Financials DSV A/S

Equities

DSV

DK0060079531

Air Freight & Logistics

Market Closed - Nasdaq Copenhagen 16:20:00 19/07/2024 BST 5-day change 1st Jan Change
1,184 DKK -0.08% Intraday chart for DSV A/S +0.51% -0.08%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 175,571 230,701 357,685 238,147 248,050 245,999 - -
Enterprise Value (EV) 1 193,926 247,671 386,139 268,017 282,633 278,822 277,960 276,255
P/E ratio 41.7 x 55.4 x 31.7 x 14.4 x 20.8 x 22.1 x 18.8 x 16.2 x
Yield 0.33% 0.39% 0.36% 0.59% 0.59% 0.56% 0.6% 0.65%
Capitalization / Revenue 1.85 x 1.99 x 1.96 x 1.01 x 1.65 x 1.59 x 1.54 x 1.47 x
EV / Revenue 2.05 x 2.14 x 2.12 x 1.14 x 1.87 x 1.81 x 1.74 x 1.65 x
EV / EBITDA 18.8 x 18.3 x 18.9 x 8.85 x 12.3 x 12.8 x 12 x 11.3 x
EV / FCF 23.5 x 25.5 x 30.6 x 10.4 x 19.6 x 22.9 x 21.1 x 18.7 x
FCF Yield 4.25% 3.92% 3.27% 9.66% 5.1% 4.37% 4.74% 5.36%
Price to Book 3.55 x 4.87 x 4.83 x 3.33 x 3.61 x 3.43 x 3.17 x 2.92 x
Nbr of stocks (in thousands) 228,667 226,178 234,164 217,188 209,237 207,682 - -
Reference price 2 767.8 1,020 1,528 1,096 1,186 1,184 1,184 1,184
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 94,701 115,932 182,306 235,665 150,785 154,381 159,838 167,230
EBITDA 1 10,292 13,559 20,417 30,275 22,997 21,784 23,228 24,448
EBIT 1 6,654 9,520 16,223 25,204 17,723 16,231 17,358 18,333
Operating Margin 7.03% 8.21% 8.9% 10.69% 11.75% 10.51% 10.86% 10.96%
Earnings before Tax (EBT) 1 4,996 5,627 14,904 23,221 16,490 14,718 16,666 17,682
Net income 1 3,700 4,250 11,205 17,568 12,315 11,154 12,976 13,501
Net margin 3.91% 3.67% 6.15% 7.45% 8.17% 7.22% 8.12% 8.07%
EPS 2 18.40 18.40 48.20 76.20 57.10 53.64 63.01 73.22
Free Cash Flow 1 8,250 9,720 12,622 25,880 14,428 12,177 13,181 14,799
FCF margin 8.71% 8.38% 6.92% 10.98% 9.57% 7.89% 8.25% 8.85%
FCF Conversion (EBITDA) 80.16% 71.69% 61.82% 85.48% 62.74% 55.9% 56.75% 60.53%
FCF Conversion (Net income) 222.97% 228.71% 112.65% 147.31% 117.16% 109.17% 101.58% 109.61%
Dividend per Share 2 2.500 4.000 5.500 6.500 7.000 6.628 7.137 7.647
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 38,909 38,640 39,360 40,155 39,810
EBITDA 1 6,340 7,676 8,701 7,774 6,124 5,941 6,022 5,724 5,310 5,032 5,194 5,582 5,504 5,455 5,723
EBIT 1 5,113 6,496 7,453 6,506 4,749 4,672 4,705 4,396 3,950 3,641 3,981 4,357 4,252 4,015 4,291
Operating Margin 8.34% 10.63% 11.88% 10.74% 9.27% 11.41% 12.47% 12.36% 10.81% 9.5% 10.23% 11.27% 10.8% 10% 10.78%
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 3,716 3,922 3,985 3,713 4,074
Net income 1 3,211 4,386 5,070 4,390 3,722 3,266 3,362 2,778 2,909 2,377 2,689 3,072 3,058 2,891 3,180
Net margin 5.24% 7.18% 8.08% 7.25% 7.27% 7.97% 8.91% 7.81% 7.96% 6.2% 6.91% 7.95% 7.77% 7.2% 7.99%
EPS 2 13.50 18.40 21.60 19.20 17.00 14.90 15.50 13.00 13.70 11.30 12.86 14.46 14.57 14.46 16.05
Dividend per Share 2 5.500 - - - 6.500 - - - 7.000 - - - 6.730 - -
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 32,823 31,960 30,256
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.783 x 1.252 x 1.394 x 0.9866 x 1.504 x 1.507 x 1.376 x 1.238 x
Free Cash Flow 1 8,250 9,720 12,622 25,880 14,428 12,177 13,181 14,799
ROE (net income / shareholders' equity) 11.6% 8.8% 18.4% 24.1% 17.6% 15.9% 16.8% 17.3%
ROA (Net income/ Total Assets) 6.54% 4.39% 8.7% 11% 8.04% 7.61% 8.21% 8.62%
Assets 1 56,616 96,904 128,823 160,220 153,078 146,553 158,112 156,638
Book Value Per Share 2 216.0 210.0 316.0 330.0 328.0 346.0 373.0 405.0
Cash Flow per Share 2 34.20 44.40 52.50 123.0 76.40 69.30 80.20 83.70
Capex 1 1,000 1,121 1,180 1,514 2,375 2,386 2,599 2,511
Capex / Sales 1.06% 0.97% 0.65% 0.64% 1.58% 1.55% 1.63% 1.5%
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
1,184 DKK
Average target price
1,403 DKK
Spread / Average Target
+18.44%
Consensus