DSV A/S (DSV.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+50.9%

DKK 2,176.23

vs DKK 1,442.00 price

Levered DCF

DKK 2,498.39

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.96

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	47.04×	32.46×	20.55×	14.19×	31.02×	54.55×	41.15×	20.1×
P/B	3.24×	2.88×	3.68×	3.49×	4.69×	4.89×	3.08×	5.52×
P/S	1.55×	1.98×	1.69×	1.06×	1.91×	2.01×	1.62×	1.02×
EV / EBITDA	19.92×	15.51×	12.39×	9.41×	18.73×	23.54×	18.15×	13.82×
Gross margin	11.0%	11.9%	14.4%	12.7%	10.9%	20.7%	20.8%	20.7%
Operating margin	7.1%	9.1%	11.2%	10.3%	8.6%	7.7%	6.5%	6.4%
Net margin	3.3%	6.1%	8.2%	7.5%	6.2%	3.7%	3.9%	5.1%
Current ratio	0.95×	3.23×	1.11×	1.16×	1.1×	1.05×	0.96×	1.16×
Debt / equity	1.04×	0.73×	0.58×	0.55×	0.5×	0.45×	0.42×	0.49×
Interest coverage	4.64×	7.48×	11.2×	16.66×	15.99×	9.74×	7.88×	14.16×
Dividend yield	0.4%	0.5%	0.6%	0.5%	0.3%	0.3%	0.3%	0.5%
Payout ratio	20.8%	15.2%	11.6%	7.5%	8.2%	13.8%	11.4%	9.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.9%	8.9%	17.9%	24.6%	15.1%	9.0%	7.5%	27.5%
Return on invested capital	5.4%	5.7%	11.0%	15.8%	10.2%	9.4%	6.2%	16.5%
Return on assets	2.8%	4.3%	8.4%	11.0%	6.9%	4.4%	3.8%	10.3%
Free cash flow yield	5.1%	2.9%	5.6%	10.1%	3.1%	3.9%	3.7%	3.8%
Earnings yield	2.1%	3.1%	4.9%	7.0%	3.2%	1.8%	2.4%	5.0%
Enterprise value	DKK 489.6B	DKK 329.3B	DKK 288.7B	DKK 279.8B	DKK 376B	DKK 248.9B	DKK 170.8B	DKK 87.3B
Net debt / EBITDA	4.43×	0.05×	1.53×	1.03×	1.42×	1.62×	1.97×	1.09×
Cash conversion cycle (days)	58	60	52	43	63	37	41	28