Morningstar

DSV AS DSV

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Stock XCSE Rating as of
DKK 1,407.00 −10.00 (0.71%)
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As of Delayed Price Open

Company Report

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DSV: We View the Acquisition of Schenker Positively, but It Is Hardly a Done Deal

Benjamin Slupecki

DSV announced it will be acquiring 100% of Schenker for EUR 14.3 billion, financed with EUR 4.0 billion-EUR 5.0 billion in equity and the rest via debt financing. The deal is pending approval by Deutsche Bahn's supervisory board and the German Federal Ministry for Digital and Transport, with both decisions expected in coming weeks. Management expects the deal to close during the second quarter of 2025, pending regulatory approval. The transaction multiples correspond to enterprise value/sales of 0.77 times and EV/EBIT of 14.0 times based on the financials of the last 12 months ending June 2024 versus EV/sales of 1.81 times and EV/EBIT of 16.26 times for DSV, a sign the acquisition may be value-accretive.

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Price vs Fair Value

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DSV is trading at a 790% premium.
Price
DKK 1,417.00
Fair Value
DKK 4,251.00
Uncertainty
Medium
1-Star Price
DKK 8,744.00
5-Star Price
DKK 792.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

DSV is now the third-largest third-party logistics provider in the world, handling around 5% of global trade in a fragmented industry.

Bears

Investors are now looking beyond the current capabilities of the company to the next acquisition, which could prove dangerous, should these not materialise as hoped.

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News

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Trading Information

Previous Close Price
DKK 1,417.00
Day Range
DKK 1,390.50–1,415.00
52-Week Range
DKK 942.60–1,466.00
Bid/Ask
DKK 1,406.50 / DKK 1,407.00
Market Cap
DKK 291.91 Bil
Volume/Avg
39,549 / 308,705

Key Statistics

Price/Earnings (Normalized)
27.00
Price/Sales
1.97
Dividend Yield (Trailing)
0.49%
Dividend Yield (Forward)
0.49%
Total Yield
3.43%

Company Profile

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.
Sector
Industrials
Industry
Integrated Freight & Logistics
Stock Style Box
Large Core
Total Number of Employees
73,881
Website
https://www.dsv.com

Competitors

Valuation

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Metric
DSV
EXPD
KNIN
Price/Earnings (Normalized)
 27.0025.1822.83
Price/Book Value
 4.168.1210.43
Price/Sales
 1.972.001.18
Price/Cash Flow
 19.3922.8914.39
Price/Earnings
DSV
EXPD
KNIN

Financial Strength

Metric
DSV
EXPD
KNIN
Quick Ratio
 1.101.440.83
Current Ratio
 1.241.710.87
Interest Coverage
 8.98—35.84
Quick Ratio
DSV
EXPD
KNIN

Profitability

Metric
DSV
EXPD
KNIN
Return on Assets (Normalized)
 7.28%15.77%10.42%
Return on Equity (Normalized)
 15.86%30.64%39.48%
Return on Invested Capital (Normalized)
 10.89%23.44%24.01%
Return on Assets
DSV
EXPD
KNIN

Integrated Freight & Logistics Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
United Parcel Service Inc Class B
UPS
BdxktfwgCjwt$113.9 Bil
 FedEx Corp
FDX
HsxxbfxbQxtcm$65.2 Bil
 DHL Group
DPSTF
—Rkkxsn$50.0 Bil
 DHL Group ADR
DHLGY
SfcpvnjtbQrfjrtf$50.0 Bil
 ZTO Express (Cayman) Inc ADR
ZTO
YtdjdwmlcBtnqnv$21.9 Bil
 Expeditors International of Washington Inc
EXPD
WkrblcrlYpfs$17.7 Bil
 JB Hunt Transport Services Inc
JBHT
HxcjztyVsbdvq$17.1 Bil
 C.H. Robinson Worldwide Inc
CHRW
QpdxmwwsgrMhrpt$12.7 Bil
 Landstar System Inc
LSTR
ZnxppgmpfNclv$6.5 Bil
 Hub Group Inc Class A
HUBG
TlrfjrqljLzdlsfl$2.7 Bil

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