DSV A/S
About the company
DSV A/S offers freight forwarding and logistics services in Europe, the Middle East, Africa, North America, South America, Asia, Australia, and the Pacific. It operates through three segments: Air & Sea, Road, and Solutions. The company provides air freight, charter, and sea-air freight services, as well as unit load devices; sea freight services, including less-than-container load services, sea freight services, break bulk, sea containers, and DSV LCL sailing schedule services; and warehousing, e-commerce fulfilment, supply chain, contract logistics, and logistics solutions. It also offers road freight services, such as full load, part load, and groupage; conventional freight forwarding services and tailored project cargo solutions; and freight management, customs clearance, decarbonising logistics, order management, insurance, and e-commerce solutions. The company serves the automotive, technology, healthcare, energy, industrial, consumer, defense, aerospace, and chemical industries. The company was formerly known as DSV Panalpina A/S and changed its name to DSV A/S in September 2021. DSV A/S was incorporated in 1976 and is based in Hedehusene, Denmark.
Price above modeled range
Other models: DKK 191.97–1117.42 (median 461.38). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
The range depends on model assumptions and data; it is not a prediction or investment advice.
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Market price above modeled range
Free-cash-flow DCF using TTM through 30 Sep 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 2.78% growth, 2.7% terminal growth, and 10% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 2.78%, discount rate 10%, terminal growth 2.70% (sector defaults). See a worked example.
Blended growth assumption: 2.8% (sector default 6.2%, own revenue history 1.6%, analyst revenue consensus 1.6%).
5-year outlook: relative outlook of about -1.5% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 1.7% a year; the growth assumption used is 2.8%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — DKK 193.79 (-86.8%)
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EPS-based Gordon proxy
— DKK 461.38 (-68.6%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— DKK 191.97 (-86.9%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— DKK 1117.42 (-24.0%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— DKK 2787.31 (+89.6%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear DKK 57.83 | -2442.1% |
| Base DKK 193.79 | -658.5% |
| Bull DKK 435.72 | -237.4% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At DKK 1470.00 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.7%, discount 10.0%).
Compare: the market implies 34.4% a year, this model assumes 2.8%. The market expects more than this model does, which is why it reads as overvalued.
Sensitivity: base value per share
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
These are assumption-based scenarios, not a confidence interval. Scroll horizontally to see all discount rates.
| Growth \ Discount | 8.0% | 9.0% | 10.0% | 11.0% | 12.0% |
|---|---|---|---|---|---|
| -1.2% | 274.88 | 178.85 | 109.08 | 56.08 | 14.44 |
| 0.8% | 332.92 | 226.88 | 149.88 | 91.40 | 45.49 |
| 2.8% | 395.49 | 278.63 | 193.79 | 129.40 | 78.85 |
| 4.8% | 462.86 | 334.31 | 241.01 | 170.22 | 114.68 |
| 6.8% | 535.31 | 394.15 | 291.72 | 214.04 | 153.10 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
6 months price change: -2.42% · DKK 1470.00 · Market data through 06 Nov 2026 ; dashed line is today’s model base value (DKK 193.79). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 06 Nov 2026; last refreshed 06 Nov 2026 18:14 (1 hour, 13 minutes ago).
07 May 2026Range DKK 1137.50 – 1693.5006 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
More detail: quality, peers, price history, dividends and financials
Quality score: 70 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +6.2% a year | 20 / 20 |
| Balance sheet | net debt 2.8x EBITDA | 10 / 20 |
| Margins | EBITDA margin 10% | 0 / 20 |
Peers in Industrials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| DSV.CO (this company) | DKK 1470.00 | -658.5% | 44.8 | 2.7 | 0.5% | 70 |
| EZJ.L easyJet plc | GBP 6.84 | 74.5% | 10.6 | 1.5 | 1.7% | 78 |
| WAWI.OL Wallenius Wilhelmsen ASA | NOK 160.10 | 64.9% | 7.0 | 2.2 | 0.3% | 100 |
| IAG.L International Consolidated Airlines Group S.A. | GBP 4.34 | 59.2% | 8.0 | 3.4 | 1.8% | 92 |
| TPK.L Travis Perkins plc | GBP 6.56 | 54.6% | – | 0.8 | 2.1% | 46 |
| DFDS.CO DFDS A/S | DKK 152.90 | 47.4% | – | 0.6 | – | 64 |
| SRP.L Serco Group plc | GBP 2.81 | 45.4% | 20.0 | 3.3 | 1.5% | 82 |
| DG.PA VINCI SA | EUR 111.60 | 42.2% | 12.9 | 2.1 | 4.2% | 90 |
| HAFNI.OL Hafnia Limited | NOK 87.45 | 41.9% | 7.1 | 1.8 | 1.3% | 100 |
| Peer median | 9.3 | 1.9 | ||||
Dividends
Paid in the last 12 months: DKK 7.00 per share · yield 0.48% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 7.000 |
| 2025 | 7.000 |
| 2024 | 7.000 |
| 2023 | 6.500 |
| 2022 | 5.500 |
| 2021 | 4.000 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 19:23
| Revenue | DKK 299,491,000,000 |
|---|---|
| EBITDA | DKK 28,984,000,000 |
| EBIT | DKK 18,544,000,000 |
| Net income | DKK 7,824,000,000 |
| Free cash flow | DKK 9,029,000,000 |
| Capital expenditures | DKK 2,421,000,000 |
| Debt | DKK 94,978,000,000 |
| Cash | DKK 13,753,000,000 |
| Working capital | DKK 1,690,000,000 |
| Shares outstanding | 238,571,000 |