DSV AS
DSV: XCSE (DNK)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
DKK 2,882.00 | Lwyysdk | Wxfschwm |
DSV Earnings: A Return to Revenue Growth Sends Share Prices Higher
Narrow-moat DSV's stock price moved in step with peer Kuehne+Nagel following mixed results in a challenging market environment; the latter reported earnings on July 23. After a decline in revenue in the first quarter, organic revenue rose by 10% in the second quarter, driven by a recovery in demand for air freight. On a negative note, EBIT did not grow in line with revenue after it fell 12% year over year, highlighting the double-edged sword that is operating leverage. We reiterate our DKK 1,120 fair value estimate and see shares as overvalued currently.