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DSV A/S (DSV) Fair Value & Analysis

Industrials · DK · Market cap 396B DKK

DA DSV A/S DSV · CO
Pricekr 1,334
Fair Valuekr 712.57
Upside-46.6%
Quality43/100
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Healthy Growth
Thin margins · 2.5% net margin
Low debt · generates free cash flow
0.42% dividend yield
Trails peers (4/15)
Narrow moat 43/100
Evidence: High Range kr 476.11 – kr 890.71 Share as image

Fair value as of: Jul 11, 2026

From 26 valuation models · updated 26 days ago

Share price −19.0% over the past month.

Below-average quality, and screening another 47% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 890.71). The favourable scenario is already priced in.
  • Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (kr 476.11 to kr 890.71) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 1,894 kr 850.64 Fair Value kr 712.57 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range kr 850.64 – kr 1,894 · fair‑value band kr 476.11 – kr 890.71 · the kr 1,334 price screens above the kr 712.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

DSV A/S (DSV) currently trades at kr 1,334, while our model-based Fair Value estimate is kr 712.57, implying the stock looks roughly 46.6% overvalued today. We read business quality at 43/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, DSV A/S generated revenue of 276B DKK at a net margin of 2.5%. Revenue grew 68.9% year over year. It earns a return on equity of 6.2%. Net debt stands at 109B DKK. Fundamentals as of Jul 11, 2026

Our scenario range runs from kr 476.11 (bear case) to kr 890.71 (bull case); at kr 1,334, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -7% fair-value upside, at -47%, DSV screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF kr 959.68 kr 1,962 kr 3,827 80
Residual Income kr 403.35 kr 425.62 kr 462.48 76
Rev-Margin DCF kr 631.16 kr 1,219 kr 2,004 74
All 26 models by family
DCF Models
FCF DCF kr 974.23 kr 2,080 kr 4,178 38
Owner Earnings kr 693.39 kr 1,531 kr 3,120 31
5Y Revenue Exit kr 631.16 kr 1,232 kr 2,055 39
5Y EBITDA Exit kr 864.31 kr 1,728 kr 2,834 41
5Y P/E Exit kr 497.04 kr 947.15 kr 1,463 38
10Y Revenue Exit kr 707.54 kr 1,336 kr 2,318 36
10Y EBITDA Exit kr 892.50 kr 1,714 kr 3,007 37
10Y P/E Exit kr 640.17 kr 1,118 kr 1,796 35
Earnings-Based
Graham-Dodd kr 230.74 kr 1,186 kr 1,640 54
Lynch FV kr 323.75 kr 462.49 kr 601.24 50
PEG = 1.0 kr 323.75 kr 462.49 kr 601.24 46
EPV kr 393.35 kr 495.14 kr 585.62 59
Dividend Discount
Gordon GGM kr 67.86 kr 148.15 kr 249.26 70
DDM Multi-Stage kr 67.86 kr 121.36 kr 154.39 61
Multiples
P/E Multiple kr 508.98 kr 678.64 kr 848.30 63
P/S Multiple kr 432.63 kr 576.84 kr 721.05 58
P/B Multiple kr 432.63 kr 576.84 kr 721.05 55
EV/EBIT kr 803.71 kr 1,133 kr 1,462 53
EV/EBITDA kr 884.07 kr 1,240 kr 1,596 54
EV/Revenue kr 481.96 kr 767.14 kr 1,052 43
Asset-Based
NCAV (Graham) kr 246.08 kr 329.75 kr 492.17 50
Growth DCF
Growth DCF kr 959.68 kr 1,962 kr 3,827 80
Rev-Margin DCF kr 631.16 kr 1,219 kr 2,004 74
Economic Profit
Residual Income kr 403.35 kr 425.62 kr 462.48 76
ROIC Compounder kr 393.35 kr 499.27 kr 725.80 72
Growth Earnings
Growth-Adj P/E kr 474.91 kr 678.45 kr 881.98 68

Widest divergence: DCF Models (kr 1,336) versus Dividend Discount (kr 121.36). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 276B DKK
Revenue growth (YoY) +68.9%
Net margin 2.5%
Return on equity 6.2%
Free cash flow 19.4B DKK FY2025
P/E ratio 54.6
More key figures
Operating margin 7.1%
EPS (TTM) kr 30.37
Dividend yield 0.4%
EPS growth (YoY) -42.9%
Net debt 109B DKK FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 51 · Market factors (momentum, volatility) 34

Profitability 34
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 38
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

DSV A/S reported revenue of kr 245B in FY2025 versus kr 182B in FY2021, a compound +7.8%/yr. Reported net income was kr 8.1B in FY2025, compounding −7.8%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
245B DKK
Latest YoY
+47.5%
Avg. growth/yr (3Y)
+1.5%
Avg. growth/yr (5Y)
+16.3%
Avg. growth/yr (25Y)
+17.5%
Revenue +7.8%/yr
FY21 kr 182B
FY22 kr 235B
FY23 kr 150B
FY24 kr 166B
FY25 kr 245B
Net income −7.8%/yr
FY21 kr 11.2B
FY22 kr 17.6B
FY23 kr 12.3B
FY24 kr 10.1B
FY25 kr 8.1B

DSV screens 47% overvalued. Compare with United Parcel Service, Inc →

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Cite: Fair Value Calculator (2026). "DSV A/S Fair Value". https://www.fairvalue-calculator.com/stock/DSV

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Integrated Freight & Logistics · 216 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 43 · Below median
Fair Value upside −47% · Bottom 25%
Return on equity (TTM) 6% · Below median
Return on assets 5% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 7% · Above median
Revenue growth 69% · Top 25%
Dividend yield (TTM) 0.4% · Bottom 25%
Debt / equity 0.49× · Higher than 75% of peers

Valuation Multiples vs Integrated Freight & Logistics median · lower = cheaper

P/E (TTM) 54.6× · Pricier than 75% of peers
P/B 3.37× · Pricier than 75% of peers
P/S (TTM) 1.43× · Pricier than 75% of peers
P/FCF 3.1× · Pricier than median
EV/EBITDA 18.5× · Pricier than 75% of peers
PEG 1.04× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 44
FUTURE 100 · sector 8
PAST 25 · sector 26
HEALTH 76 · sector 94
DIVIDEND 8 · sector 55

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Integrated Freight & Logistics stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
United Parcel Service, Inc UPS $117.72 $104.58 -11%
FedEx Corporation FDX $314.69 $347.68 +10%
Deutsche Post AG DHL €57.22 €53.18 -7%
Kuehne + Nagel International AG KNIN CHF 209.90 CHF 147.92 -30%
J.B. Hunt Transport Services, Inc JBHT $291.41 $133.80 -54%
S.F. Holding 002352 ¥31.91 ¥48.64 +52%
C.H. Robinson Worldwide, Inc CHRW $193.50 $86.56 -55%
Expeditors International of Washington, Inc EXPD $172.02 $115.95 -33%
ZTO Express (Cayman) Inc 2057 HK$181.40 HK$241.93 +33%
Hyundai Glovis Co 086280 191,200 KRW 468,982 KRW +145%

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Frequently asked questions

Is DSV A/S (DSV) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of kr 712.57 versus a price of kr 1,334, about −47% (overvalued).
What is the fair value of DSV?
Our model-based fair value for DSV A/S is kr 712.57 (as of Jul 11, 2026), built from audited fundamentals. The current price is kr 1,334.
What is the quality score of DSV?
DSV A/S has a Quality Score of 43/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of DSV A/S (DSV)?
DSV A/S reported trailing-twelve-month revenue of about 276B DKK (latest available figure, as of Jul 11, 2026).
What is the net profit margin of DSV?
The net profit margin of DSV A/S is about 2.5%, meaning it keeps roughly 2.5% of revenue as net income. Based on the latest reported figures.
Does DSV A/S pay a dividend?
DSV A/S currently shows a dividend yield of about 0.44% relative to its recent price (as of Jul 11, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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