DSV Delivers in the Second Quarter, but Clouds on the Horizon

As freight rates fall and capacity issues ease, DSV continues to deliver in 2022. Although numbers were skewed upward by the integration of GIL, the fact that management are once again upgrading full-year EBIT guidance to 10%, indicates the economic environment remains supportive, at least for the remainder of the year. While we expect to tweak our near-term estimates on the back of this update, we do not expect this to have a material impact on our DKK 1,120 fair value estimate. At current levels we view the shares as fully valued.