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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  DFDS A/S    DFDS   DK0060655629

DFDS A/S

(DFDS)
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DFDS A/S : Danish shipper DFDS cuts 2019 outlook after 'exceptional uncertainty' around Brexit

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08/13/2019 | 03:24am EDT
FILE PHOTO: A ferry from the trans-channel ferry company DFDS sails during the sunrise in the coast of Sangatte

COPENHAGEN (Reuters) - Danish shipping and logistics company DFDS cut its expectations for this year due to lower UK trade caused by the uncertainty ahead of Britain's exit from the European Union.

DFDS, which operates one of the largest networks of ferry routes in and around Europe, said trade between the UK and continental Europe had dropped in the second quarter.

This followed a spike in the first quarter amid stockpiling ahead of the initial Brexit date at the of March, it said adding that another round of stockpiling might occur in September and October ahead of the latest Oct. 31 exit date.

"The exceptional uncertainty on the outcome of Brexit is currently reducing UK trade and visibility," it said in its earnings report for the second quarter.

Shares in DFDS opened 4.9% lower.

The uncertainty was contributing to a "considerable slowdown in UK trade" because manufacturers together with importers and exporters were adopting a wait-and-see approach, DFDS said.

Due to this, it lowered its expectations for annual revenue growth to 6-8% from a previous growth forecast of 10-12%. It now expects EBITDA before special items of 3.5-3.8 billion Danish crowns (£435.8 million - £473.1 million) from a previous forecast of 3.8-4.0 billion.

DFDS said it had staff, systems and processes in place in case of a no-deal Brexit but warned that many of its customers were "not prepared for handling the transition due to insufficient awareness of required customs documents and systems".

(Reporting by Stine Jacobsen; Editing by Keith Weir)

Stocks mentioned in the article
ChangeLast1st jan.
DFDS A/S -0.25% 237.6 Delayed Quote.-9.38%
EURO / BRITISH POUND (EUR/GBP) -1.07% 0.9043 Delayed Quote.1.47%
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Financials (DKK)
Sales 2019 16 961 M
EBIT 2019 1 864 M
Net income 2019 1 506 M
Debt 2019 11 195 M
Yield 2019 1,87%
P/E ratio 2019 9,11x
P/E ratio 2020 7,97x
EV / Sales2019 1,46x
EV / Sales2020 1,39x
Capitalization 13 583 M
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 340,00  DKK
Last Close Price 237,60  DKK
Spread / Highest target 55,7%
Spread / Average Target 43,1%
Spread / Lowest Target 17,8%
EPS Revisions
Managers
NameTitle
Niels Smedegaard President & Chief Executive Officer
Claus Michael Hemmingsen Chairman
Torben Carlsen Chief Financial Officer & Executive Vice President
Jill Lauritzen Melby Director
Jens Otto Knudsen Director
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