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DSV A/S Unsponsored ADR
(OTC:DSDVY)
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Rating:53Neutral
Price Target:
$92.00
▼(-13.19% Downside)
Action:Reiterated
Date:10/21/26
The score is held back primarily by weakening financial quality (margin compression, higher leverage, and sharply softer cash-flow momentum) and a bearish technical setup (price below key moving averages with a negative MACD). Valuation is an additional headwind given the high P/E and low yield. The latest earnings call provides partial support via narrowed EBIT guidance, strong reported cash conversion/free cash flow, and buyback relaunch, but Road recovery timing and delayed synergies remain notable risks.
Positive Factors
Improving Earnings Conversion
Rising conversion indicates that DSV is turning gross profit into EBIT more efficiently through operational initiatives and synergies. If sustained, this can support stronger earnings quality, improve resilience across freight cycles, and increase the returns generated by its global network.
Negative Factors
Margin Compression
Lower margins show that revenue growth is currently producing less profit than in prior periods, reflecting weaker pricing or mix and higher costs. Persistent compression would reduce earnings resilience and make DSV more dependent on operational improvements and successful synergy delivery.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Earnings Conversion
Rising conversion indicates that DSV is turning gross profit into EBIT more efficiently through operational initiatives and synergies. If sustained, this can support stronger earnings quality, improve resilience across freight cycles, and increase the returns generated by its global network.
Read all positive factors
DSV A/S Unsponsored ADR (DSDVY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$48.76B
Dividend Yield0.52%
Average Volume (3M)14.37K
Price to Earnings (P/E)47.8
Beta (1Y)0.81
Revenue Growth62.08%
EPS Growth-30.68%
CountryUS
Employees151,751
SectorIndustrials
Sector Strength72
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)14.51
Shares Outstanding480,889,040
10 Day Avg. Volume34,611
30 Day Avg. Volume14,370
Financial Highlights & Ratios
PEG Ratio-1.63
Price to Book (P/B)3.22
Price to Sales (P/S)1.61
P/FCF Ratio20.27
Enterprise Value/Market Cap1.12
Enterprise Value/Revenue0.20
Enterprise Value/Gross Profit2.16
Enterprise Value/Ebitda2.04
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.71
Revenue Forecast (FY)$45.58B
DSV A/S Unsponsored ADR Business Overview & Revenue Model
Company Description
DSV A/S is an international logistics and transport provider, offering its services across a vast geographical footprint that includes Europe, the Middle East, Africa, the Americas, Asia, and Oceania. The company organizes its extensive offerings ...
How the Company Makes Money
DSV primarily makes money by selling logistics and freight-forwarding services and earning a margin (gross profit) between what it charges customers and what it pays underlying carriers and service providers. Key revenue streams include: (1) Air a...
DSV A/S Unsponsored ADR Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 02, 2027
Earnings Call Sentiment Positive
The call was broadly positive, supported by group gross profit, EBIT, EPS, cash flow, conversion, Contract Logistics performance, improved Road service quality, integration progress, and the relaunch of share buybacks. However, Road remains a significant challenge, with lost volume, delayed synergies, and a recovery that is expected to take six to nine months. Air and Ocean freight also showed volume or gross profit pressure, while cost inflation, higher interest costs, and macro uncertainty remain headwinds.Positive Updates
Group Gross Profit and Earnings Growth
Group gross profit increased 2.3% in Q3, while EBIT grew significantly more due to realized synergies and higher conversion. EPS increased 11.5% on a 12-month rolling basis.
Negative Updates
Road Quality Issues Delayed Synergies
Road quality issues required management to prioritize operational fixes, delaying the realization of Road synergies and related special items into 2027. Management said the expected outcome and associated costs remain unchanged, but approximately DKK 1 billion of synergies has been delayed, with the full run-rate impact of that amount expected in 2028.
Read all updates
Q3-2026 Updates
Positive
Negative
Group Gross Profit and Earnings Growth
Group gross profit increased 2.3% in Q3, while EBIT grew significantly more due to realized synergies and higher conversion. EPS increased 11.5% on a 12-month rolling basis.
Read all positive updates
Company Guidance
DSV narrowed 2026 guidance to between DKK 24 billion and DKK 25 billion in EBIT; synergies are expected to be at least DKK 4 billion this year, with approximately DKK 1 billion pushed into next year, while the full run rate for the delayed DKK 1 billion is expected in 2028. Air & Sea volume is assumed to grow to be slightly below the market in Air & Sea, with yield slightly below what we have in Q4, while the aim remains to deliver on GP growth; Contract Logistics is expected to continue the growth seen so far, and the tax rate will remain as 28%. In Road, production cost is planned to be lowered between 5% and 10%, lost volume may take six to nine months into next year to regain, and volumes could move from index 92 to index 93 or 93.5 in Q4, with the rest recovered in two to three quarters; December is expected to be a weak month. The gearing target remains heading towards 2x during 2027, with the ambition to do it in the first half of 2027.DSV A/S Unsponsored ADR Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
58
Neutral
Cash Flow
47
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 280.40B | 235.79B | 167.11B | 150.78B | 235.66B | 182.31B |
| Gross Profit | 25.33B | 25.86B | 42.97B | 43.82B | 52.15B | 37.62B |
| EBITDA | 26.84B | 23.64B | 21.16B | 23.28B | 29.67B | 20.02B |
| Net Income | 6.89B | 7.78B | 10.11B | 12.31B | 17.57B | 11.21B |
Balance Sheet | ||||||
| Total Assets | 303.51B | 290.35B | 236.54B | 147.11B | 159.04B | 161.40B |
| Cash, Cash Equivalents and Short-Term Investments | 10.06B | 13.18B | 81.79B | 6.45B | 10.16B | 8.30B |
| Total Debt | 95.53B | 97.94B | 82.82B | 40.09B | 38.98B | 36.75B |
| Total Liabilities | 177.53B | 172.67B | 122.04B | 78.14B | 87.30B | 87.12B |
| Stockholders Equity | 125.61B | 117.40B | 114.18B | 68.70B | 71.52B | 74.10B |
Cash Flow | ||||||
| Free Cash Flow | 9.52B | 18.67B | 9.22B | 14.08B | 25.05B | 10.72B |
| Operating Cash Flow | 12.27B | 20.66B | 11.65B | 16.46B | 26.85B | 12.20B |
| Investing Cash Flow | -1.52B | -74.74B | -2.38B | -2.03B | -966.00M | 420.00M |
| Financing Cash Flow | -19.55B | -12.94B | 67.94B | -17.57B | -24.25B | -8.68B |
DSV A/S Unsponsored ADR Technical Analysis
Neutral
105.98
Price Trends
97.73
Positive
107.88
Negative
118.20
Negative
Market Momentum
0.07
Negative
66.26
Neutral
87.41
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DSDVY, the sentiment is Neutral. The current price of 105.98 is above the 20-day moving average (MA) of 90.17, above the 50-day MA of 97.73, and below the 200-day MA of 118.20, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 66.26 is Neutral, neither overbought nor oversold. The STOCH value of 87.41 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DSDVY.
DSV A/S Unsponsored ADR Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $25.61B | 28.59 | 40.68% | 0.80% | 6.77% | 12.05% | |
67 Neutral | $70.71B | 16.24 | 15.11% | 1.60% | 7.73% | 10.07% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $16.27B | 26.54 | 36.01% | 1.79% | -0.09% | 19.50% | |
62 Neutral | $83.82B | 18.47 | 29.07% | 6.59% | -0.18% | -19.99% | |
54 Neutral | $5.52B | 42.30 | 4.41% | ― | 7.55% | 114.56% | |
53 Neutral | $48.76B | 47.75 | 5.72% | 0.52% | 62.08% | -30.68% |
* Industrials Sector Average
DSDVY
DSV A/S Unsponsored ADR
103.64
-6.50
-5.90%
CHRW
CH Robinson
142.31
18.78
15.21%
EXPD
Expeditors International
196.19
78.95
67.33%
FDX
FedEx
303.92
115.33
61.16%
UPS
United Parcel
101.52
19.85
24.31%
GXO
GXO Logistics
48.91
-4.82
-8.97%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.