We increase our fair value estimate to DKK 300 and retain our no-moat rating with positive trend.
DSV produced a solid quarter, reporting a slight beat on the revenue and gross profit lines. The main takeaway from the results for us, however, was the news that the integration of UTi into the larger entity is progressing ahead of schedule. While we welcome this positive update, we do not expect to make any material changes to our forecasts at this early stage. We retain our DKK 290 fair value estimate and conclude that the shares are fairly valued at this point in time.Underlying net revenu...
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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