We Upgrade DSV's Moat Rating From None to Narrow, Boosting FVE to DKK 378
Following the successful, although ongoing, integration of UTi Worldwide into the broader DSV business, we have taken the step of upgrading the company’s moat rating from none to narrow. This has had the effect of increasing our fair value estimate for the stock to DKK 378 from DKK 307. Even accounting for this upgrade, however, we still believe the shares are moderately overvalued.Prior to the UTi acquisition, DSV was a relatively subscale operator in in regions such as the U.S., Asia-Pacific,...
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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