Plain Sailing for Narrow-Moat DSV in Q1

Although the first-quarter figures are skewed by the acquisition of Agility GIL, with revenue almost doubling year over year, one thing is certain, narrow-moat DSV’s strong performance in 2021, as a result of tight capacity in shipping markets, has continued into the first quarter of 2022. Despite the overhanging macroeconomic clouds, management was comfortable enough to raise full year guidance for 2022 by around 15% on an EBIT level. Although we expect to adjust our near-term forecasts marginally to reflect this, we do not expect it to have a material impact on our DKK 1,120 fair value estimate. At current levels we see the shares as being fully valued.