DSV AS

DSV: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 8,272.00	Bzfrw	Wwlqqqknb

DSV Earnings: A Return to Revenue Growth Sends Share Prices Higher

Benjamin Slupecki

Jul 24, 2024

Narrow-moat DSV's stock price moved in step with peer Kuehne+Nagel following mixed results in a challenging market environment; the latter reported earnings on July 23. After a decline in revenue in the first quarter, organic revenue rose by 10% in the second quarter, driven by a recovery in demand for air freight. On a negative note, EBIT did not grow in line with revenue after it fell 12% year over year, highlighting the double-edged sword that is operating leverage. We reiterate our DKK 1,120 fair value estimate and see shares as overvalued currently.

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