No Surprises for Narrow-Moat DSV in 1Q
Narrow-moat DSV reported a decent first quarter, in line with our expectations for the full year. Although headline revenue growth came in below 1%, this number was 5.6% in constant currencies, while EBIT grew by a robust 9% over the period on an underlying basis. We do not expect to make any changes to our forecasts or our DKK 403 fair value estimate on the back of these results. We believe the shares are currently overvalued.Air and sea freight, which together comprise almost 50% of group re...
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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