Rankings Transport & logistics DSV
DSV
68
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Cash flow−7
- Margin−6
- Multiples vs own history and peers−5
Strengths
- Insider buying+4
- Raised guidance+1
How the score is built
From 100 to 68, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1,444 DKK
- Median analyst target
- 1,805 DKK
- Upside to median
- +25.0%
- Analysts
- 21
- Target range
- 1,250 – 2,300 DKK
- 52-week change
- +5%
- P/E (trailing)
- 44.1
- Forward P/E
- 20.3
- PEG
- 1.03
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−17 of −30
- −6MarginThe operating margin has fallen from 11.7% (2023) to 9.6% (2024), 7.9% (2025) and 7.6% TTM, partly because of Schenker's lower margins. The conversion ratio did rise to 30.8% in Q2 (27.4%).
- −4ROICROIC has fallen from 18.9% (2022) to 13.1%, 11.3% and 7.2% TTM, below a WACC of 7.8%. ROE is 6.3%.
- −4Quality of growthRevenue is +42% in H1 via Schenker, but adjusted diluted EPS (12 months) is DKK 52.0 vs 51.5. GAAP EPS is DKK 28.9 TTM vs 76.2 in 2022, and the share count is +3.9% in a year (+9.8% dilution in 2025).
- −3Capital allocationThe Schenker deal (DKK 75.8bn in cash in 2025 plus a share issue) has turned net cash in 2024 into 3.3x net debt/EBITDA, and integration costs are about DKK 11bn in total.
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Multiples vs own history and peersForward P/E 17.5 vs 19.6–26.1 in 2021–25 (average about 24; the previously cited 'average 29' was too high). EV/EBITDA 11.6 vs 10.1–23.0. Below its own history, but P/E 39.5 TTM, P/FCF 29 and EV/FCF 38, and only reasonable vs Kuehne+Nagel and DHL if the synergies come.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−19 of −35
- −7Cash flowAdjusted FCF in H1 was DKK 2.3bn vs 7.1bn a year earlier (Q2: 0.8bn), pulled down by working capital, rising freight rates, bunker and jet fuel prices and receivables from property sales. FCF margin 3.4% TTM.
- −5Execution (Road integration)Lower productivity and network problems in Road in Germany, France and the Netherlands cost an estimated DKK 250–500m in H1 and led to management changes. The stock fell about 13–14% on the report and is −23% since 22/7.
- −4DebtNet debt DKK 85.5bn: net debt/EBITDA 3.3x (leverage 2.7x on DSV's definition vs a target below 2.0x), debt/FCF 9.8 and interest cover 5.6x.
- −2MacroVolatile freight markets, rising fuel prices and trade turmoil hit both volume and working capital; HSBC has cut its price target from DKK 2,250 to 1,840, and the stock is at its 12-month low.
- −1GuidanceDisappointed in 4 of the last 8 quarters (not reconfirmed here); the 2026 guidance was narrowed upwards in July, though.
Plus
Only documented strengths. · 2 findings+5 of +15
- +4Insider buyingCFO Michael Ebbe bought 1,250 shares at DKK 1,405.30 (23/7), and CEO Jens H. Lund bought 3,514 shares at DKK 1,393.57 (28/7); about DKK 6.65m in total with their own money after the price fall.
- +1Raised guidanceEBIT guidance before special items narrowed upwards to DKK 23.5–25.5bn (from 23.0–25.5); Q2 EBIT before special items +32.5%, and the DKK 9bn synergy target from 2027 is maintained.
Caveats
What the score does not capture, or where the data is weak.
Adjusted FCF in H1 was DKK 2.3bn vs DKK 7.1bn (working capital, freight rates, fuel). The Road integration of Schenker has productivity and network problems in Germany, France and the Netherlands, and the share is −23% since the H1 report and at the year's low (DKK 1,190). Special items are expected at about DKK 6.5bn in 2026 (DKK 11bn in total). Price targets (median about DKK 1,960) are steadily being cut. The S&P outlook and guidance history have not been reconfirmed. Q3 comes 21/10.
Also in Transport & logistics
The highest scores in the same industry.
