Report
Fehmi Ben Naamane ...
  • Johanna Jourdain

ODDO : DSV offre le plus de potentiel sur le secteur du freight forward

Nous initions DSV à Surperformance (OC 1 930 DKK) et Kuehne + Nagel à Sous-performance (OC 155 CHF), tout en maintenant DHL Group à Neutre (OC relevé à 48 € vs 44 €). DSV offre le plus de potentiel sur le secteur du freight forward, grâce à son profil opérationnel best-in-class et l’intégration de Schenker (numéro 4 mondial). K+N devrait sous-performer en opérationnel d’où un risque de derating. DHL Group pâtit de son profil non pure-player malgré du self-help.
Underlyings
DHL GROUP

Deutsche Post is a mail and logistics services group. In its Mail division, Co. provides domestic and international mail and parcels and is engaged in dialogue marketing, nationwide press distribution services and the electronic services related to mail delivery. Co.'s Express division provides courier and express services to business and private customers globally. Co.'s Global Forwarding, Freight division manages the carriage of goods by rail, road, air and sea, ranging from container transport to solutions for industrial projects. Co.'s Supply Chain division provides warehousing, managed transport and services at every link in the supply chain for customers in a variety of industries.

DSV Panalpina A/S

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Fehmi Ben Naamane

Johanna Jourdain

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