OTC: DSDVY - DSV A/S

Yield per half year: +9.84%
Dividend yield: +0.50%
Sector: Industrials

Reporting DSV A/S

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд kr.	6.29	8.49	11.74	14.91	18.96	29.5	50.45	17.82	19.27		40.64	27.20	0.32
Выручка, млрд kr.		67.75	74.9	79.05	94.7	115.93	182.31	235.67	148.05	1 107.97	1 107.97	357.99	57.06
Чистая прибыль, млрд kr.		1.67	2.98	4	3.7	4.25	11.21	17.57	12.09	67.03	67.03	22.43	73.61
EV, млрд kr.		16.84	17.19	21.64	29.73	37.17	67.06	153.94	283.84	304.55	304.55	169.31	52.30
EBIT, млрд kr.		2.92	3.93	4.82	2.96	4.68	16.38	24.6	17.64	102.07	102.07	33.07	85.24
EBITDA, млрд kr.		3.7	4.71	5.58	6.6	8.72	20.57	29.67	22.85	140.32	140.32	44.43	74.31
Баланс стоимость, млрд kr.		13.42	14.84	14.56	49.43	47.39	74.1	71.52	67.46	105.11	105.11	73.12	17.27
FCF, млрд kr.		0.478	3.65	3.09	5.59	8.94	10.72	25.05	13.83	8.49	8.49	13.41	-1.03
Операционный денежный поток, млрд kr.		1.56	4.66	4.3	6.88	10.28	12.2	26.85	16.16	10.72	10.72	15.24	0.84
Операционная прибыль, млрд kr.		3.48	4.88	5.45	2.96	4.68	16.22	25.2	17.4	106.72	106.72	34.04	86.90
Операционные расходы, млрд kr.		3.31	10.94	11.28	13.46	14.98	21.39	26.95	25.62	178.21	178.21	53.43	64.09
CAPEX, млрд kr.		1.09	1.01	1.21	1.29	1.34	1.48	1.79	2.33	2.24	2.24	1.84	10.82

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Капитализация, млрд kr.	58.05	52.58	46.37	36.76	33.64	15.84	19.27	20.81	21.1	17.18					18.84	1.64
Выручка, млрд kr.					60.56	51.23	40.95	37.73	35.58	35.87	36.79	39.31	43.67	40.05	39.14	2.23
Чистая прибыль, млрд kr.					4.39	3.77	3.27	3.36	2.78	2.86	2.28	2.58	2.8	2.03	2.51	-6.63
EV, млрд kr.					48.03	31.46	33.86	184.92	172.33	156.32	262.03	250.06	323.66	296.16	257.65	13.63
EBIT, млрд kr.					6.51	4.75	4.67	4.87	4.42	3.87	3.48	3.91	4.32	2.97	3.71	-5.16
EBITDA, млрд kr.					7.86	6.41	6.03	6.19	5.75	5.21	4.82	5.26	5.74	4.39	5.08	-3.37
Баланс стоимость, млрд kr.					80	71.52	70.5	70.08	70.18	67.46	65.86	67.71	71.25	105.11	75.48	9.27
FCF, млрд kr.					6.66	6.57	5.62	3.93	3.09	1.42	1.07	1.84	3.85	2.12	2.06	8.35
Операционный денежный поток, млрд kr.					7.16	7.35	6.12	4.63	3.75	1.92	1.69	2.35	4.54	2.62	2.62	6.41
Операционная прибыль, млрд kr.					6.51	4.75	4.67	4.71	4.4	3.88	3.49	3.91	4.38	3.62	3.86	-1.38
Операционные расходы, млрд kr.					7.03	6.91	6.72	6.63	6.25	10.26	1.1	1.09	6.6	6.31	5.07	-9.26
CAPEX, млрд kr.					0.502	0.779	0.498	0.702	0.662	0.5037	0.6151	0.5157	0.6992	0.4989	0.5665	-0.19

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд kr.			1.71	1.35	0.275	0.596	4.06	8.3	10.16	6.33	75.29	75.29	20.83	79.33
Total Receivables kr.			16.21	15.64	16.47	24.72	24.96	50.18	38.17	26.79	34.88	34.88	35.00	6.92
Total Current Assets kr.			18.44	18.16	18.44	28.22	30.55	58.82	54.44	41.61	116.46	116.46	60.38	30.69
Чистые активы, млрд kr.		3.57	3.33	2.43	2.49	14.69	14.13	19.97	20.98	70.5		8.05	28.05	36.85
Активы, млрд kr.			40.37	38.39	38.81	97.56	96.25	161.4	159.05	144.44	217.74	217.74	155.78	17.74
Short Term Debt kr.			1.36	0.495	0.545	4.91	4.04	7.91	4.39	5.84	4.27	4.27	5.29	1.11
Long Term Debt kr.			8.7	6.3	6.46	6.46	7.7	16.99	21.4	19.64	56.01	56.01	24.35	48.72
Задолженность, млрд kr.			26.99	23.58	24.28	48.24	48.95	87.12	87.3	76.73	112.34	112.34	82.49	18.07
Чистый долг, млрд kr.			8.37	5.64	6.86	20	17.1	28.45	28.82	33.03	0.9454	0.9454	21.67	-43.96
Долг, млрд kr.			10.06	6.79	7.01	11.37	11.73	24.91	38.98	39.36	76.23	76.23	38.24	45.40
Interest income kr.			0.101	0.091	0.068	0.129	0.248	0.202	0.323	0.469			0.2742	29.45
Расходы на обслуживание долга kr.			0.406	0.39	0.379	0.801	0.928	0.994	1.38	1.4	13.08	13.08	3.56	69.75
Чист. проц. доходы, млрд kr.			-0.305	-0.299	-0.311	-0.672	-0.68	-0.792	-1.15	-1.08		0.0704	-0.8748	9.95
Goodwill kr.	7.98	8.01	16.12	15.46	15.51	50.25	47.48	75.06	76.29	75.77			64.97	8.56
Амортизация, млрд kr.			0.775	0.786	0.762	3.64	4.04	4.19	5.07	5.21	38.25	38.25	11.35	56.77
Себестоимость, млрд kr.			60.97	59.08	62.33	74.59	91.44	144.69	183.52	105.03	823.04	823.04	269.54	55.19
Товарно материальные запасы kr.			1.44	1.76	0.718	1.32	1.43	0.284	1.89	4.24	4.61	4.61	2.49	26.38

	2012Q3	2013Q1	2013Q2	2013Q3	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд kr.																		12.89	10.16	11.68	9.85	8.6	6.33	6.25	8.53	8.46	75.29	20.97	64.08
Short Term Investments kr.	8.83	8.72	8.79	9.05																								8.85	0.62
Total Receivables kr.																		52.45	42.35	36.51	33.2	32.04	26.79	29.12	30.16	26.88	34.88	29.57	5.42
Total Current Assets kr.																		66.57	54.44	50.84	46.68	44.84	41.61	44.54	48.91	50.48	116.46	60.40	22.86
Чистые активы, млрд kr.											14.13	14.44	14.05	19.18	19.97	20.47	20.5	20.53	20.98	21.15								20.73	0.66
Активы, млрд kr.																		174.14	159.05	154.77	151.54	150.67	144.44	145.89	150.68	156.81	217.74	163.11	8.56
Short Term Debt kr.																		5.89	4.39	4.83	4.06	5.71	5.84	7.54	6.42	4.57	4.27	5.73	-6.07
Long Term Debt kr.																		21.39	21.4	21.43	21.5	20.02	19.64	19.66	22.7	23.54	56.01	28.31	23.32
Задолженность, млрд kr.																		93.91	87.3	84.05	81.22	80.22	76.73	79.76	82.71	85.26	112.34	87.36	7.92
Чистый долг, млрд kr.																		26.98	28.82	27.82	29.43	31.47	33.03	35.45	35.74	36.54	0.9454	28.34	-50.87
Долг, млрд kr.																		27.28	25.79	26.27	25.57	40.07	39.36	41.7	44.27	45	76.23	49.31	14.13
Interest income kr.														0.119	0.109	0.067	0.076	0.083	0.097	0.09	0.169	0.025	0.185					0.1132	13.78
Расходы на обслуживание долга kr.																		0.189	0.202	0.436	0.341	0.654	0.0442	0.4913	0.5301	0.5764	0.2973	0.3879	46.40
Чист. проц. доходы, млрд kr.															-0.353	-0.329	-0.516	-0.106	-0.198	-0.346	-0.172	-0.629	0.067	0.0042				-0.2152	-141.38
Goodwill kr.					7.98	8.01	16.12	15.46	15.51	50.25	47.48				75.06				76.29				75.77					64.97	8.56
Амортизация, млрд kr.																		1.35	1.66	1.36	1.32	1.33	1.34	1.33	1.35	1.42	1.42	1.37	1.17
Себестоимость, млрд kr.																		47.02	39.58	29.56	26.4	24.93	21.76	32.2	34.3	32.7	30.12	30.22	6.72
Товарно материальные запасы kr.																		1.2	1.89	2.6	3.58	4.15	4.24	4.87	5.6	3.84	4.61	4.63	1.69

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	1.64	2.6	9.1	2.25	3.51	3.91	76.23	28.05	155.75		155.75	53.49	113.51
Цена акции ао		39.4	32.87	57.67	83.83	116.78	78.68	87.84	106.2	113.93	113.93	100.69	-0.49
Число акций ао, млн	370.74	373.51	363.91	407.5	454.58	458.1	230.47	2857.94	2853.36		2853.36	1370.89	44.39
FCF/акцию	1.29	9.77	8.49	13.71	19.66	23.4	108.7	4.84	2.98		2.98	31.92	-31.43

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS					20.59	17.44	7.55	15.5	13	13.48	5.42	6.16	6.68	4.86			7.32	-18.46
Цена акции ао			98.77	78.62	73.57	71.56	88.29	95.94	98.75	81.13					98.5	113.93	97.65	3.50
Число акций ао, млн	468.36	458.1	469.47	467.59	457.29	221.28	218.28	216.9	213.69	211.7							216.37	-0.88
FCF/акцию					14.56	29.71	25.76	18.1	14.45	1.01	0.3836	0.6616	1.39	0.7638			0.8418	-5.43

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %				12.43	20.09	27.47	7.49	8.97	15.12	24.13	17.82	77.68		77.68	11.70	28.74	53.99
ROA, %				4.13	7.77	10.31	3.79	4.42	6.94	10.96	8.16	37.01		37.01	5.41	13.50	52.96
ROIC, %			14.25	8.5	15.36	20.31	6.78	8.18	12.25	17.19	12.64			15.09	12.45	11.41	13.27
ROS, %					3.98	5.06	3.91	3.67	6.15	7.45	8.17	6.05	6.05	6.05	8.20	6.77	-0.33
ROCE, %					26.51	33.15	6	9.89	22.05	21.91	16.52	56.19	96.84	96.84	15.36	42.70	34.44
Ebit margin, %							3.12	5.65	8.68	10.44	11.91	9.21	9.21	9.21		9.89	1.19
Рентаб EBITDA, %					6.29	7.06	6.97	7.52	11.28	12.59	15.43	12.66	12.66	12.66	15.95	12.92	2.34
Чистая рентаб, %				2.46	3.98	5.06	3.91	3.67	6.15	7.45	8.17	6.05		6.05	8.67	6.30	10.51
Operation Margin, %					6.51	6.89	3.12	4.04	8.9	10.69	11.75	9.63	9.63	9.63	11.63	10.12	1.59
Чистая процентная маржа, %	3.45	3.07	4.04	2.46	3.98	5.06	3.91	3.67	6.15					6.31	8.85	4.55	9.09
Доходность FCF, %		27.34	41.02	5.63	31.09	20.73	29.47	30.28	21.24	140.57	73.09					58.93	19.92

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %					5.49	5.27	4.63	4.8	3.87	4.23	3.4	3.86	4.15	2.8		11.70	3.69	-7.92
ROA, %					2.52	2.37	2.11	2.22	1.84	2	1.57	1.74	1.82	1.09		5.41	1.64	-11.43
ROIC, %	9.99	3.35	5.5		5.42	5.34	4.85	4.89	3.37	3.52	3.49					12.45	4.02	-6.37
ROS, %						7.35	7.97	8.91	7.81	7.97	6.2	6.56	6.41	5.07	6.05	8.20	6.06	-0.49
ROCE, %						6.62	6.61	6.93	3.97	3.64	3.28	3.66	3.92	2.31	96.84	15.36	22.00	96.81
Ebit margin, %									12.43	10.79	9.46	9.95	9.89	7.42	9.21		9.19	-0.53
Рентаб EBITDA, %						12.51	14.73	16.41	16.16	14.52	13.1	13.38	13.14	10.96	12.66	15.95	12.65	-0.68
Чистая рентаб, %					7.25	7.35	7.97	8.91	7.81	7.97	6.2	6.56	6.41	5.07		8.67	6.44	-8.65
Operation Margin, %						9.27	11.41	12.47	12.36	10.82	9.49	9.95	10.03	9.04	9.63	11.63	9.63	0.29
Доходность FCF, %	2.39	10.29	10.93	18.38	19.79	41.51	29.18	18.87	14.63	8.42							22.52	-27.32

Coefficients

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	5.09	3.94	3.73	5.12	6.94	4.5	7.12	20.74	4.53		4.53	16.78	8.77	-8.18
P/BV	0.6331	0.7916	1.02	0.3836	0.6226	0.6809	1.74	3.7	2.88		2.88	3.18	1.92	35.84
P/S	0.1254	0.1568	0.1886	0.2002	0.2545	0.2768	0.5309	1.69	0.274		0.274	1.62	0.6052	1.49
P/FCF		3.22	4.82	3.39	3.3	4.71	0.7114	1.37	2.89	4.79	4.79	15.54	2.89	0.34
E/P		0.2538	0.2682	0.1952	0.1441	0.2221	0.9858	0.6391	0.303	1.65	1.65	3.30	0.7600	49.34
EV/EBIT				32.28	20.66	13.07	6.26	16.09	2.98	2.98	2.98		8.28	-25.60
EV/EBITDA	4.55	3.65	3.88	4.51	4.26	3.26	5.19	12.42	2.17		2.17	14.34	5.46	-12.62
EV/S		0.2295	0.2738	0.314	0.3207	0.3678	0.6532	1.92	0.2749	0.2749	0.2749	1.77	0.6982	-5.66
EV/FCF		4.71	7	5.32	4.16	6.26	6.14	20.52	35.87	35.87	35.87	16.14	20.93	41.79
Debt/EBITDA		1.44	1.26	1.72	1.35	1.21	1.31	1.72	0.5433	0.5433	0.5433	3.02	1.07	-14.80
Netdebt/Ebitda		1.2	1.23	3.03	1.96	1.38	0.9713	1.45	0.0067	0.0067	0.0067	1.00	0.7629	-65.55
Debt/Ratio		0.177	0.1805	0.1165	0.1219	0.1543	0.2451	0.2725	0.3501	0.3501	0.3501	0.31	0.2744	17.81
Debt/Equity		0.458	0.4811	0.23	0.2476	0.3361	0.545	0.5835	0.7252	1.07	1.07	1.61	0.6520	26.06
Debt/Net Income		2.28	1.75	3.07	2.76	2.22	2.22	3.26	1.14	1.14	1.14	3.62	2.00	-12.48
PEG										-0.0455	-0.0455		-0.0455	0.00
Бета						0.85	1.08	-0.2201	2.25	0.4326	0.4326	-0.47	0.8785	-12.64
Индекс Альтмана		3.09	3.33	1.92	2.43	2.44	2.85	5.78	1.77	10.88	10.88	8.19	4.74	34.85

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E						7.66	4.2	5.9	12.56	10.9	10.55	11.66	13.74	21.62	30.51			16.78	17.62	23.66
P/BV						0.4205	0.2214	0.2734	2.21	2	1.82	3.43	3.15	4.01	2.8			3.18	3.04	9.00
P/S						0.5555	0.3091	0.4706	0.9881	0.8678	0.8619	0.9249	1.01	1.51	1.85			1.62	1.23	16.50
P/FCF			9.72	9.15	5.44	5.05	2.41	3.43	5.3	6.83	11.88						4.79	15.54	6.45	6.91
E/P			0.0611	0.094	0.1374	0.1305	0.2379	0.1695	0.1616	0.1316	0.1694						1.65	3.30	0.4564	57.64
EV/EBIT										38.98	40.39	75.3	63.95	74.92	99.72		2.98		63.37	-47.58
EV/EBITDA						6.11	4.91	5.61	29.87	7.07	7.05	12.32	12.1	15.39	14.66			14.34	12.30	15.77
EV/S							0.6142	0.8267	4.9	4.84	4.36	7.12	6.36	7.41	7.39		0.2749	1.77	5.71	-47.84
EV/FCF							4.79	6.02	47.1	55.81	110.08	244.89	135.9	84.07	139.7		35.87	16.14	128.09	-31.90
Debt/EBITDA							4.02	4.35	4.13	6.97	7.55	8.65	8.42	7.84	17.36		0.5433	3.02	8.56	-42.51
Netdebt/Ebitda							4.5	4.61	4.75	5.47	6.34	7.35	6.79	6.37	0.2154		0.0067	1.00	4.15	-75.34
Debt/Ratio							0.1621	0.1697	0.1687	0.2659	0.2725	0.2858	0.2938	0.287	0.3501		0.3501	0.31	0.3134	4.14
Debt/Equity							0.3606	0.3725	0.3648	0.571	0.5835	0.6332	0.6538	0.6316	0.7252		1.07	1.61	0.7428	11.06
Debt/Net Income							6.84	8.04	7.6	14.42	13.76	18.29	17.16	16.07	37.55		1.14	3.62	18.04	-42.60
PEG																	-0.0455		-0.0455	0.00
Бета																0.728	0.4326	-0.47	0.5803	-22.91
Индекс Альтмана	1.49	1.34	1.35	1.28	1.28	1.22	1.04	1.03								1.77	10.88	8.19	3.19	54.90

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.283	0.327	0.342	0.38	0.423	0.588	0.92	1.42	1.41			0.2105		0.9522	27.23
Дивиденд			0.1287	0.1656	0.171	0.179	0.32	0.421	0.51	0.51	0.491	0.491		0.4504	8.94
Див доход, ао, %			0.4094	0.4042	0.3675	0.2759	0.2905	0.4345	0.5957	0.61	0.4985	0.4985	6.64	0.4858	11.40
Дивиденды / прибыль, %		19.6	11.47	9.5	11.43	13.84	8.21	7.51	11.56	2.11		2.11	40.58	8.65	-31.35
Dividend Coverage Ratio											318.43	318.43		318.43	0.00

	2015Q1	2016Q1	2017Q1	2018Q1	2019Q1	2020Q1	2021Q1	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд								6.67	0.103	1.32	1.42	1.42	1.42	1.31	0.936	0.8955	1.47			1.21	0.69
Дивиденд	0.1133	0.1263	0.1287	0.1656	0.171	0.179	0.32			0.421			0.4685							0.3119	22.33
Див доход, ао, %	0.7364	0.6377	0.526	0.4172	0.4268	0.3474	0.3649			0.4263			0.5306						6.64	0.4192	4.45
Дивиденды / прибыль, %								212.46	3.21	30.28	32.44	37.79	43.6	38.99	33.69	31.35	64.49		40.58	42.42	8.14
Dividend Coverage Ratio																		318.43		318.43	0.00

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Other

IFRS

Reporting Annual

	2018	2019	2020	2021	2022	2023	2024	CAGR 5
Всего задолженность	15.96	29.32	29.11					22.18
Персонал, чел				79325	77958	76283	73577	-1.86

	CAGR 5

	CAGR 5