olivLaw · European equity research
DFDS A/S DFDS.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060655629 · Vertical: Listed companies from Denmark
DFDS operates European ferry routes, road freight and logistics, with a recent focus on improving profitability. In the first half of 2026 Ferry Division revenue reached DKK 8,848m, and the 2026 revenue growth outlook was raised to 3-5% on higher fuel surcharges. Geopolitical uncertainty and elevated oil prices keep the outlook uncertain.
At the close of 05 Nov 2026, DFDS A/S (DFDS.CO) stock was 157.10 DKK (−2.30% on the day), with market capitalisation 8.7 bn DKK, beta 0.66, 52-week range 84.55–172.70 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.8
- neutral
- Bollinger (20, 2)
- 153.50 – 166.14
- in the lower half of the band · %B 0.28 · band width 7.9%
- SMA 50 / 200
- 160.22 / 131.92
- mixed trend
- MACD (12, 26, 9)
- 0.33 / 0.51
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.0% | +0.4% | −4.4 pp | — |
| 3 months | +21.4% | −3.3% | +24.7 pp | — |
| 6 months | +14.7% | +4.0% | +10.7 pp | — |
| Year to date | +64.2% | +8.1% | +56.1 pp | — |
| 1 year | +71.2% | +10.7% | +60.5 pp | −7.7% |
| 3 years | −22.1% | +50.1% | −72.2 pp | +3.3% |
| 5 years | −54.9% | +43.6% | −98.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2025 | 2026 |
|---|---|---|
| Revenue | 30.9 bn | 31.5 bn |
| Revenue YoY | unavailable | +1.9% |
| Net income | -427.0 m | -21.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -7.90 | -0.38 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -1.4% | -0.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 1.9 bn DKK
- Financial debt
- 11.0 bn DKK
- Net debt
- 9.1 bn DKK
- Equity
- 13.5 bn DKK
- Total assets
- 37.3 bn DKK
- Debt / equity
- 0.82x
- Current ratio
- unavailable
- ROE
- -0.2%
- ROA
- -0.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Revenue | 30.9 bn | 31.5 bn | esef· 02 Sept 2026verified |
| Operating income | 520.0 m | 961.0 m | esef· 02 Sept 2026verified |
| Interest expense | 856.0 m | 844.0 m | esef· 02 Sept 2026verified |
| Pre-tax income | -298.0 m | 151.0 m | esef· 02 Sept 2026verified |
| Income tax | 127.0 m | 167.0 m | esef· 02 Sept 2026verified |
| Net income | -427.0 m | -21.0 m | esef· 02 Sept 2026verified |
| Diluted EPS | -7.90 | -0.38 | esef· 02 Sept 2026verified |
Balance sheet · DKK
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Cash | 1.8 bn | 1.9 bn | esef· 02 Sept 2026verified |
| Inventories | 255.0 m | 325.0 m | esef· 02 Sept 2026verified |
| Goodwill | 7.6 bn | 7.6 bn | esef· 02 Sept 2026verified |
| Total assets | 37.1 bn | 37.3 bn | esef· 02 Sept 2026verified |
| Short-term debt | 1.6 bn | 919.0 m | esef· 02 Sept 2026verified |
| Long-term debt | 10.2 bn | 10.1 bn | esef· 02 Sept 2026verified |
| Current liabilities | 8.4 bn | 8.7 bn | esef· 02 Sept 2026verified |
| Total liabilities | 23.7 bn | 23.9 bn | esef· 02 Sept 2026verified |
| Equity | 13.4 bn | 13.5 bn | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 54.1 m | 55.3 m | esef· 02 Sept 2026derived |
Cash flow · DKK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.7 bn DKK
Key indicators
Coverage and freshness
Score by group
29% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.5% | 39 (vs peers) | 36% |
| Net margin · Quality | -0.1% | 29 (vs peers) | 21% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 21% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 21% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality35/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DFDS A/S (DFDS.CO). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 31.5 bn DKK in 2026; YoY growth 1.9%; net margin -0.1%; ROE -0.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -0.1%
- Interest coverage: 1.1x
- Shareholder yield (distributions): 0.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for DFDS.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
DFDS operates European ferry routes, road freight and logistics, with a recent focus on improving profitability. In the first half of 2026 Ferry Division revenue reached DKK 8,848m, and the 2026 revenue growth outlook was raised to 3-5% on higher fuel surcharges. Geopolitical uncertainty and elevated oil prices keep the outlook uncertain 1.
SWOT
Strengths
- The ferry route network, with owned terminals in key locations, gives a solid position on the North Sea, Channel and Mediterranean routes 1.
- The Ferry Division showed a clear improvement in quarterly EBIT, indicating good ability to recover margins 1.
- The group reported rising adjusted free cash flow, supporting investment financing 1.
Weaknesses
- The Logistics Division has very thin EBIT margins and negative ROIC in some periods, showing profitability weaknesses 1.
- The group carries high net interest-bearing debt, and financing costs absorb a large part of the result 1.
- The company is exposed to fuel price swings, and the lag in the freight pass-through model can create volatility 1.
Opportunities
- Growing ferry volumes between Europe and Türkiye or northern Africa, where the source expects expansion, could support revenue 1.
- If the Naviera Armas Strait of Gibraltar acquisition is completed, it could extend the group's presence on an existing route 1.
- Decarbonisation projects, including the Vlaardingen wind installation and route electrification, could lower long-term costs 1.
Risks
- Fuel priceshigh
Higher oil prices can affect costs and demand, and the lag in the freight pass-through model can delay the effect on margins 1.
- European economic demandmedium
European growth is expected to be very modest, and businesses and consumers could cut back on transport if conditions worsen 1.
- Litigation and unexpected costsmedium
The group reported a one-off cost linked to a French court ruling, and if further litigation arises, results could be affected 1.
- High leveragemedium
Net debt and financing costs limit financial flexibility, especially in periods of weaker results 1.
- Completion of the Strait of Gibraltar acquisitionlow
The Naviera Armas transaction depends on completing dialogue with competition authorities, and delays or additional conditions could change the expansion plan 1.
Investment thesis
What would need to be true (bull case)
- If Ferry Division results keep improving and volumes grow on routes to Türkiye and northern Africa, group profitability could keep strengthening 1.
- The raised EBIT and cash flow outlook for 2026 signals management confidence in sustaining results 1.
- A leading position in ferry-based road freight between Europe and Türkiye, with rising market share, could provide a long-term advantage 1.
What would break the thesis
- If oil prices stay high, costs could outpace surcharges and margins could stay under pressure 1.
- The Logistics Division earns very low returns, and warehousing oversupply could slow a quick recovery 1.
- High debt and financing costs could limit the group's ability to invest in fleet and decarbonisation 1.
What to watch
- Oil price trend and fuel surcharge pass-throughH2 2026
- Delivery against the 2026 EBIT outlook of DKK 1,200-1,400m2026
- Completion of the Strait of Gibraltar acquisition2026
- Margin development in the Logistics Division and the TES turnaroundnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
DFDS is a European transport group operating through two divisions: the Ferry Division, which runs a network of freight and passenger ferry routes in and around Europe, and the Logistics Division, which offers transport and logistics solutions through four business units by geographic area 1. The Ferry Division also operates port terminals in select locations, and the Logistics Division is a major customer of the freight ferry network 1. The group reports in Danish kroner (DKK) and uses EBIT, EBITDA and adjusted free cash flow as key measures 1.
Divisional profitability diverged: the Ferry Division reported an EBIT of DKK 1,161m over the last twelve months to Q2 2026, while the Logistics Division stayed close to breakeven with an EBIT of DKK 70m over the same period 1. Group EBIT in Q2 2026 was DKK 454m, compared with DKK 163m in Q2 2025 1.
As part of its decarbonisation strategy, DFDS is advancing permitting for a wind turbine installation at its Vlaardingen terminal and is working with Channel port authorities on route electrification 1. On the fleet side, the company reported 151 e-trucks in operation 1.
Segments
Ferry Division
The Ferry Division reported Q2 2026 revenue of DKK 4,891m, driven mainly by bunker surcharges, and quarterly EBITDA rose to DKK 927m 1. The result absorbed a one-off cost of DKK 53m linked to a French court ruling 1. By route, North Sea volumes grew on an adjusted basis while Mediterranean volumes eased slightly 1.
Logistics Division
The Logistics Division reported Q2 2026 revenue of DKK 4,200m and EBIT of DKK 85m, against DKK 33m in the same quarter of the prior year, with gains led by the Nordic and Continent business units 1. The TES unit in Türkiye and Europe South was reorganised as a turnaround project, with gradual improvements expected 1.
Market context
European GDP growth is expected at around 0.5% in 2026, and the company flags a downside risk to transport demand if oil prices stay high 1. In the Türkiye-Europe export trailer market, ferries carried 54% of volumes in Q2 2026, and DFDS held a 34% share of the total market, gaining 3 percentage points versus road 1. Road transport remains highly competitive, though capacity cuts from 2025 eased margin pressure through Q2 2026 1.
In road transport and logistics, activity levels were broadly stable in Q2 2026 and freight rates firmed through the quarter in the Nordic and Continent markets 1. Warehousing oversupply persisted, and volumes in the UK and Ireland were generally below 2025 levels 1.
Trends
- Oil prices and fuel surchargesmixed
The oil price rise from March 2026 lifted revenue through fuel surcharges but also raised short-term costs because of a lag in the freight pass-through model 1. If elevated prices persist, these effects could continue to shape results 1.
- Margin recovery in Ferrytailwind
Better results in the Channel and Mediterranean, together with route changes, lifted Ferry Division quarterly EBIT, pointing to a positive profitability trend 1.
- Geopolitical and economic uncertaintyheadwind
The Iran/Gulf conflict and the war in Ukraine add uncertainty to European transport demand, and the company notes that demand could fall if the economy slows 1.
- Fleet investment and decarbonisationmixed
Planned 2026 capex of about DKK 1.7bn, including a RoPax ferry purchase, could support capacity and efficiency but adds pressure on cash flow 1.
Competitive position
In freight ferry services between Europe and Türkiye or northern Africa, DFDS competes with other ferry operators, while in road transport it competes with hauliers using trucks on the road 1. The source describes road transport as highly competitive and notes ferries gaining share from road 1. The source does not name competitors with US tickers.
On the Channel and Strait of Gibraltar routes, competition comes from other ferry operators, and the agreement to acquire part of Naviera Armas's Strait of Gibraltar operations is still being finalised with competition authorities 1. The company presents this transaction as a step to strengthen its position 1.
- Other European ferry operators
Other ferry operators held about 20% of the Türkiye-Europe trailer market in Q2 2026, according to the source 1.
- Road hauliers
Road transport competes directly with ferries on freight routes, and the source flags high competitive pressure in this segment 1.
- Naviera Armas
The Spanish Strait of Gibraltar operator from which DFDS agreed to take over part of its operations, subject to competition authority clearance 1.
- Continental and Nordic logistics operators
Competition in Continent and Nordic logistics is described as intense, with warehousing oversupply and pressure on freight rates 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202612 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / DFDS A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.