DHL Group

DHL: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€11.00	Hkxfj	Mfjpqmpg

DHL's Express Segment Volumes Still Under Pressure, but Modest Improvement Still Likely This Year

Matthew Young

Jul 9, 2024

Business Strategy and Outlook

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (roughly 12% of total revenue) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to continue to offset declines in traditional mail-related activity (on average) over the freight cycle, and despite an overall soft freight and logistics backdrop in 2023 and into first-half 2024.

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