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1、 DSV Forecast sequential EBIT growth We expect increased activity levels from the seasonally low Q1 and a sequentially higher EBIT contribution(well reflected in consensus)on market share gains and stable yields.Maersk recently dropped out of the bidding for DB Schenker,leaving three contenders.We e

2、stimate EPS accretion of 1831%in our updated hypothetical tie-up.We reiterate our BUY and DKK1,400 target price.Q2 preview(results due at c07:30 CET on 24 July).Data points suggest good volume market growth in air and sea freight,where we forecast c7%and c5%volume growth(consensus c6%)YOY,respective

3、ly,supported by continued market share gains.We expect a limited tailwind from the Red Sea disruptions and gross profit yields roughly flat versus Q1(consensus+1%QOQ).Combined with flattish opex QOQ,we forecast group Q2 EBIT of DKK4.0bn(in line with consensus),reflecting a 38.2%group conversion rati

4、o.And then there were three.Maersk recently dropped out of the bidding for DB Schenker,reportedly leaving DSV and two other contenders in the bidding process.We continue to find DSV in a favourable position,given its execution track record and significant synergy potential compared to the competing

5、suiters,and expect a signing of the deal to be announced in September/Q4.We have revisited our hypothetical tie-up from our deep dive in December(view full report),and see 1831%EPS accretion after five years of integration,based on an EBIT contribution of cDKK15bn from synergies and added scale bene

6、fits,and an M&A EV of EUR12bn15bn.2024 guidance likely to remain:EBIT before special items of DKK15bn17bn,reflecting a return to volume growth in the full year and gross profit yield stabilisation versus Q4 2023.We have raised our 20242026e EBIT by c1%,expecting DKK16.2bn in 2024(consensus DKK16.3bn