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TRANSPORTATION: DSV (A3 Stable/A- Neg) Preliminary Q3 results and equity raise

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  • Q3 adj. EBIT is DKK4.4b (€0.6b) flat yoy and in-line with consensus. FY guidance is narrowed down to DKK 16-17b (€2.1-2.3b) from prev. 15.5-17b. FY consensus is already at the midpoint; 16.6b (€2.2b). Full Q3 results come 26th Oct.
  • Also announcing a DKK 37.3b (€5b) equity raise for funding of Schenker purchase.
  • Reminder it was a EV of €14.3b but €3.3b of that is net debt which co said was "mostly in leases" . So funding effectively only needed for the €11b equity value and implies €6b in debt funding to come after above (we expected €5-6.5b across TL and € bonds).

Re. earnings, the integration of Schenker (#3 buying #4 in global logistics) including its success in pulling up margins (currently half of DSV's) will be the movers. In the meantime credit is bracing for supply; no immediate rating changes expected by us on it. Deal closed expected in 2Q25 but looks like supply may come sooner.

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  • Q3 adj. EBIT is DKK4.4b (€0.6b) flat yoy and in-line with consensus. FY guidance is narrowed down to DKK 16-17b (€2.1-2.3b) from prev. 15.5-17b. FY consensus is already at the midpoint; 16.6b (€2.2b). Full Q3 results come 26th Oct.
  • Also announcing a DKK 37.3b (€5b) equity raise for funding of Schenker purchase.
  • Reminder it was a EV of €14.3b but €3.3b of that is net debt which co said was "mostly in leases" . So funding effectively only needed for the €11b equity value and implies €6b in debt funding to come after above (we expected €5-6.5b across TL and € bonds).

Re. earnings, the integration of Schenker (#3 buying #4 in global logistics) including its success in pulling up margins (currently half of DSV's) will be the movers. In the meantime credit is bracing for supply; no immediate rating changes expected by us on it. Deal closed expected in 2Q25 but looks like supply may come sooner.

Presser 1 and 2