Financials DSV A/S

Equities

DSV

DK0060079531

Air Freight & Logistics

Market Closed - Nasdaq Copenhagen Other stock markets 08:29:39 30/04/2024 pm IST			5-day change	1st Jan Change
997.8 ^DKK	-1.79%		-7.70%	-15.83%

24/04	Transcript : DSV A/S, Q1 2024 Earnings Call, Apr 24, 2024
24/04	DSV Kicks Off DKK1 Billion Share Buyback Program	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,75,571	2,30,701	3,57,685	2,38,147	2,48,050	2,08,018	-	-
Enterprise Value (EV) ¹	1,93,926	2,47,671	3,86,139	2,68,017	2,82,633	2,41,518	2,42,576	2,44,386
P/E ratio	41.7 x	55.4 x	31.7 x	14.4 x	20.8 x	18.6 x	15.6 x	13.6 x
Yield	0.33%	0.39%	0.36%	0.59%	0.59%	0.67%	0.74%	0.77%
Capitalization / Revenue	1.85 x	1.99 x	1.96 x	1.01 x	1.65 x	1.37 x	1.31 x	1.25 x
EV / Revenue	2.05 x	2.14 x	2.12 x	1.14 x	1.87 x	1.59 x	1.53 x	1.46 x
EV / EBITDA	18.8 x	18.3 x	18.9 x	8.85 x	12.3 x	11.1 x	10.4 x	9.97 x
EV / FCF	23.5 x	25.5 x	30.6 x	10.4 x	19.6 x	18.3 x	17.3 x	17.7 x
FCF Yield	4.25%	3.92%	3.27%	9.66%	5.1%	5.46%	5.78%	5.65%
Price to Book	3.55 x	4.87 x	4.83 x	3.33 x	3.61 x	2.89 x	2.76 x	2.57 x
Nbr of stocks (in thousands)	2,28,667	2,26,178	2,34,164	2,17,188	2,09,237	2,08,476	-	-
Reference price ²	767.8	1,020	1,528	1,096	1,186	997.8	997.8	997.8
Announcement Date	07/02/20	10/02/21	09/02/22	02/02/23	01/02/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	94,701	1,15,932	1,82,306	2,35,665	1,50,785	1,51,807	1,58,732	1,66,914
EBITDA ¹	10,292	13,559	20,417	30,275	22,997	21,728	23,280	24,519
EBIT ¹	6,654	9,520	16,223	25,204	17,723	16,292	17,404	18,356
Operating Margin	7.03%	8.21%	8.9%	10.69%	11.75%	10.73%	10.96%	11%
Earnings before Tax (EBT) ¹	4,996	5,627	14,904	23,221	16,490	14,678	16,851	18,201
Net income ¹	3,700	4,250	11,205	17,568	12,315	11,116	12,833	13,958
Net margin	3.91%	3.67%	6.15%	7.45%	8.17%	7.32%	8.08%	8.36%
EPS ²	18.40	18.40	48.20	76.20	57.10	53.68	64.06	73.10
Free Cash Flow ¹	8,250	9,720	12,622	25,880	14,428	13,192	14,012	13,813
FCF margin	8.71%	8.38%	6.92%	10.98%	9.57%	8.69%	8.83%	8.28%
FCF Conversion (EBITDA)	80.16%	71.69%	61.82%	85.48%	62.74%	60.71%	60.19%	56.33%
FCF Conversion (Net income)	222.97%	228.71%	112.65%	147.31%	117.16%	118.68%	109.19%	98.96%
Dividend per Share ²	2.500	4.000	5.500	6.500	7.000	6.716	7.382	7.692
Announcement Date	07/02/20	10/02/21	09/02/22	02/02/23	01/02/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	61,302	61,125	62,749	60,560	51,231	40,954	37,727	35,576	36,528	38,340	38,435	37,306	38,145	40,304	39,490
EBITDA ¹	6,340	7,676	8,701	7,774	6,124	5,941	6,022	5,724	5,310	5,032	5,284	5,473	5,375	5,383	5,700
EBIT ¹	5,113	6,496	7,453	6,506	4,749	4,672	4,705	4,396	3,950	3,641	4,082	4,247	4,137	3,946	4,268
Operating Margin	8.34%	10.63%	11.88%	10.74%	9.27%	11.41%	12.47%	12.36%	10.81%	9.5%	10.62%	11.38%	10.85%	9.79%	10.81%
Earnings before Tax (EBT) ¹	4,387	5,763	6,680	5,944	4,834	4,326	4,533	3,767	3,864	3,157	3,688	3,861	3,931	3,679	4,050
Net income ¹	3,211	4,386	5,070	4,390	3,722	3,266	3,362	2,778	2,909	2,377	2,791	2,985	2,965	2,874	3,186
Net margin	5.24%	7.18%	8.08%	7.25%	7.27%	7.97%	8.91%	7.81%	7.96%	6.2%	7.26%	8%	7.77%	7.13%	8.07%
EPS ²	13.50	18.40	21.60	19.20	17.00	14.90	15.50	13.00	13.70	11.30	13.24	14.33	14.28	14.50	16.24
Dividend per Share ²	5.500	-	-	-	6.500	-	-	-	7.000	-	-	-	6.636	-	-
Announcement Date	09/02/22	27/04/22	26/07/22	25/10/22	02/02/23	27/04/23	25/07/23	24/10/23	01/02/24	24/04/24	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	18,355	16,970	28,454	29,870	34,583	33,500	34,558	36,369
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.783 x	1.252 x	1.394 x	0.9866 x	1.504 x	1.542 x	1.484 x	1.483 x
Free Cash Flow ¹	8,250	9,720	12,622	25,880	14,428	13,192	14,012	13,813
ROE (net income / shareholders' equity)	11.6%	8.8%	18.4%	24.1%	17.6%	16%	17.5%	18.1%
ROA (Net income/ Total Assets)	6.54%	4.39%	8.7%	11%	8.04%	7.33%	8.16%	8.54%
Assets ¹	56,616	96,904	1,28,823	1,60,220	1,53,078	1,51,652	1,57,329	1,63,464
Book Value Per Share ²	216.0	210.0	316.0	330.0	328.0	345.0	362.0	388.0
Cash Flow per Share ²	34.20	44.40	52.50	123.0	76.40	72.80	85.30	91.80
Capex ¹	1,000	1,121	1,180	1,514	2,375	2,356	2,388	2,538
Capex / Sales	1.06%	0.97%	0.65%	0.64%	1.58%	1.55%	1.5%	1.52%
Announcement Date	07/02/20	10/02/21	09/02/22	02/02/23	01/02/24	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for DSV A/S

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

997.8 DKK

Average target price

1,410 DKK

Spread / Average Target

+41.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

	1st Jan change	Capi.
DSV A/S	-15.83%	30.46B
KUEHNE UND NAGEL INTERNATIONAL AG	-15.91%	31.76B
PANALPINA WELTTRANSPORT (HOLDING) AG	-1.52%	6.34B
HYUNDAI GLOVIS CO., LTD.	-4.96%	4.99B
NIPPON EXPRESS HOLDINGS INC.	+0.26%	4.56B
COMPAGNIE DU CAMBODGE	+4.62%	4.08B
COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.	+4.41%	3.63B
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+60.78%	2.42B
KAMIGUMI CO., LTD.	+1.87%	2.33B
SEINO HOLDINGS CO., LTD.	-1.36%	2.3B

Integrated Logistics Operators