olivLaw · European equity research
DSV A/S DSV.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060079531 · Vertical: Listed companies from Denmark
DSV is a global transport and logistics provider, active in air and sea freight, road transport and contract logistics. The Schenker acquisition has brought it to a large scale, and the integration, with announced synergies and associated costs, now dominates its outlook against the geopolitical tensions in the Middle East. Revenue for the first half of 2026 reached DKK 147,104 million, up 43.6% in constant currencies.
At the close of 05 Nov 2026, DSV A/S (DSV.CO) stock was 1,455.50 DKK (−0.41% on the day), with beta 1.01, 52-week range 1,137.50–1,902.50 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)
- 72.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 1,089.74 – 1,548.01
- in the upper half of the band · %B 0.80 · band width 34.7%
- SMA 50 / 200
- 1,278.08 / 1,510.55
- mixed trend
- MACD (12, 26, 9)
- 59.23 / 42.08
- MACD above 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 | +25.8% | +0.4% | +25.4 pp | — |
| 3 months | +9.1% | −3.3% | +12.4 pp | — |
| 6 months | −3.4% | +4.0% | −7.3 pp | — |
| Year to date | −9.9% | +8.1% | −18.0 pp | — |
| 1 year | +3.4% | +10.7% | −7.3 pp | −6.5% |
| 3 years | +36.0% | +50.1% | −14.1 pp | +1.4% |
| 5 years | −5.4% | +43.6% | −49.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 |
|---|
| Revenue |
| Revenue YoY |
| Net income |
| Net income YoY |
| Diluted EPS |
| Diluted EPS YoY |
| net % |
| Free cash flow |
Balance sheet & financial health
Financial statements (source on every figure)
Balance sheet · DKK
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 83.6 bn | 13.2 bn | 10.1 bn | esef· 02 Sept 2026verified |
| Inventories | — | 2.1 bn | 2.2 bn | esef· 02 Sept 2026verified |
| Current assets | — | 78.2 bn | 91.2 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | — | 24.4 bn | 22.4 bn | esef· 02 Sept 2026verified |
| Total assets | — | 290.4 bn | 303.5 bn | esef· 02 Sept 2026verified |
| Short-term debt | — | 10.1 bn | 15.2 bn | esef· 02 Sept 2026verified |
| Long-term debt | — | 57.0 bn | 48.2 bn | esef· 02 Sept 2026verified |
| Current liabilities | — | 82.3 bn | 94.4 bn | esef· 02 Sept 2026verified |
| Total liabilities | — | 172.7 bn | 177.5 bn | esef· 02 Sept 2026verified |
| Equity | 114.5 bn | 117.7 bn | 126.0 bn | esef· 02 Sept 2026verified |
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: 1 of at least 6
- score weight coverage: 4.2% 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: unavailable
Key indicators
Coverage and freshness
Score by group
4% · 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: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 14 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial14/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 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
DSV A/S (DSV.CO). Latest full fiscal year: 2026; data up to 2026-06-30.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% 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
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
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 DSV.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
Scenarios are not available. input data missing
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
DSV is a global transport and logistics provider, active in air and sea freight, road transport and contract logistics. The Schenker acquisition has brought it to a large scale, and the integration, with announced synergies and associated costs, now dominates its outlook against the geopolitical tensions in the Middle East 1. Revenue for the first half of 2026 reached DKK 147,104 million, up 43.6% in constant currencies 1.
SWOT
Strengths
- Extensive global network in air and sea freight, with greater negotiating power after the Schenker acquisition 1.
- Diversification across three divisions, with solid contributions from Air & Sea and Contract Logistics 1.
- Strong relationships with large customers and ability to support them during disruption 1.
Weaknesses
Opportunities
Risks
- Integration execution riskhigh
The Schenker integration is complex and could delay synergies or raise costs if problems in Road persist 1.
- Geopolitical uncertaintyhigh
The Middle East conflict could have unpredictable effects on the economy and trade, affecting the company's guidance 1.
- Working capitalmedium
Rising receivables and activity could keep cash flow under pressure in the short term 1.
- Debt and financing costsmedium
High net debt and financing costs linked to the acquisition could limit financial flexibility if interest rates stay high 1.
- Customer satisfactionlow
Lower satisfaction scores in the Road division could affect customer retention if operational issues are not corrected 1.
Investment thesis
What would need to be true (bull case)
- If the Schenker synergies are fully realised, profitability could rise significantly after 2027 1.
- Global scale and position in air freight could let the company benefit from demand in the technology and semiconductor sectors 1.
- The 2030 targets for conversion and return on capital could be reached if network optimisation continues 1.
What would break the thesis
- If integration stays delayed, special costs could exceed estimates and reduce net profit 1.
- Volatility in freight rates and fuel could compress margins, especially if costs cannot be fully passed on to customers 1.
- Persistent problems in the Road division could hurt customer satisfaction and market share in Europe 1.
What to watch
- Completion of the Schenker integration and cost tally2026
- Realisation of annual synergies of DKK 9 billion2027
- Productivity and revenue trends in the Road divisionQ3 2026
- Working capital and adjusted free cash flow developmentQ3 2026
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
DSV A/S provides freight forwarding and integrated logistics solutions through three divisions: Air & Sea, Road and Contract Logistics 1. The company operates a global network in more than 90 countries for its Air & Sea division 1. After completing the Schenker acquisition in April 2025, DSV describes itself as the world's leading transport and logistics partner, and integration covers more than 60 countries 1.
The interim report shows Q2 2026 revenue of DKK 76,688 million and operating profit before special items of DKK 6,255 million 1. The gross margin was 26.6% in the first half, and the conversion ratio 28.4%, both affected by the Schenker consolidation and integration costs 1. Leverage remains high relative to adjusted EBITDA, though lower than in the prior period 1.
Segments
Air & Sea
Air & Sea generated gross profit of DKK 16,994 million in the first half of 2026 and operating profit before special items of DKK 6,444 million, with a modest 3.0% increase in constant currencies 1. Air volumes grew strongly, while sea volumes were affected by weaker demand on the Asia-Europe lane 1.
Market context
In air freight, geopolitical tensions and reduced capacity in the Middle East raised freight rates, and demand returned to growth, supported by Asia-Pacific exports and the technology and semiconductor segments 1. In sea freight, demand improved versus the first quarter, but rerouting via the Cape of Good Hope extended transit times 1. The company estimates the air market grew by mid to high-single digits and the sea market by mid-single digits 1.
The company's guidance depends on the uncertain Middle East situation, which could have unpredictable effects on the global economy and trade 1. If tensions persist, they could influence both rates and volumes for the rest of the year 1.
Trends
- Schenker integrationmixed
The Schenker integration is progressing as planned but has generated high costs and operational problems, especially in Road 1. The announced synergies could support margins if integration proceeds without further delays 1.
- Higher freight ratesmixed
Rising air and sea rates, linked to limited capacity and fuel costs, lifted revenue, although the gross margin fell because these costs were passed on to customers 1.
- Demand in technology and aerospacetailwind
The technology, aerospace and defence and healthcare verticals grew, while automotive remained under pressure 1. Rebalancing the portfolio towards higher-growth customers could support long-term performance 1.
- Higher working capitalheadwind
Net working capital rose due to activity levels, freight rates and receivables from Schenker property sales, reducing adjusted free cash flow 1. If these effects ease, cash flow could return to expected levels 1.
Competitive position
In air and sea freight, DSV competes with other global freight forwarders, and its edge comes from the scale created by the Schenker acquisition, its negotiating power with carriers and its broad service network 1. Competition in contract logistics and road transport depends on productivity and the ability to integrate operations efficiently 1.
The company argues its end-to-end network and large-customer relationships differentiate it, but problems in the Road division and in Europe could affect customer satisfaction and market share if not resolved 1.
- Other global freight forwarders
Competitors in air and sea freight with similar networks in many countries, referenced generally in the source 1.
- Contract logistics providers
Companies offering warehousing and integrated logistics services to industrial and retail clients, competing with the Contract Logistics division 1.
- European road transport operators
Firms active in road transport in Europe, where the Road division faced productivity difficulties 1.
- Ocean and air carriers
Transport companies that influence the rates and capacity DSV resells to customers 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 / DSV 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.