Financials DSV A/S

Equities

DSV

DK0060079531

Air Freight & Logistics

Real-time Estimate Cboe Europe 08:35:55 2024-04-15 am EDT 5-day change 1st Jan Change
1,124 DKK +0.13% Intraday chart for DSV A/S -1.88% -5.36%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 175,571 230,701 357,685 238,147 248,050 233,258 - -
Enterprise Value (EV) 1 193,926 247,671 386,139 268,017 282,633 266,450 267,145 268,434
P/E ratio 41.7 x 55.4 x 31.7 x 14.4 x 20.8 x 19.9 x 17 x 15 x
Yield 0.33% 0.39% 0.36% 0.59% 0.59% 0.62% 0.68% 0.7%
Capitalization / Revenue 1.85 x 1.99 x 1.96 x 1.01 x 1.65 x 1.54 x 1.48 x 1.41 x
EV / Revenue 2.05 x 2.14 x 2.12 x 1.14 x 1.87 x 1.76 x 1.69 x 1.62 x
EV / EBITDA 18.8 x 18.3 x 18.9 x 8.85 x 12.3 x 12.1 x 11.5 x 10.9 x
EV / FCF 23.5 x 25.5 x 30.6 x 10.4 x 19.6 x 20.2 x 17.9 x 19.6 x
FCF Yield 4.25% 3.92% 3.27% 9.66% 5.1% 4.96% 5.6% 5.11%
Price to Book 3.55 x 4.87 x 4.83 x 3.33 x 3.61 x 3.33 x 3.12 x 2.92 x
Nbr of stocks (in thousands) 228,667 226,178 234,164 217,188 209,237 207,802 - -
Reference price 2 767.8 1,020 1,528 1,096 1,186 1,122 1,122 1,122
Announcement Date 2/7/20 2/10/21 2/9/22 2/2/23 2/1/24 - - -
1DKK in Million2DKK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 94,701 115,932 182,306 235,665 150,785 151,541 157,745 165,631
EBITDA 1 10,292 13,559 20,417 30,275 22,997 21,958 23,308 24,547
EBIT 1 6,654 9,520 16,223 25,204 17,723 16,517 17,559 18,521
Operating Margin 7.03% 8.21% 8.9% 10.69% 11.75% 10.9% 11.13% 11.18%
Earnings before Tax (EBT) 1 4,996 5,627 14,904 23,221 16,490 15,734 17,323 18,775
Net income 1 3,700 4,250 11,205 17,568 12,315 11,624 13,185 14,488
Net margin 3.91% 3.67% 6.15% 7.45% 8.17% 7.67% 8.36% 8.75%
EPS 2 18.40 18.40 48.20 76.20 57.10 56.51 65.87 74.97
Free Cash Flow 1 8,250 9,720 12,622 25,880 14,428 13,216 14,953 13,727
FCF margin 8.71% 8.38% 6.92% 10.98% 9.57% 8.72% 9.48% 8.29%
FCF Conversion (EBITDA) 80.16% 71.69% 61.82% 85.48% 62.74% 60.19% 64.15% 55.92%
FCF Conversion (Net income) 222.97% 228.71% 112.65% 147.31% 117.16% 113.7% 113.41% 94.75%
Dividend per Share 2 2.500 4.000 5.500 6.500 7.000 6.998 7.580 7.906
Announcement Date 2/7/20 2/10/21 2/9/22 2/2/23 2/1/24 - - -
1DKK in Million2DKK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 49,557 61,302 61,125 62,749 60,560 51,231 40,954 37,727 35,576 36,528 38,127 37,744 36,925 38,109 39,251
EBITDA 1 5,516 6,340 7,676 8,701 7,774 6,124 5,941 6,022 5,724 5,310 4,949 5,441 5,460 5,378 5,310
EBIT 1 4,472 5,113 6,496 7,453 6,506 4,749 4,672 4,705 4,396 3,950 3,774 4,259 4,267 4,164 3,973
Operating Margin 9.02% 8.34% 10.63% 11.88% 10.74% 9.27% 11.41% 12.47% 12.36% 10.81% 9.9% 11.28% 11.56% 10.93% 10.12%
Earnings before Tax (EBT) 1 4,153 4,387 5,763 6,680 5,944 4,834 4,326 4,533 3,767 3,864 3,562 3,866 4,115 4,020 3,759
Net income 1 3,138 3,211 4,386 5,070 4,390 3,722 3,266 3,362 2,778 2,909 2,622 2,905 3,100 3,043 2,991
Net margin 6.33% 5.24% 7.18% 8.08% 7.25% 7.27% 7.97% 8.91% 7.81% 7.96% 6.88% 7.7% 8.39% 7.99% 7.62%
EPS 2 13.40 13.50 18.40 21.60 19.20 17.00 14.90 15.50 13.00 13.70 12.40 13.58 15.03 14.75 15.21
Dividend per Share 2 - 5.500 - - - 6.500 - - - 7.000 - - - 7.150 -
Announcement Date 10/26/21 2/9/22 4/27/22 7/26/22 10/25/22 2/2/23 4/27/23 7/25/23 10/24/23 2/1/24 - - - - -
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 33,192 33,887 35,176
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.783 x 1.252 x 1.394 x 0.9866 x 1.504 x 1.512 x 1.454 x 1.433 x
Free Cash Flow 1 8,250 9,720 12,622 25,880 14,428 13,216 14,953 13,727
ROE (net income / shareholders' equity) 11.6% 8.8% 18.4% 24.1% 17.6% 16.8% 18.2% 19.1%
ROA (Net income/ Total Assets) 6.54% 4.39% 8.7% 11% 8.04% 7.79% 8.46% 8.9%
Assets 1 56,616 96,904 128,823 160,220 153,078 149,303 155,789 162,734
Book Value Per Share 2 216.0 210.0 316.0 330.0 328.0 337.0 360.0 384.0
Cash Flow per Share 2 34.20 44.40 52.50 123.0 76.40 76.30 85.10 92.60
Capex 1 1,000 1,121 1,180 1,514 2,375 2,206 2,217 2,675
Capex / Sales 1.06% 0.97% 0.65% 0.64% 1.58% 1.46% 1.41% 1.62%
Announcement Date 2/7/20 2/10/21 2/9/22 2/2/23 2/1/24 - - -
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
17
Last Close Price
1,122 DKK
Average target price
1,436 DKK
Spread / Average Target
+27.97%
Consensus