# DSV A/S (DSV.CO)

Canonical: https://gigainvestors.com/s/DSV.CO

Analysis as of: 2026-10-16T07:34:01.802Z. Financial observations: FY2000–FY2025.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: DKK 1,195.50 per share; close as of 2026-10-15.

Estimated value: low DKK 959.82 per share, central DKK 1,297.23 per share, high DKK 1,517.19 per share. Buy at or below the central value DKK 1,297.23 per share. Valuation as of 2026-10-16T07:34:01.802Z; scenarios are not confidence intervals.

Expected annual return: 10.6% at the stated quote. About 10.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.08×

- FY2021: 0.09×

- FY2022: 0.10×

- FY2023: 0.11×

- FY2024: 0.09×

- FY2025: 0.07×

### moat: pass

- ROIC, median of available years: 43.7%

- ROIC, second-lowest year: 25.7%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 12.3%

- Recent gross margin (lower of latest and 3-year median): 11.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 9.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 44.9%

- FY2017: 58.4%

- FY2018: 65.2%

- FY2019: 25.7%

- FY2020: 39.5%

- FY2021: 42.9%

- FY2022: 71.3%

- FY2023: 44.4%

- FY2024: 29.8%

- FY2025: 15.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 58B

- Net income, five-year total: DKK 59B

- Return on incremental invested capital: 75.5%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 4.1 pp

- Working capital / revenue, final three-year average: 16.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 1.00×

- FY2023: 0.95×

- FY2024: 0.93×

- FY2025: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 58.4% vs 29.8%

- Per-share earnings: 12.26 to 43.03 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.6%

- Ordinary dilution, 5-year annual growth: 0.9%

- Market cap gain: DKK 326B

- Cumulative retained earnings: DKK 114B

- Diluted shares, 10-year annual growth: 3.6%

- Diluted shares, 5-year annual growth: 0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.0%

- Per-share value change: DKK 30.77

- Per-share value, starting three-year median: DKK 12.26

- Per-share value, ending three-year median: DKK 43.03

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 4.0%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: DKK 147B

- Cumulative net income, 10 years: DKK 76B

- ROIC, first three-year median: 58.4%

- ROIC, last three-year median: 29.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 9.00

- FY2017: DKK 15.96

- FY2018: DKK 21.98

- FY2019: DKK 18.16

- FY2020: DKK 18.70

- FY2021: DKK 48.92

- FY2022: DKK 79.39

- FY2023: DKK 58.17

- FY2024: DKK 43.03

- FY2025: DKK 33.98

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.29×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.0%

- FY2017: -4.4%

- FY2018: -0.8%

- FY2019: -3.3%

- FY2020: -6.3%

- FY2021: -0.6%

- FY2022: -5.8%

- FY2023: -2.8%

- FY2024: -0.7%

- FY2025: -4.6%

## Holders

## Price story

Down 32% since Jan 2026 · sales +47.5%

Story as of 2026-10-16T09:59:58.827Z; price observation 2026-10-15.

Price needs cash profits to grow 4.2% a year for ten years

### Sales · FY2024–2025

sales +47.5%; source https://filings.xbrl.org/529900X41C0BSLK67H70/2026-06-30/ESEF/DK/0/DSV-2026-06-30-en/reports/529900X41C0BSLK67H70-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: DKK 68B 

- FY2017: DKK 74B 

- FY2018: DKK 79B 

- FY2019: DKK 94B 

- FY2020: DKK 115B 

- FY2021: DKK 182B 

- FY2022: DKK 235B 

- FY2023: DKK 150B 

- FY2024: DKK 166B 

- FY2025: DKK 245B 

### Gross margin · FY2025

gross margin 11%; source https://filings.xbrl.org/529900X41C0BSLK67H70/2026-06-30/ESEF/DK/0/DSV-2026-06-30-en/reports/529900X41C0BSLK67H70-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: 10.0% 

- FY2017: 10.1% 

- FY2018: 20.7% 

- FY2019: 20.8% 

- FY2020: 20.7% 

- FY2021: 10.9% 

- FY2022: 12.7% 

- FY2023: 14.4% 

- FY2024: 11.9% 

- FY2025: 11.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in integrated freight & logistics; annual sales are DKK 245.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 245208000000; grossProfit 26890000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DSV.CO: 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.

### Why customers stay

Margins ranged from 11% to 14.4% during 2023–25; it earns 43.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 14.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 11.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.44943938871217715],[2017,0.5835989080558979],[2018,0.651551900288588],[2019,0.2568438329302138],[2020,0.3953500551115849],[2021,0.42909985806301526],[2022,0.7134265086616868],[2023,0.4441998698579881],[2024,0.298029494260784],[2025,0.1542136845316154]]; median 0.43664986396050165. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 311000000; upkeep 775000000; owner earnings 1668000000. Growth capex / owner earnings = 0.18645083932853718.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 227000000; upkeep 786000000; owner earnings 2981000000. Growth capex / owner earnings = 0.07614894330761489.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 220594311.8705566; upkeep 989405688.1294434; owner earnings 3772594311.870557. Growth capex / owner earnings = 0.05847284219680112.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 0; upkeep 1292000000; owner earnings 3523600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 0; upkeep 1341000000; owner earnings 4492400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 0; upkeep 1483000000; owner earnings 10858400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 0; upkeep 1794000000; owner earnings 17491600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 0; upkeep 2375000000; owner earnings 11661600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 2092000000; owner earnings 9451400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 2065000000; owner earnings 8520000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,327000000],[2017,342000000],[2018,380000000],[2019,423000000],[2020,588000000],[2021,920000000],[2022,1320000000],[2023,1424000000],[2024,1533000000],[2025,1683000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 17.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DSV.CO SharesStats.PercentInsiders = 17.7 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.2% yearly over ten years; actual growth was 11.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.04707719918099651. Price 1195.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 12.261450381679388 → FY2025 35.76492870941499. Closing-price date 2026-10-15.

## Monthly share-price history (DKK per share)

- 2016-10: DKK 328.40 per share

- 2016-11: DKK 315.90 per share

- 2016-12: DKK 314.20 per share

- 2017-01: DKK 334.40 per share

- 2017-02: DKK 345.40 per share

- 2017-03: DKK 361.00 per share

- 2017-04: DKK 380.40 per share

- 2017-05: DKK 403.10 per share

- 2017-06: DKK 400.00 per share

- 2017-07: DKK 405.60 per share

- 2017-08: DKK 443.00 per share

- 2017-09: DKK 476.30 per share

- 2017-10: DKK 494.00 per share

- 2017-11: DKK 481.20 per share

- 2017-12: DKK 488.60 per share

- 2018-01: DKK 493.00 per share

- 2018-02: DKK 480.40 per share

- 2018-03: DKK 474.30 per share

- 2018-04: DKK 490.30 per share

- 2018-05: DKK 529.40 per share

- 2018-06: DKK 515.60 per share

- 2018-07: DKK 534.40 per share

- 2018-08: DKK 601.80 per share

- 2018-09: DKK 584.00 per share

- 2018-10: DKK 529.60 per share

- 2018-11: DKK 504.40 per share

- 2018-12: DKK 429.20 per share

- 2019-01: DKK 519.40 per share

- 2019-02: DKK 545.60 per share

- 2019-03: DKK 550.40 per share

- 2019-04: DKK 615.00 per share

- 2019-05: DKK 597.40 per share

- 2019-06: DKK 644.60 per share

- 2019-07: DKK 645.00 per share

- 2019-08: DKK 672.40 per share

- 2019-09: DKK 651.80 per share

- 2019-10: DKK 650.00 per share

- 2019-11: DKK 738.40 per share

- 2019-12: DKK 767.80 per share

- 2020-01: DKK 733.60 per share

- 2020-02: DKK 681.80 per share

- 2020-03: DKK 618.20 per share

- 2020-04: DKK 702.60 per share

- 2020-05: DKK 708.00 per share

- 2020-06: DKK 809.80 per share

- 2020-07: DKK 867.00 per share

- 2020-08: DKK 975.40 per share

- 2020-09: DKK 1,037.50 per share

- 2020-10: DKK 1,035.00 per share

- 2020-11: DKK 984.60 per share

- 2020-12: DKK 1,020.00 per share

- 2021-01: DKK 959.60 per share

- 2021-02: DKK 1,132.00 per share

- 2021-03: DKK 1,244.50 per share

- 2021-04: DKK 1,379.50 per share

- 2021-05: DKK 1,472.50 per share

- 2021-06: DKK 1,462.50 per share

- 2021-07: DKK 1,528.00 per share

- 2021-08: DKK 1,605.00 per share

- 2021-09: DKK 1,540.50 per share

- 2021-10: DKK 1,495.50 per share

- 2021-11: DKK 1,428.00 per share

- 2021-12: DKK 1,527.50 per share

- 2022-01: DKK 1,337.50 per share

- 2022-02: DKK 1,227.00 per share

- 2022-03: DKK 1,300.50 per share

- 2022-04: DKK 1,170.00 per share

- 2022-05: DKK 1,137.50 per share

- 2022-06: DKK 991.20 per share

- 2022-07: DKK 1,220.00 per share

- 2022-08: DKK 1,096.50 per share

- 2022-09: DKK 896.00 per share

- 2022-10: DKK 1,020.00 per share

- 2022-11: DKK 1,119.00 per share

- 2022-12: DKK 1,096.50 per share

- 2023-01: DKK 1,126.00 per share

- 2023-02: DKK 1,281.00 per share

- 2023-03: DKK 1,326.50 per share

- 2023-04: DKK 1,270.50 per share

- 2023-05: DKK 1,342.50 per share

- 2023-06: DKK 1,433.00 per share

- 2023-07: DKK 1,357.00 per share

- 2023-08: DKK 1,307.50 per share

- 2023-09: DKK 1,319.00 per share

- 2023-10: DKK 1,052.00 per share

- 2023-11: DKK 1,030.50 per share

- 2023-12: DKK 1,185.50 per share

- 2024-01: DKK 1,237.50 per share

- 2024-02: DKK 1,106.00 per share

- 2024-03: DKK 1,122.00 per share

- 2024-04: DKK 997.80 per share

- 2024-05: DKK 1,054.00 per share

- 2024-06: DKK 1,067.00 per share

- 2024-07: DKK 1,264.00 per share

- 2024-08: DKK 1,205.00 per share

- 2024-09: DKK 1,382.50 per share

- 2024-10: DKK 1,490.50 per share

- 2024-11: DKK 1,507.00 per share

- 2024-12: DKK 1,529.00 per share

- 2025-01: DKK 1,436.00 per share

- 2025-02: DKK 1,443.50 per share

- 2025-03: DKK 1,332.50 per share

- 2025-04: DKK 1,390.00 per share

- 2025-05: DKK 1,548.00 per share

- 2025-06: DKK 1,522.00 per share

- 2025-07: DKK 1,464.50 per share

- 2025-08: DKK 1,413.00 per share

- 2025-09: DKK 1,264.50 per share

- 2025-10: DKK 1,375.00 per share

- 2025-11: DKK 1,467.50 per share

- 2025-12: DKK 1,615.00 per share

- 2026-01: DKK 1,769.00 per share

- 2026-02: DKK 1,635.50 per share

- 2026-03: DKK 1,531.00 per share

- 2026-04: DKK 1,558.50 per share

- 2026-05: DKK 1,609.50 per share

- 2026-06: DKK 1,549.00 per share

- 2026-07: DKK 1,405.50 per share

- 2026-08: DKK 1,357.50 per share

- 2026-09: DKK 1,168.00 per share

- 2026-10: DKK 1,153.50 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 136.31 per share, central DKK 164.30 per share, high DKK 191.11 per share

- FY2017: low DKK 174.20 per share, central DKK 209.96 per share, high DKK 244.58 per share

- FY2018: low DKK 210.47 per share, central DKK 267.98 per share, high DKK 313.07 per share

- FY2019: low DKK 225.41 per share, central DKK 286.11 per share, high DKK 334.06 per share

- FY2020: low DKK 249.15 per share, central DKK 316.42 per share, high DKK 368.43 per share

- FY2021: low DKK 434.44 per share, central DKK 586.89 per share, high DKK 684.52 per share

- FY2022: low DKK 701.19 per share, central DKK 984.03 per share, high DKK 1,152.45 per share

- FY2023: low DKK 540.09 per share, central DKK 710.41 per share, high DKK 830.15 per share

- FY2024: low DKK 796.04 per share, central DKK 859.75 per share, high DKK 944.56 per share

- FY2025: low DKK 829.47 per share, central DKK 1,114.67 per share, high DKK 1,300.60 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900X41C0BSLK67H70/2026-06-30/ESEF/DK/0/DSV-2026-06-30-en/reports/529900X41C0BSLK67H70-2026-06-30-1-en.xhtml); period 2026-06-30, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations