Narrow-Moat DSV Ships Solid Fiscal-Year Results
Narrow-moat DSV delivered a very decent set of full-year results, in line with both our and the Street's expectations. Strong growth in gross profit and EBIT year over year of 8% and 15% respectively will undoubtedly be overshadowed by the outcome of the company’s bid for rival Panalpina, which was recently rebuffed by Panalpina’s largest shareholder but ultimately remains in play. We retain our DKK 440 fair value estimate and believe the current share price is speculatively pricing in future M&...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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