, while in seafreight the lack of available capacity drove gross profit per shipment to all-new highs. With management having recently upgraded the full-year outlook, after doing so a number of times since the beginning of the coronavirus pandemic, it is difficult to pinpoint when the tailwind of tight capacity will end, but we fully expect the current situation to persist into the first quarter of 2022 at least. Although we anticipate upgrading our forecasts on the back of recent news, and the GIL acquisition, we do not expect this to change our current view on the stock. With the share price hovering above DKK 1,500, we believe it is simply too rich.

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Company Profile

Business Description

DSV is a Danish-listed transport and logistics company, offering transport services worldwide by road, air, sea, and train, with the bulk of its activities coming from its European trucking network and airfreight and sea freight forwarding businesses. Since its founding in 1976, the company has grown rapidly, mainly via acquisitions. The company has been active in the mergers and acquisitions segment, most recently acquiring peer GIL in 2021. This acquisition further diversifies its revenue base away from European road freight and adds scale in key regions such as the Middle East. It also moves DSV into third spot among the largest 3PL firms globally.

Hovedgaden 630
Hedehusene, 2640, Denmark
T +45 43203040
Sector Industrials
Industry Integrated Freight & Logistics
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 79,325