Viking Ironclad Age Archives - The Loadstar

Aesop’s grape-hungry fox has a lesson for DHL’s dealmakers

Alessandro Pasetti — Tue, 05 Nov 2024 12:32:10 +0000

If you have followed our DeskOne live coverage of the conference call that followed the Q3 24 release of DHL Group’s results today, you may well be aware that headline group numbers were, as expected, broadly in line with preliminary figures released last week.
A couple of substantial add-ons…
… however follow, for your perusal: air freight performance in DHL Global Forwarding (GF) was disappointing in terms of gross profit (GP) per unit, ...

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‘DSV + Schenker’ – fingerprints

Alessandro Pasetti — Mon, 16 Sep 2024 11:11:09 +0000

At a town hall on Friday, 13 September, DB Schenker CEO Jochen Thewes did all he could to convince his company’s near-73,000 workforce that everything would be just fine, right after the signing of the €14.3bn sale of the group he led for about a decade had occurred.
For many of those who listened to his message, we were told, their jobs in jeopardy as cost synergies are key in the ...

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DSV and Deutsche Bahn agree €14.3bn sale of DB Schenker

Alex Lennane — Fri, 13 Sep 2024 09:38:48 +0000

Finally putting an end to all the media leaks, this morning Deutsche Bahn (DB) and DSV announced they have agreed a deal for the purchase of DB Schenker – subject to DB’s supervisory board approval.
DB’s board has signed a deal which will give DB Schenker an enterprise value of €14.3bn, which, with interest before closing, will be a total sales value of €14.8bn. All sale proceeds will go to DB, ...

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Guilty! Germany AG sells Schenker short – a steal at €14.3bn

Alessandro Pasetti — Fri, 13 Sep 2024 09:38:20 +0000

Let’s get frustration out of the way immediately: if nothing else changes, DSV will take over DB Schenker (DBS) within nine months. Me?
Dead wrong on the outcome, our base case always hinging on a sale to private equity followed by IPO exit within five years.
We still get wind of CVC Capital Partners doing all it can to get back in the race, but chances it could scupper the €14.3bn enterprise-value ...

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‘DSV + Schenker’ – shock, celebration and…risk

Alessandro Pasetti — Thu, 12 Sep 2024 10:50:27 +0000

Now it’s a waiting game for M&A aficionados after Reuters kept most of us up all night, trying to decide what to make of its breaking story headed: “Denmark’s DSV wins 14 billion-euro race for Deutsche Bahn’s Schenker, sources say“.
Here it comes
The exclusive followed earlier Bloomberg coverage – read: “DSV said [to be] in advanced talks to buy €14 billion Deutsche Bahn arm” – also according to which, the Danish ...

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‘Kick-ass’ DSV beats Kuehne to the punch

Alessandro Pasetti — Wed, 24 Jul 2024 11:22:13 +0000

I have probably said it all earlier, on a best-effort basis, in about 200 words here on DSV’s Q2 24 interims: and it’s in those key volume figures that DSV “outshined peer Kuehne+Nagel”, to borrow a tiny bit from Bernstein’s research update out to investors today, 24 July.
But give the Danish forwarder’s figures another look and underneath the surface, there are a few other value-accretive nuggets worth highlighting – as ...

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‘Mærsk-quits-Schenker’ effect? Short-lived!

Alessandro Pasetti — Tue, 02 Jul 2024 12:12:02 +0000

Let’s observe stock market developments after the Mærsk-quits-Schenker ripple effect was widely felt in Europe’s transport and logistics sector yesterday, Spike-y Monday 1 July.
A good sign for the start of Q3 24?
Lather, rinse, repeat: because at times, sifting through the nonsense of the capital markets can be pure joy at our end.
Rather: a sign of things to come?
If indeeeeeeed you missed the fun on Spike-y Monday, during a strong day ...

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Analysis: DSV CEO Lund by the book – that is not enough

Alessandro Pasetti — Thu, 13 Jun 2024 11:42:47 +0000

On 1 February 2024, Jens Lund, the newly appointed DSV CEO – previously group COO, and group CFO – didn’t waste a second…
… in informing the market that the Danish forwarder was certainly ready to do deals, “also big ones”, according to a Reuters flash headline that hit the wires ahead of mixed Q4/annual numbers.
How brave that was is embedded in the short-lived stock action.
A little bump to close at ...

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BlackRock trims stake – DSV between a rock and a hard place

Alessandro Pasetti — Tue, 21 May 2024 12:07:29 +0000

It was indeed a catchy headline that did the rounds last week on ShippingWatch (SW): “100 days into the job, DSV’s new boss faces his biggest task yet“.
(Just as other developments took place… skip to the bottom for juicier stuff.)
In a nutshell, highlighted in the table below…
… is the corporate mission for DSV to secure new Big (or Key) Accounts.
While Premium sources indicate that DSV “is succeeding” and may even ...

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Analysis: Bruised DSV – cash not king anymore?

Alessandro Pasetti — Wed, 01 May 2024 11:05:49 +0000

Post-Q1 24 release, breathe: DSV still languishes below a paltry Dkr1,000 a share, testing the previous numbers-induced Dkr988 low for the year again, in early trade today.
Consensus on price target from the analysts: still about +41% higher, according to S&P Global Market Intelligence estimates.
Our…
Race to the bottom from 28 February at Dkr1,100: all forgotten?
Sigh.
Blame that on the short-term view, if you believe the analysts are right keeping faith in the ...

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