Financials DHL Group Deutsche Boerse AG

Equities

DHL

DE0005552004

Air Freight & Logistics

Real-time Estimate Tradegate Other stock markets 03:52:17 2024-05-07 am EDT			5-day change	1st Jan Change
38.64 ^EUR	-0.01%		-2.83%	-14.40%

08:28am	Deutsche Post Backs Guidance on Expected Economic Improvement -- Update	DJ
07:47am	Deutsche Post Backs Guidance on Expected Economic Improvement	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	42,020	50,182	69,241	42,394	53,030	44,948	-	-
Enterprise Value (EV) ¹	56,132	63,110	85,607	58,250	70,769	64,062	63,884	63,064
P/E ratio	16.3 x	17.2 x	14.1 x	8.12 x	14.8 x	12.7 x	10.7 x	9.88 x
Yield	3.68%	3.33%	3.18%	5.26%	4.12%	4.91%	5.05%	5.26%
Capitalization / Revenue	0.66 x	0.75 x	0.85 x	0.45 x	0.65 x	0.54 x	0.51 x	0.49 x
EV / Revenue	0.89 x	0.94 x	1.05 x	0.62 x	0.87 x	0.76 x	0.72 x	0.69 x
EV / EBITDA	7.19 x	7.27 x	7.29 x	4.62 x	6.54 x	5.97 x	5.41 x	5.13 x
EV / FCF	64.7 x	24.9 x	20.9 x	19 x	24.1 x	21.7 x	19 x	17.1 x
FCF Yield	1.54%	4.02%	4.78%	5.27%	4.16%	4.61%	5.26%	5.86%
Price to Book	2.97 x	3.64 x	3.66 x	1.84 x	2.8 x	1.95 x	1.83 x	1.68 x
Nbr of stocks (in thousands)	1,235,524	1,239,059	1,224,639	1,205,059	1,182,263	1,169,919	-	-
Reference price ²	34.01	40.50	56.54	35.18	44.86	38.42	38.42	38.42
Announcement Date	3/10/20	3/9/21	3/9/22	3/9/23	3/6/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	63,341	66,806	81,747	94,436	81,758	83,912	88,145	91,793
EBITDA ¹	7,812	8,677	11,746	12,613	10,822	10,722	11,800	12,289
EBIT ¹	4,128	4,847	7,978	8,436	6,345	6,175	6,975	7,473
Operating Margin	6.52%	7.26%	9.76%	8.93%	7.76%	7.36%	7.91%	8.14%
Earnings before Tax (EBT) ¹	3,474	4,171	7,359	7,911	5,516	5,421	6,245	6,706
Net income ¹	2,623	2,979	5,053	5,359	3,677	3,629	4,208	4,534
Net margin	4.14%	4.46%	6.18%	5.67%	4.5%	4.32%	4.77%	4.94%
EPS ²	2.090	2.360	4.010	4.330	3.040	3.033	3.576	3.888
Free Cash Flow ¹	867	2,535	4,092	3,067	2,942	2,955	3,364	3,694
FCF margin	1.37%	3.79%	5.01%	3.25%	3.6%	3.52%	3.82%	4.02%
FCF Conversion (EBITDA)	11.1%	29.22%	34.84%	24.32%	27.19%	27.56%	28.5%	30.06%
FCF Conversion (Net income)	33.05%	85.1%	80.98%	57.23%	80.01%	81.43%	79.94%	81.48%
Dividend per Share ²	1.250	1.350	1.800	1.850	1.850	1.885	1.939	2.019
Announcement Date	3/10/20	3/9/21	3/9/22	3/9/23	3/6/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	31,446	-	20,036	23,378	22,593	24,029	46,622	24,038	23,776	20,918	20,094	41,012	19,398	21,348	20,066	20,308	19,922	22,158	21,544
EBITDA ¹	-	-	2,744	3,125	3,168	3,346	-	3,087	3,035	2,709	2,777	-	2,490	2,846	2,408	2,571	2,611	2,995	2,639
EBIT ¹	1,504	3,994	1,771	2,213	2,159	2,337	4,496	2,041	1,922	1,638	1,693	3,331	1,372	1,642	1,299	1,477	1,501	1,851	1,509
Operating Margin	4.78%	-	8.84%	9.47%	9.56%	9.73%	9.64%	8.49%	8.08%	7.83%	8.43%	8.12%	7.07%	7.69%	6.47%	7.27%	7.53%	8.35%	7%
Earnings before Tax (EBT) ¹	1,198	3,675	1,629	2,055	2,036	2,191	4,227	1,889	1,795	1,413	1,473	2,886	1,210	1,420	1,135	1,302	1,275	1,439	1,338
Net income ¹	826	2,482	1,087	1,484	1,351	1,461	2,812	1,228	1,335	911	1,031	2,020	807	981	742.4	835.7	849.5	1,025	863.7
Net margin	2.63%	-	5.43%	6.35%	5.98%	6.08%	6.03%	5.11%	5.61%	4.36%	5.13%	4.93%	4.16%	4.6%	3.7%	4.11%	4.26%	4.63%	4.01%
EPS ²	0.6600	1.960	0.8700	1.210	1.080	1.170	2.250	1.010	1.070	0.7500	0.8000	1.550	0.6800	0.8100	0.6156	0.7371	0.7410	0.8895	0.7355
Dividend per Share ²	-	-	-	1.800	-	-	-	-	1.850	-	-	-	-	1.850	-	-	-	1.900	-
Announcement Date	8/5/20	8/5/21	11/4/21	3/9/22	5/3/22	8/5/22	8/5/22	11/8/22	3/9/23	5/3/23	8/1/23	8/1/23	11/8/23	3/6/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,112	12,928	16,366	15,856	17,739	19,114	18,936	18,116
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.806 x	1.49 x	1.393 x	1.257 x	1.639 x	1.783 x	1.605 x	1.474 x
Free Cash Flow ¹	867	2,535	4,092	3,067	2,942	2,955	3,364	3,695
ROE (net income / shareholders' equity)	19.3%	21.4%	30.8%	25.4%	19.2%	15.7%	16.8%	17.2%
ROA (Net income/ Total Assets)	5.11%	5.54%	8.5%	8.13%	7.98%	5.27%	5.79%	6.23%
Assets ¹	51,320	53,738	59,450	65,935	46,080	68,873	72,646	72,744
Book Value Per Share ²	11.40	11.10	15.40	19.10	16.00	19.70	21.00	22.90
Cash Flow per Share ²	4.810	6.220	8.110	9.030	7.790	5.220	6.050	6.420
Capex ¹	3,612	2,999	3,546	4,123	3,370	3,451	3,537	3,699
Capex / Sales	5.7%	4.49%	4.34%	4.37%	4.12%	4.11%	4.01%	4.03%
Announcement Date	3/10/20	3/9/21	3/9/22	3/9/23	3/6/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for DHL Group

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

38.42 EUR

Average target price

46.3 EUR

Spread / Average Target

+20.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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