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Danish global freight forwarder handling air, sea and road transport and contract logistics.
Danish global freight forwarder handling air, sea and road transport and contract logistics.
Owns few ships or planes: it buys space from carriers and resells it with customs and paperwork, so profit is the margin per shipment and grows when more volume moves through the same network. Growth has come through large purchases: Panalpina in 2019, Agility's logistics arm in 2021 and DB Schenker in 2025.
In one line: A Danish Expeditors/C.H. Robinson.
Moat: narrow (scale, network effects, distribution). Asset-light global network scale gives freight-buying leverage and route density.
Headquarters: Hedehusene, Denmark · Founded: 1976 · Employees: 151,751
Size Dsv A/s (DSV.CO) is a Denmark Industrials company (Air Freight/Couriers) with a market value of $51.5B, the 2nd largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 1,470 on 6 Nov 2026.
Performance Over six months the shares fell 2.6%, against +0.6% for the median peer and +8.8% for the Denmark market (cap-weighted) — 6th lowest of 12 in its peer set.
Growth Revenue grew 36.6% over the last twelve months (peer median +10.4%); the operating margin is 7.8% (peer median 8.6%).
Valuation It trades at 23.5× forward earnings against a peer median of 15.9× (most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points above its cost of capital (5.8% WACC).
Credit Dsv A/s has 12 bonds outstanding ($9.13B), rated A- by the agencies and trading like A at a weighted spread of 93 bp.
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 299B | DKK 245B | DKK 166B | DKK 150B | DKK 235B |
| Revenue growth | — | +48% | +11% | -36% | — |
| Gross profit | DKK 33.8B | DKK 26.9B | DKK 19.8B | DKK 21.7B | DKK 29.8B |
| EBITDA | DKK 33.7B | DKK 26.1B | DKK 20.9B | DKK 22.1B | DKK 29.3B |
| Net income | DKK 7.82B | DKK 8.10B | DKK 10.1B | DKK 12.3B | DKK 17.6B |
| Free cash flow | DKK 9.03B | DKK 19.4B | DKK 9.56B | DKK 14.4B | DKK 25.3B |
| Capital expenditure | DKK 3.26B | DKK 2.59B | DKK 2.43B | DKK 2.38B | DKK 1.79B |
| Total debt | DKK 95.0B | DKK 97.9B | DKK 82.8B | DKK 40.1B | DKK 39.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dsv A/s DSV.CO | $51.5B | -3% | +37% | 8% | 23.5× | 3.9% |
| Kuehne & Nagel International KNIN.SW | $34.3B | +35% | +1% | 5% | 25.4× | 3.2% |
| Deutsche Post DHL.DE | $72.8B | +21% | +1% | 8% | 16.0× | 3.3% |
| Expeditors International EXPD | $24.0B | +18% | +19% | 10% | 21.1× | 8.9% |
| C.H. Robinson CHRW | $14.5B | -27% | +10% | 5% | 17.2× | 9.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DSV.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +27.5% | +5.6% | highest of 13 |
| 6-month return | -2.6% | +0.6% | 6th lowest of 12 |
| Distance from 52-week high | -23.2% | -14.6% | 3rd lowest of 13 |
| Revenue growth (TTM) | +36.6% | +10.4% | highest of 13 |
| Operating margin | 7.8% | 8.6% | 6th lowest of 13 |
| Forward P/E | 23.5× | 15.9× | most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 3.9% | 8.3% | 6th least demanding of 12 |
| Growth delivered (Del g) | +16.3% | +4.4% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -12.4 pp | +0.6 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | +2.8 pp | +6.7 pp | 6th lowest of 13 |
| EV / EBITDA | 12.6× | 10.9× | 5th most expensive of 10 |
| Net debt / EBITDA | 2.4× | 1.9× | 3rd most indebted of 11 |
| Bond spread | 93 bp | 96 bp | 3rd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dsv A/s DSV.CO | Denmark | $51.5B | -3% | +37% | 8% | 23.5× | 3.9% | +16.3% |
| Poste Italiane PST.MI | Italy | $43.9B | +1% | +11% | 14% | 13.5× | 17.6% | -6.8% |
| FedEx FDX | United States | $72.2B | +1% | +8% | 7% | 15.4× | 8.3% | +2.5% |
| Deutsche Post DHL.DE | Germany | $72.8B | +21% | +1% | 8% | 16.0× | 3.3% | +4.4% |
| United Parcel Service UPS | United States | $92.1B | +9% | 0% | 9% | 13.6× | 3.9% | +1.0% |
| Expeditors International EXPD | United States | $24.0B | +18% | +19% | 10% | 21.1× | 8.9% | +2.9% |
| S.F 6936.HK | Hong Kong | $23.9B | -12% | +11% | 5% | 12.5× | -11.4% | +14.1% |
| S.F 002352.SZ | China | $23.9B | -7% | +6% | 5% | 15.9× | -12.9% | +14.9% |
| Brambles BXB.AX | Australia | $20.4B | +2% | +1% | 17% | 20.8× | 8.9% | +8.3% |
| Zto Express-w 2057.HK | Hong Kong | $15.6B | -19% | +21% | 20% | 10.2× | -1.6% | +13.5% |
| C.H. Robinson CHRW | United States | $14.5B | -27% | +10% | 5% | 17.2× | 9.2% | 0.0% |
| Grab GRAB | United States | $13.9B | -8% | +23% | 11% | 23.3× | 17.8% | +48.4% |
| Delivery Hero SE TEMP DHE1.DE | Germany | $12.9B | n/a | +11% | 0% | n/a | n/a | n/a |
Dsv A/s has 12 bonds outstanding with $9.13B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 4.04%, a spread of 93 bp over government bonds.