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DSV leverer stærkt Q2 på trods af et marked i modvind

DSV har leveret endnu et solidt regnskab og sætter blandt andet ny rekord for højeste driftsmargin i branchen. Vi fastholder dog fair value på 440 kroner og mener derfor, aktien er betydeligt overvurderet med kun 1 stjerne.

Morningstar Equity Analysts 31/07/2019

DSV

Af Michael Field, CFA, Morningstar Aktieanalytiker.

DSV leverede resultater for første halvår, der næsten var på niveau med vores og markedets forventninger. På trods af at markedet har været presset, har selskabet været i stand til at øge sit bruttoresultat med 5,5 procent sammenlignet med sidste kvartal, mens EBIT-marginen voksede til 11,3 procent - det højeste niveau vi har været vidne til i de selskaber, vi dækker på området. Vi holder fast i vores estimater for 2019 og gentager vores fair value-estimat på 440 kroner. Vi mener, at DSV aktien i dag er overvurderet med blot 1 stjerne.

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Papirer nævnt i artikel

Navn på papirPrisÆndring (%)Morningstar Rating
C.H. Robinson Worldwide Inc82,21 USD1,66
DSV Panalpina AS835,80 DKK-0,52
Expeditors International of Washington Inc77,58 USD0,74
Kuehne + Nagel International AG164,60 USD4,24
Kuehne + Nagel International AG157,20 CHF1,16

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The Morningstar Star Rating for Stocks is assigned based on an analyst's estimate of a stocks fair value. It is projection/opinion and not a statement of fact. Morningstar assigns star ratings based on an analyst’s estimate of a stock's fair value. Four components drive the Star Rating: (1) our assessment of the firm’s economic moat, (2) our estimate of the stock’s fair value, (3) our uncertainty around that fair value estimate and (4) the current market price. This process culminates in a single-point star rating that is updated daily. A 5-star represents a belief that the stock is a good value at its current price; a 1-star stock isn't. If our base-case assumptions are true the market price will converge on our fair value estimate over time, generally within three years. Investments in securities are subject to market and other risks. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detail information about the Morningstar Star Rating for Stocks, please visit here

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