We increase our fair value estimate to DKK 307 and retain our no-moat rating with positive trend.
DSV reported a solid fourth quarter, in line with our revenue and EBIT expectations for the full year. We do not expect to make any material changes to our fair value estimate on the back of these results, and we believe the shares are fully valued at this point, as investors price in an almost perfect execution of the integration of UTi Worldwide. We also retain our no-moat rating for the company, although our positive trend reflects the increasing contribution from moaty businesses such as sea...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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