Industry

Industrials

Sector

Transportation Infrastructure

Country

Denmark

Company description

DSV A/S a Danish transport and logistics company that provides transport and logistics services in Europe, the Middle East, Africa, North America and South America, Asia, Australia, and the Pacific. The company operates through three divisions: Air & Sea, Road, and Solutions. Since foundation in 1976, DSV has achieved significant growth in size through a series of acquisitions. The company now employs 45,000 people and collaborate with a number of partners and agents worldwide.

Market cap.

DKKm 76,462

Share price

DKK 429

Earnings per share (EPS)

DKK 22

Dividend per share (DPS)

DKK 2

Price / earnings

19.2x

Price / sales

1.0x

Price / book value

5.3x

Enterprise value / EBITDA

13.4x

CEO

Jens Andersen

Chairman of the Board of Directors

Kurt Larsen

CFO

Jens Lund

Investor relations

Flemming Nielsen

Ticker symbol

DSV

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0060079531

Phone

0045 43 20 30 40

Website

dsv.com

Address

Hovedgaden 630, 2640 Hedehusene

Income statements

DKKm 20082009201020112012201320142015201620172018
Sales 37,43536,08542,56243,71044,91245,71048,58250,86967,74774,90179,053
Other income 00000000000
Total income 37,43536,08542,56243,71044,91245,71048,58250,86967,74774,90179,053
Total expenses -35,019-34,534-39,846-40,735-41,838-42,658-45,437-47,294-63,497-69,237-72,841
EBITDA 2,4161,5512,7162,9753,0743,0523,1453,5754,2505,6646,212
Depreciation tangible assets -275-352-315-330-294-256-283-283-474-502-448
Write-downs tangible assets 00000000000
EBITA 2,1411,1992,4012,6452,7802,7962,8623,2923,7765,1625,764
Amortisation intangible assets -127-184-204-219-240-244-238-242-301-284-314
Income from associated companies 00000000000
Earnings before interest and taxes (EBIT) 2,0141,0152,1972,4262,5402,5522,6243,0503,4754,8785,450
Financial income 1212021161195339464722294130
Financial expenses -522-749-654-557-299-337-352-350-406-650-379
Income from associated companies -3-8170000000
Earnings before taxes (EBT) 1,6104601,6601,9952,0192,1252,0142,6892,2893,7975,201
Taxes -377-269-466-546-589-554-523-631-611-785-1,213
Profit from continuing operations 1,2331911,1941,4491,4301,5711,4912,0581,6783,0123,988
Discontinued operations 00000000000
Minorities -6-6-10-9-36-1-2-10-31-12
Net profit or loss 1,2271851,1841,4401,4271,5771,4902,0561,6682,9813,976

Cash flow statements

DKKm 20082009201020112012201320142015201620172018
EBITDA 2,4161,5512,7162,9753,0743,0523,1453,5754,2505,6646,212
Net interest paid 401547-532-415-236-260-256-313-291-276-304
Taxes paid -491-275-181-425-782-536-527-601-764-969-851
Investments in working capital -228985-8-184-196-217-280758-1,158944-520
Other operating cash items -1,203-1,106-332-88-209-264-163-259-764-699-236
Cash flow from operations (CFFO) 8951,7021,6631,8631,6511,7751,9193,1601,2734,6644,301
Capital expenditures (capex) 2,059-3,07820-86-155-79-447-323-329-317-385
Acquisitions -3,507-29-50-65-106-269-14-108-4,624-8-59
Disposals 962-12-4012000000
Other investing cash items 00000000000
Cash flow from investing activities -486-3,119-34-151-249-348-461-431-4,953-325-444
Free cash flow to equity holders (FCFE) 409-1,4171,6291,7121,4021,4271,4582,729-3,6804,3393,857
Dividends paid -500-52-105-190-235-270-283-327-342-380
Share buy-backs -5810-297-2,394-1,303-700-1,183-1,4190-1,559-4,161
New share issues 0377-7-1219162215479220303388
Increase/(decrease) in debt -465-3,822-1,0426837502,48504,76100153
Other financing cash flows 4,713-235109-693-2,984-495-1,791593-3,107-47
Cash flow from financing activities (CFFF) -1,0961,268-1,633-1,708-1,217-1,272-1,7331,747486-4,705-4,047
Discontinued activities and other 0000000000
Net cash flow / Change in cash position -149-44185155-2754,476-3,194-366-190

Balance sheets

DKKm 20082009201020112012201320142015201620172018
Goodwill 00000000015,45915,508
Other intangible assets 8,4368,7218,7728,6838,7238,9828,9288,99617,2471,1141,234
Total intangible assets 8,4368,7218,7728,6838,7238,9828,9288,99617,24716,57316,742
Fixed tangible assets 5,0934,9754,7824,5034,2613,8833,9273,5683,3342,4312,490
Shares and associated companies 7919260000000
Other financial assets 14996121144153147297119317257291
Deferred tax assets 2573794494304094304885151,031965851
Other non-current assets 00000000000
Total fixed assets 13,94214,18014,14313,78613,54613,44213,64013,19821,92920,22620,374
Inventories 000000002,0261,762718
Trade receivables 9,1857,3998,4058,5657,2387,4697,8547,79912,33812,55713,252
Other current assets 82234174161,4581,4821,7541,8202,3602,4953,310
Cash and cash equivalents 5163673633675527074324,9081,7141,3481,158
Total current assets 9,7838,0008,9428,9489,2489,65810,04014,52718,43818,16218,438
Total assets 23,72522,18023,08522,73422,79423,10023,68027,72540,36738,38838,812
Equity 3,8085,5016,5495,2795,3486,2186,05211,80913,41614,83514,561
Non-controlling interests (minorities) 4929363037302932-38-26-29
Shareholders equity 3,8575,5306,5855,3095,3856,2486,08111,84113,37814,80914,532
Pension liabilities 8108848719751,0781,0341,3111,2261,4881,124915
Deferred tax liabilities 42944957652741141136632128782188
Long-term provisions 379562309391418361328360736706627
Convertible debt 00000000000
Long-term debt 7,0846,6375,6426,0916,1906,0665,7024,3098,7256,4916,593
Other long-term liabilities 3517000000000
Total long-term liabilities 8,7378,5497,3987,9848,0977,8727,7076,21611,2368,4038,323
Short-term debt 2,9736205938619235905893131,358495545
Trade payables 7,8027,1087,8337,9384,3854,5374,7824,9977,0107,4777,646
Other current liabilities 3563736766424,0043,8534,5214,3587,3857,2047,766
Total current liabilities 11,1318,1019,1029,4419,3128,9809,8929,66815,75315,17615,957
Total equity and liabilities 23,72522,18023,08522,73422,79423,10023,68027,72540,36738,38838,812

Growth rates

[%] 20082009201020112012201320142015201620172018
Sales growth 0.0%-4.0%18.0%3.0%3.0%2.0%6.0%5.0%33.0%11.0%6.0%
EBITDA growth 0.0%-36.0%75.0%10.0%3.0%-1.0%3.0%14.0%19.0%33.0%10.0%
EBITA growth 0.0%-44.0%100.0%10.0%5.0%1.0%2.0%15.0%15.0%37.0%12.0%
EBIT growth 0.0%-50.0%116.0%10.0%5.0%0.0%3.0%16.0%14.0%40.0%12.0%
EBT growth 0.0%-71.0%261.0%20.0%1.0%5.0%-5.0%34.0%-15.0%66.0%37.0%
Earnings growth 0.0%-85.0%540.0%22.0%-1.0%11.0%-6.0%38.0%-19.0%79.0%33.0%

Margins

[%] 20082009201020112012201320142015201620172018
EBITDA-margin 6.0%4.0%6.0%7.0%7.0%7.0%6.0%7.0%6.0%8.0%8.0%
EBITA-margin 6.0%3.0%6.0%6.0%6.0%6.0%6.0%6.0%6.0%7.0%7.0%
EBIT-margin 5.0%3.0%5.0%6.0%6.0%6.0%5.0%6.0%5.0%7.0%7.0%
EBT-margin 4.0%1.0%4.0%5.0%5.0%5.0%4.0%5.0%3.0%5.0%7.0%
Earnings-margin 3.0%1.0%3.0%3.0%3.0%3.0%3.0%4.0%2.0%4.0%5.0%

Other key figures

DKKm 20082009201020112012201320142015201620172018
Tax rate 23.0%58.0%28.0%27.0%29.0%26.0%26.0%23.0%27.0%21.0%23.0%
Net working capital balance (NWC) 1,1091527013075613052642,3292,1331,868
Net interest bearing debt (NIBD) 10,3517,7746,7437,5607,6396,9837,1709409,8576,7626,895
Invested capital (including goodwill) 14,20813,30413,32812,86913,02413,23113,25112,78123,23521,57121,427
Invested capital (excluding goodwill) 14,20813,30413,32812,86913,02413,23113,25112,78123,2356,1125,919
Enterprise value (EV) 20,68327,37932,20426,70633,58238,09039,13850,70268,12996,72283,357

Share data

20082009201020112012201320142015201620172018
Shares outstanding, millions (excl. treasury) 183209207186178175170183185184178
Market capitalisation (DKKm) 10,33219,60525,46119,14625,94331,10731,96849,76258,27289,96076,462
Market capitalisation (DKKm) 10,33219,60525,46119,14625,94331,10731,96849,76258,27289,96076,462
Share price (DKK) 56.594.0123.3103.0145.7177.8188.2271.7314.2488.6429.2
Earnings per share (EPS), (DKK) 6.70.95.77.37.88.98.612.19.016.022.0
Dividend per share (DPS), (DKK) 0.00.30.51.01.31.51.61.71.82.02.3

Price multiples

20082009201020112012201320142015201620172018
Price/Earnings (P/E) 8.4x106.0x21.5x13.3x18.2x19.7x21.5x24.2x34.9x30.2x19.2x
Price/Sales (P/S) 0.3x0.5x0.6x0.4x0.6x0.7x0.7x1.0x0.9x1.2x1.0x
Price/Book value (P/B) 2.7x3.6x3.9x3.6x4.9x5.0x5.3x4.2x4.3x6.1x5.3x

Enterprise value (EV) multiples

20082009201020112012201320142015201620172018
Enterprise value/Sales (EV/Sales) 0.6x0.8x0.8x0.6x0.8x0.8x0.8x1.0x1.0x1.3x1.1x
Enterprise value/EBITDA (EV/EBITDA) 8.6x17.7x11.9x9.0x10.9x12.5x12.4x14.2x16.0x17.1x13.4x
Enterprise value/EBITA (EV/EBITA) 9.7x22.8x13.4x10.1x12.1x13.6x13.7x15.4x18.0x18.7x14.5x
Enterprise value/EBIT (EV/EBIT) 10.3x27.0x14.7x11.0x13.2x14.9x14.9x16.6x19.6x19.8x15.3x