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DSV Panalpina A/S (DSV) Fair Value & Analysis

Industrials · DK · Market cap 396B DKK (≈ $61.6B) · ISIN DK0060079531

What is DSV Panalpina A/S really worth?

DP DSV Panalpina A/S DSV · CO
Pricekr 1,322
Fair Valuekr 712.57
Upside−46.1%
Quality48/100

Below-average quality, and trading another 85% above our fair value of kr 712.57.

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Strengths

Healthy Growth (revenue 5y +16.3 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 2.5% net margin
!Trails peers (4/15)
!Narrow moat 43/100
!Weak on past: 25 out of 100
!Weak on dividend: 11 out of 100

For context

·0.53% dividend yield
Evidence: High Range kr 476.11 – kr 890.71

Fair value as of: Sep 1, 2026

From 26 valuation models · updated 4 days ago

Share price −1.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (kr 890.71). The favourable scenario is already priced in.
  • Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (kr 476.11 to kr 890.71) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

kr 1,894 kr 850.64 Fair Value kr 712.57 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.

How to read this chart

60‑month range kr 850.64 – kr 1,894 · fair‑value band kr 476.11 – kr 890.71 · the kr 1,322 price screens above the kr 712.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.

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Analysis

DSV Panalpina A/S (DSV) currently trades at kr 1,322, while our model-based Fair Value estimate is kr 712.57, implying the stock looks roughly 85.5% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of kr 1,336 per share, and 6 of the 26 models we run sit above the kr 1,322 price. Bear case: the Dividend Discount group reads lowest at kr 121.36, and 20 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, DSV Panalpina A/S generated revenue of 276B DKK at a net margin of 2.5%. Revenue grew 68.9% year over year. It earns a return on equity of 6.2%. Net debt stands at 109B DKK. Fundamentals as of Sep 1, 2026

Our scenario range runs from kr 476.11 (bear case) to kr 890.71 (bull case); at kr 1,322, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 31% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −2% fair-value upside, at −46%, DSV screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 19.41 per share, which is 2.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income kr 403.35 kr 425.62 kr 462.48 76
FCF DCF kr 974.23 kr 2,080 kr 4,178 75
EPV kr 393.35 kr 495.14 kr 585.62 74
All 26 models by family
DCF Models
FCF DCF kr 974.23 kr 2,080 kr 4,178 75
Owner Earnings kr 693.39 kr 1,531 kr 3,120 71
5Y Revenue Exit kr 631.16 kr 1,232 kr 2,055 70
5Y EBITDA Exit kr 864.31 kr 1,728 kr 2,834 73
5Y P/E Exit kr 513.77 kr 982.74 kr 1,521 69
10Y Revenue Exit kr 707.54 kr 1,336 kr 2,318 64
10Y EBITDA Exit kr 892.50 kr 1,714 kr 3,007 65
10Y P/E Exit kr 651.66 kr 1,145 kr 1,847 62
Earnings-Based
Graham-Dodd kr 230.74 kr 1,186 kr 1,640 64
Lynch FV kr 323.75 kr 462.49 kr 601.24 61
PEG = 1.0 kr 323.75 kr 462.49 kr 601.24 57
EPV kr 393.35 kr 495.14 kr 585.62 74
Dividend Discount
Gordon GGM kr 67.86 kr 148.15 kr 249.26 65
DDM Multi-Stage kr 67.86 kr 121.36 kr 154.39 66
Multiples
P/E Multiple kr 534.43 kr 712.57 kr 890.71 63
P/S Multiple kr 432.63 kr 576.84 kr 721.05 58
P/B Multiple kr 432.63 kr 576.84 kr 721.05 55
EV/EBIT kr 748.86 kr 1,060 kr 1,370 65
EV/EBITDA kr 884.07 kr 1,240 kr 1,596 67
EV/Revenue kr 481.96 kr 767.14 kr 1,052 53
Asset-Based
NCAV (Graham) kr 246.08 kr 329.75 kr 492.17 54
Growth DCF
Growth DCF kr 959.68 kr 1,962 kr 3,827 74
Rev-Margin DCF kr 631.16 kr 1,219 kr 2,004 70
Economic Profit
Residual Income kr 403.35 kr 425.62 kr 462.48 76
ROIC Compounder kr 393.35 kr 499.27 kr 725.80 71
Growth Earnings
Growth-Adj P/E kr 487.01 kr 695.72 kr 904.44 67

Widest divergence: DCF Models (kr 1,336) versus Dividend Discount (kr 121.36). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 43.5
P/S ratio 1.44 P/E × margin
EPS (TTM) kr 30.37 price ÷ EPS = P/E 43.5
Dividend yield 0.5% payout 23.0%
Net margin 3.3% FY2025
Return on equity 6.2% TTM
More key figures
Profitability
Return on assets (EBIT) 9.8% avg 5y
Operating margin 7.1% TTM
Growth
Revenue (TTM) 276B DKK TTM
Revenue growth (YoY) +68.9% 3y avg +1.5%
EPS growth (YoY) −42.9%
Balance sheet & cash flow
Free cash flow 19.4B DKK FY2025
Net debt 109B DKK FY2025 · ≈ 5.6 yrs of FCF

Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 51 · Market factors (momentum, volatility) 34

Profitability 34
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 38
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

DSV A/S offers freight forwarding and logistics services in Europe, the Middle East, Africa, North America, South America, Asia, Australia, and the Pacific. It operates through three segments: Air & Sea, Road, and Solutions.

Full company description

DSV A/S offers freight forwarding and logistics services in Europe, the Middle East, Africa, North America, South America, Asia, Australia, and the Pacific. It operates through three segments: Air & Sea, Road, and Solutions. The company provides air freight, charter, and sea-air freight services, as well as unit load devices; sea freight services, including less-than-container load services, sea freight services, break bulk, sea containers, and DSV LCL sailing schedule services; and warehousing, e-commerce fulfilment, supply chain, contract logistics, and logistics solutions. It also offers road freight services, such as full load, part load, and groupage; conventional freight forwarding services and tailored project cargo solutions; and freight management, customs clearance, decarbonising logistics, order management, insurance, and e-commerce solutions. The company serves the automotive, technology, healthcare, energy, industrial, consumer, defense, aerospace, and chemical industries. The company was formerly known as DSV Panalpina A/S and changed its name to DSV A/S in September 2021. DSV A/S was incorporated in 1976 and is based in Hedehusene, Denmark.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

DSV Panalpina A/S reported revenue of 245B DKK in FY2025 versus 182B DKK in FY2021, a compound +7.8%/yr. Reported net income was 8.1B DKK in FY2025, compounding −7.8%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
245B DKK
Latest YoY
+47.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.5%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.3%
Avg. revenue growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.5%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+14.5% (14.0 + 0.5)
Revenue +7.8%/yr
FY21 182B DKK
FY22 235B DKK
FY23 150B DKK
FY24 166B DKK
FY25 245B DKK
Net income −7.8%/yr
FY21 11.2B DKK
FY22 17.6B DKK
FY23 12.3B DKK
FY24 10.1B DKK
FY25 8.1B DKK
Character of growth · EPS growth decomposed (2014-2025) +18.7 % p.a.
Revenue per share +11.6 %

of which total revenue +14.4 % · buybacks/dilution −2.5 %

EBIT margin +5.4 %
Tax rate −0.2 %
Residual (interest, one-offs) +1.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

DSV screens 85% overvalued. Compare with United Parcel Service, Inc →

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Cite: Fair Value Calculator (2026). "DSV Panalpina A/S Fair Value". https://www.fairvalue-calculator.com/stock/DSV

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Integrated Freight & Logistics · 206 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Below median
Fair Value upside −46% · Bottom 25%
Return on equity (TTM) 6% · Below median
Return on assets 5% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 7% · Above median
Revenue growth 69% · Top 25%
Dividend yield (TTM) 0.5% · Bottom 25%
Debt / equity 0.49× · Higher than 75% of peers

Valuation Multiples vs Integrated Freight & Logistics median · lower = cheaper

P/E (TTM) 43.5× · Pricier than 75% of peers
P/B 3.37× · Pricier than 75% of peers
P/S (TTM) 1.43× · Pricier than 75% of peers
P/FCF 3.2× · Pricier than median
EV/EBITDA 18.5× · Pricier than 75% of peers
PEG 1.04× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 43
FUTURE100 · sector 8
PAST25 · sector 26
HEALTH76 · sector 94
DIVIDEND11 · sector 55

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Integrated Freight & Logistics stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).

Stock Price Fair Value vs Fair Value
United Parcel Service, Inc UPS $105.33 $103.34 −2%
FedEx Corporation FDX $330.88 $347.68 +5%
Deutsche Post AG DHL €56.14 €53.18 −5%
Kuehne + Nagel International AG KNIN CHF 219.90 CHF 147.92 −33%
J.B. Hunt Transport Services, Inc JBHT $256.48 $133.80 −48%
S.F. Holding 002352 ¥32.96 ¥48.64 +48%
C.H. Robinson Worldwide, Inc CHRW $150.39 $86.56 −42%
Expeditors International of Washington, Inc EXPD $190.97 $115.95 −39%
ZTO Express (Cayman) Inc ZTO $21.50 $28.62 +33%
Hyundai Glovis Co 086280 196,700 KRW 468,982 KRW +138%

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Frequently asked questions

Is DSV Panalpina A/S (DSV) overvalued or undervalued?
As of Sep 1, 2026, our model estimates a fair value of kr 712.57 versus a price of kr 1,322, about −46% upside (overvalued).
What is the fair value of DSV?
Our model-based fair value for DSV Panalpina A/S is kr 712.57 (as of Sep 1, 2026), built from audited fundamentals. The current price: kr 1,322.
What is the quality score of DSV?
DSV Panalpina A/S has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of DSV Panalpina A/S (DSV)?
DSV Panalpina A/S reported trailing-twelve-month revenue of about 276B DKK (latest available figure, as of Sep 1, 2026).
What is the net profit margin of DSV?
The net profit margin of DSV Panalpina A/S is about 2.5%, meaning it keeps roughly 2.5% of revenue as net income. Based on the latest reported figures.
Does DSV Panalpina A/S pay a dividend?
DSV Panalpina A/S currently shows a dividend yield of about 0.53% relative to its recent price (as of Sep 1, 2026).
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