DSV AS

DSV: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 6,858.00	Qnblcw	Zqqbscqpm

Halcyon Days Are Done for DSV

Michael Field

Feb 2, 2023

The rally in narrow-moat DSV's shares on Feb. 2 had less to do with the company's 2022 performance, which was strong, all things considered, and more to do with the outlook for 2023 relative to investor expectations. After the share price cratered in September 2022, investors are slowly coming around to the world’s number-three third-party logistics provider. While we expect to tweak our numbers on the back of 2022 results, we do not expect this to change our view on the stock. Relative to our DKK 1,120 fair value estimate, we believe the shares are now up with events.

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