DSV Delivers Again in 1Q
No-moat DSV reported a solid first quarter, in line with our expectations for the full year on a top- and bottom-line basis, with revenue growth of 18.5% year over year, driven mainly by the impact of the UTi acquisition. As such, we do not expect to make any changes to our forecasts at this time, nor to our DKK 307 fair value estimate. We currently believe the shares do not offer upside potential from the prevailing share price.The acquisition of UTi worldwide was completed in late January 201...
DSV is engaged in the provision of transport and logistics solutions. As of Dec 31 2014, Co.'s operations comprised of three business areas. The DSV Air and Sea business provides air and sea freight services and designs project solutions. The DSV Road business provides road and rail transport services including full loads, part loads and groupage. The DSV Solutions business area specializes in contract logistics, which include logistic and warehousing solutions, as well as freight management, custom clearance, order management and e-commerce solutions.
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