DOCSLIB.ORG

Aktieudsyn DSV

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Aktieudsyn DSV AktieUdsyn DSV Hold 2017-prognosen vil løbe med opmærksomheden Uændret Holdanbefaling siden 09/10/2015 Analysedato: 07/02/2017 Fokuspunkter i årsregnskabet for 2016 Markedsudvikling. Væksttempoet i de første tre kvartaler af 2016 har været dæmpet på Aktuel kurs kl. 08:29: DSVs markeder, hvor luftfragtmarkedet er vokset med ca. 1%, søfragtmarkedet med ca. 2% og hvor stigningen i antallet af sendinger på landtransportmarkedet har været på 2- 334,90 DKK 3%. De økonomiske nøgletal og meldingerne fra selskaberne i sektoren i de seneste må- neder giver indtryk af, at den udvikling ikke har ændret sig væsentligt i tiden siden. Begivenhed: Opkøb af UTi. DSV er godt på vej til at føje opkøbet af UTi til listen over opkøbssuccesser. Vi forventer ingen negative toner i forhold til integrationsprocessen, og ser frem til meldin- Årsregnskab 2016 ger om, at DSV holder sig på sporet. Vi forventer ingen justeringer i DSVs målsætning for synergier i forbindelse med opkøbet – men det kan komme mod udgangen af 2017, så- Hvornår: fremt alt forløber planmæssigt og potentialet for flere forbedringer dukker op. Fredag d. 10/02/17 kl. ’Air & Sea’. Vi forventer, at DSVs samlede volumen i søfragt bliver på 1.310.000 TEU i 7.30 2016, svarende til en fremgang på 53% (334.000 TEU i 4. kvartal 2016). Vi ser et fald i bruttoresultatet pr. TEU til 3,37 kr. (fra 3,57 kr.) for hele året. Samlet modellerer vi en om- Kursudvikling ift. index sætning og bruttoresultat på 16.871 mio. kr. og 4.420 mio. kr. for hele 2016 i Søfragt. I luftfragt estimerer vi en volumenfremgang på 87% til 582 tons (160 tons i 4. kvartal 2016). Med et fortsat let pres på priserne forventer vi et bruttoresultat pr. ton på 7,0 kr. svarende til et mindre fald i forhold til 7,18 kr. i 2015. Inden for luftfragt ser vi desuden en omsæt- ning på 15.606 mio. kr. og et bruttoresultat på 4.073 mio. kr. Samlet for ’Air & Sea’ forven- ter vi en omsætning på 32.477 mio. kr., en bruttomarginal på 26,2% og EBIT før særlige poster på 2.187 mio. kr. i 2016. ’Road’. Vi forventer, at DSV fortsætter med at vinde markedsandele i ’Road’- divisionen. Vi imødeser en omsætningsvækst i 4. kvartal på 16% (inklusiv positiv effekt fra UTi), og det vil løfte årets samlede omsætning til 28,4 mia. kr. Bruttomarginalen for hele året esti- merer vi til 18,0% - svarende til et lille fald fra niveauet i 2015, og EBIT før særlige poster ser vi lande på 1.086 mio. kr. for hele året. Ændring i EPS-estimater: ’Solutions’. Vi modellerer en omsætning på 9.476 mio. kr. for hele året – og EBIT før sær- År Før Nu lige poster på 338 mio. kr. 2016E 8,70 8,70 Udlodning. DSV er ikke kendt for at udbetale et højt udbytte, og vi forventer den tendens 2017E 14,07 14,07 varer ved, og at selskabet vil udbetale 1,8 kr. pr. aktie. Aktietilbagekøb er heller ikke på agendan lige her og nu, men kan komme det (måske allerede i løbet af 2017) i takt med at Selskabets forventninger: DSV nedbringer gælden. EBIT før særlige poster forven- tes i niveauet 3.400-3.500 mio. Prognose. Vi forventer, at DSV kan øge indtjeningen organisk i 2017, og at synergierne fra kr. i 2016. UTi-opkøbet træder tydeligere frem. Vi forventer et ret bredt prognoseinterval fra årets begyndelse – formentlig i regionen 4,0-4,4 mia. kr. Mio. kr. 2015 2016E Vækst 2017E Vækst 2018E Vækst Nettoomsætning 50.869 67.999 33,7% 73.800 8,5% 77.507 5,0% Resultat af primær drift (EBIT) 3.050 2.475 -18,8% 3.777 52,6% 4.762 26,1% Resultat før skat 2.689 2.225 -17,2% 3.527 58,5% 4.512 27,9% Nettoresultat 2.056 1.625 -21,0% 2.628 61,8% 3.384 28,8% EPS (DKK) 11,95 8,70 -27,2% 14,07 61,8% 18,13 28,8% Overskudsgrad 6,0% 3,6% - 5,1% - 6,1% - DSV, nr. 1/ 2017 Jacob Pedersen, CFA Aktieanalysechef tlf. +45 74 37 44 52 [email protected] 07-02-2017 sydbank.dk Aktieanalysen 1/2 Almindelige oplysninger om udarbejdelse af analyser i Sydbank Denne analyse er udarbejdet af Sydbanks aktieanalyseafdeling, som er en del af Sydbank Markets, en forretningsenhed i Sydbank. Sydbank er under tilsyn af Finanstilsy- net. Sydbank har udarbejdet procedurer, der skal forebygge og forhindre interessekonflikter og sikre, at de udarbejdede analyser har en høj standard og er baseret på objektiv og uafhængig analyse. Disse procedurer er indarbejdet i forretningsgangene, der omfatter aktieanalyseaktiviteterne i Sydbank. Finansielle modeller og metoder anvendt i denne analyse De anbefalinger og holdninger, der udtrykkes i denne analyse er dannet på basis af en kombination af Discounted Cash Flow-analyse, branchekendskab, peer-group mul- tipel analyse samt selskabsspecifikke og markedstekniske elementer (begivenheder der påvirker både selskabets finansielle og driftsmæssige profil). Analysens omsæt- nings- og indtjeningsestimater (markeret med E efter det angivne årstal) er baseret på segmenterede modeller under anvendelse af subjektive vurderinger af relevante fremtidige markedstendenser og konjunkturforventninger. De heraf fremkomne resultater er samlet i en værdiansættelsesmodel, som også tager højde for den seneste ud- vikling i historiske rapporter. Endvidere tages der højde for selskabets egne samt konkurrerende selskabers forventninger. Analysen er udarbejdet på grundlag af informati- on fra kilder, som Sydbank finder troværdige. Primære kilder: DSV, Kuehne & Nagel, Panalpina. Risikovurdering og følsomhed En vurdering af de væsentligste risikoforhold og en kategorisering af risikoen (lav, middel eller høj) i forbindelse med anbefalingerne og holdningerne til denne analyse, her- under en følsomhedsanalyse, er gengivet i den senest udsendte Aktienyt på dette selskab, der kan findes på http://www.sydbank.dk/investering/analyser/aktier. Heraf fremgår ligeledes en vurdering af selskabets konkurrenceposition, som scores på en skala fra 1 til 5, hvor en høj score er ensbetydende med en stærk konkurrencepositi- on. De anførte risikofaktorer og følsomhedsanalysen kan dog ikke anses for at være udtømmende. Valutakursrisiko Såfremt aktiekursen er noteret i en anden valuta end danske kroner kan valutakursudsving påføre investorer tab eller gevinst. Interessekonflikter. Denne investeringsanalyse har ikke været forelagt det omhandlede selskab forud for analysens offentliggørelse. Planlagte opdateringer af analysen Denne analyse planlægges opdateret kvartalsvist. Anbefalingsstruktur Inden for det seneste kvartal har Sydbank haft investeringsanbefalinger på 27 selskaber. Fordelingen af anbefalinger fremgår nedenfor under ”Fordeling af anbefalinger”. Betydningen af anbefalingerne på selskabsniveau fremgår nedenfor under kursudvikling. På selskabsniveau: Anbefaling Kursudvikling Tidshorisont Fordeling af anbefalinger Køb Bedre end gennemsnittet af virksomheder i kategorien 12 måneder 40,7% Hold På linje med gennemsnittet af virksomheder i kategorien 12 måneder 40,7% Sælg Dårligere end gennemsnittet af virksomheder i kategorien 12 måneder 18,5% Vi opdeler virksomhederne i to kategorier - cykliske og defensive aktier. Køb betyder således, at aktien vil klare sig relativt bedre end de øvrige selskaber i kategorien. Hold betyder, at aktien vil klare sig på linje med de øvrige selskaber i kategorien. Endelig betyder sælg, at vi forventer, at aktien vil klare sig dårligere end de øvrige aktier i kate- gorien. Eventuelle ændringer i anbefalingen i forhold til den seneste anbefaling på selskabet fremgår af denne analyse. Anbefalingsoversigt: Køb Hold Sælg Danske Bank A. P. Møller Mærsk Bang & Olufsen Jyske Bank DSV FLSmidth Pandora Nordea Vestas Rockwool Cykliske aktier SAS Carlsberg ALK‐Abelló DONG Energy Genmab Chr. Hansen TDC GN Store Nord Coloplast William Demant H. Lundbeck ISS Defensive aktier Novo Nordisk Nets Novozymes Tryg Topdanmark For en uddybning af alle anbefalinger samt en historisk anbefalingsoversigt for selskabet henviser vi til www.sydbank.dk/investering/analyser/aktierHU .UH Denne investeringsanalyse henvender sig til Sydbanks kunder og må ikke uden Sydbanks udtrykkelige samtykke offentliggøres eller distribueres videre. Sydbank påtager sig intet ansvar for mangler, herunder eventuelle fejl i kilder, trykfejl eller beregningsfejl, samt efterfølgende ændrede forudsætninger. Anbefalinger i analysen er udtryk for bankens generelle holdning og kan ikke alene danne grundlag for investeringsbeslutninger. Anbefalinger kan medtages i forbindelse med rådgivning i Sydbank, hvor tillige kunders individuelle forhold skal indgå. Investering er forbundet med risikoen for økonomisk tab. Hverken historiske afkast og kursudvikling eller prognoser for fremtiden i materialet kan anvendes som pålidelig indikator for fremtidige afkast og kursudvikling. Et afkast og/eller en kursudvikling som beskrevet i dette materiale kan blive negativ. Hvor oplysningerne er baseret på brut- toafkast, vil gebyrer, provisioner og andre omkostninger kunne medføre, at afkastet bliver lavere end anført i materialet. Hvor materialet oplyser om den skattemæssige behandling af en disposition, er det med forbehold for, at den skattemæssige behandling altid afhænger af den enkelte kundes individuelle situation og at reglerne i øvrigt kan ændre sig fremover. I analysen nævnes aktier, som har risikomærkningen gul. Risikomærkningen gul betyder, at når der investeres i aktier, er der risiko for, at det investerede beløb kan tabes helt eller delvist. Produkttypen er typisk ikke vanskelig at gennemskue. Denne publikation er ikke et tilbud om eller en opfordring til at købe eller sælge finansielle instrumenter. Sydbank fraskriver sig ethvert ansvar for tab, der måtte have direkte eller indirekte sammenhæng med dispositioner, der er foretaget alene på baggrund af anbefalinger i analysen. Jacob Pedersen ejer ikke aktier i DSV. Sydbank eller dens ansatte kan besidde finansielle instrumenter omhandlet i analysen. Sydbank A/S, Peberlyk 4, 6200 Aabenraa, cvr. nr. 12626509 er under tilsyn af Finanstilsynet, Århusgade 110, 2100 København Ø. sydbank.dk Aktieanalysen 2/2 .
Load more

Recommended publications
  • Danish Subsidiaries in Argentina Royal Danish Embassy, Buenos Aires
    DANISH SUBSIDIARIES IN ARGENTINA ROYAL DANISH EMBASSY, BUENOS AIRES Date April 2017 Table of Contents APM Terminals (Terminal 4) ........................................................................................ 3 Arla Foods Ingredients S.A. ........................................................................................... 3 Essentia Argentina S.A. .................................................................................................. 3 Chr. Hansen Argentina S.A.I.C .................................................................................... 4 Coloplast de Argentina .................................................................................................... 4 DAMCO ARGENTINA S.A. ........................................................................................ 4 Danfoss Argentina S.A. ................................................................................................... 5 DSV Air & SEA S.A. ......................................................................................................... 5 ESS-FOOD Argentina ..................................................................................................... 5 Exem Trading S.R.L. (Lego Distr.) ............................................................................ 6 Ferring Argentina S.A. .................................................................................................... 6 Foss S.A. .............................................................................................................................
    [Show full text]
  • Important Notice the Depository Trust Company
    Important Notice The Depository Trust Company B #: 3489-16 Date: June 20, 2016 To: All Participants Category: Dividends From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers DENMARK ADR MARKET ANNOUNCEMENT ISSUE CUSIP A.P. MOLLER - MAERSK 00202F102 CARLSBERG 142795202 CHR. HANSEN 12545M207 COLOPLAST A/S 19624Y101 Subject: DSV 26251A108 FLSMIDTH & CO A/S 343793105 GN STORE NORD 3621ME105 NOVOZYMES A/S 670108109 PANDORA 698341104 SYDBANK 87124G102 VESTAS WIND SYSTEMS A/S 925458101 Effective as of September 13, 2016 Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo respectively before certifying their instructions over the CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo on the CA Web. Questions regarding this Important Notice may be directed to GlobeTax 212-747-9100. DTCC offers enhanced access to all important notices via a Web-based subscription service. The notification system leverages RSS Newsfeeds, providing significant benefits including real-time updates and customizable delivery. To learn more and to set up your own DTCC RSS alerts, visit http://www.dtcc.com/subscription_form.php. Non-Confidential 1 DTCC Public (White) Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is.
    [Show full text]
  • Quarterly Commentary—Artisan Non-U.S. Small-Mid Growth Strategy
    QUARTERLY Artisan Non-U.S. Small-Mid Growth Strategy FactCommentary Sheet As of 30 June 2019 Investment Process We seek long-term investments in high-quality businesses exposed to structural growth themes that can be acquired at sensible valuations in a contrarian fashion and are led by excellent management teams. Investing with Tailwinds We identify structural themes at the intersection of growth and change with the objective of investing in companies having meaningful exposure to these trends. Themes can be identified from both bottom-up and top-down perspectives. High-Quality Businesses We seek future leaders with attractive growth characteristics that we can own for the long term. Our fundamental analysis focuses on those companies exhibiting unique and defensible business models, high barriers to entry, proven management teams, favorable positions within their industry value chains and high or improving returns on capital. In short, we look to invest in small companies that have potential to become large. A Contrarian Approach to Valuation We seek to invest in high-quality businesses in a contrarian fashion. Mismatches between stock price and long-term business value are created by market dislocations, temporary slowdowns in individual businesses or misperceptions in the investment community. We also examine business transformation brought about by management change or restructuring. Manage Unique Risks of International Small- and Mid-Cap Equities International small- and mid-cap equities are exposed to unique investment risks that require managing. We define risk as permanent loss of capital, not share price volatility. We manage this risk by having a long-term ownership focus, understanding the direct and indirect security risks for each business, constructing the portfolio on a well-diversified basis and sizing positions according to individual risk characteristics.
    [Show full text]
  • Remuneration in Danish Large Cap Companies Benchmarking Executive Management and Board Remuneration
    Remuneration in Danish Large Cap Companies Benchmarking executive management and board remuneration 2013-2017 Brochure / report title goes here | Section title goes here Contents Introduction 3 Key findings 4 Current trends 5 Overview 13 Methodology 14 Total remuneration of executive directors 15 Base salary 20 Pension 23 Bonus 24 Long-term incentives (LTIs) 28 Board remuneration 38 Board demographics 40 How can Deloitte help? 44 Our contacts 45 Appendix 46 2 Remuneration in Danish Large Cap Companies | Introduction Introduction This report gives an overview of and insight into all report in accordance with International Financial remuneration of executive directors and boards of Reporting Standards (IFRS). Financial reporting on listed companies within the Danish Large-Cap Index1. remuneration of executives is more specifically In March 2018, the Danish Large-Cap Index comprised governed by IFRS 2 and the Danish Financial 39 companies, the names of which are listed in the Statements Act. Remuneration of executive directors appendix. These companies represent some of is required by IFRS to be disclosed on both fixed and the largest Danish companies from a wide range variable elements for executive management. Although of industries, from financial services to energy and reporting this level of detail for all individual members supplies. of management is not a requirement, it is however best practice guidance from the Committee on Corporate Over the year to March 2018, two new companies Governance2. Long-Term Incentive (LTI) programmes entered the Danish Large-Cap Index. In October 2017, must also be disclosed separately in their entirety, the professional cleaning product manufacturer Nilfisk which includes all participants, both executives and Holding entered the index through its IPO, while Alm.
    [Show full text]
  • Our Responsible Investment Journey 2021
    Our Responsible Investment Journey 2021 9 216 56 1,548,213 10101001001010110101010010118% 01010010010001010101010010 0101010010010101101010100101 01010010010001011 2 Our Responsible Investment Journey 2021 Contents Chapter 1 – Introduction 04 A paradigm shift for sustainability 06 A green reboot of the financial markets 08 Raising the bar with new sustainability target Chapter 2 – Incorporating sustainability 10 Our blueprint for delivering investment value and sustainable progress 14 Taking sustainability in solutions investment products to the next level 16 Developing analytical tools to capture value 18 Rigorous sustainability assessment of external managers 20 Supporting the sustainable transition through index investments 22 Funnelling investments into the sustainable transition 24 Companies must adapt to climate trends 26 Companies expected to take social responsibility 28 Governance is a key issue when investing in developing countries Chapter 3 – Active ownership 30 A challenging year and a turning point for sustainability 32 Company engagements in 2020 34 Corona crisis amplified focus on the green transition 36 Voting in 2020 38 Pushing companies to curb their climate impact 40 Voting guidelines need to reflect best practice Chapter 4 – Screening and restrictions 42 Restricting investments with harmful business practices 44 Development of process to promote enhanced sustainability standards in investments 46 Tightened restrictions on activities that result in a significant negative impact on the climate 48 Introducing ‘Sustainability
    [Show full text]
  • Georgeson's 2019 Proxy Season Review
    DENMARK Georgeson’s 2019 Proxy Season Review Introduction We are proud to present a thorough analysis of the seven major markets where Georgeson has a widespread client base, and where we are privileged to work closely with many of the leading issuers. Additionally we have included Denmark, in view of our expanding presence in the region. Our local client support, thorough investor engagement and deep market expertise allow us to highlight the issues and trends which will be of interest to both companies and investors. As the world’s leading shareholder engagement firm and corporate governance advisor, Georgeson works hard to ensure that our clients understand the critical issues, trends and personalities which affect and motivate their shareholders, so that they do not become a statistic highlighted in this or any other report. During the 2019 AGM season we have found that, across the seven major markets, the overall proportion of resolutions that received more than 10% opposition has increased by 6.67%. At the same time, proxy advisors continue to hold great influence on voting outcomes with a vast majority of resolutions opposed by proxy advisors receiving high levels of opposition from investors. This highlights how important it is for companies not only to address investor concerns but to proactively engage with proxy advisors as well. Executive remuneration continues to remain a key focal point for investors, with remuneration-related resolutions being amongst the most contested resolutions in the majority of the markets surveyed by Georgeson. This focus on remuneration will have further resonance in 2020, when the revised European Shareholder Rights Directive will introduce annual remuneration votes across the EU.
    [Show full text]
  • Portfolio of Investments
    PORTFOLIO OF INVESTMENTS Variable Portfolio – Partners International Growth Fund, March 31, 2021 (Unaudited) (Percentages represent value of investments compared to net assets) Investments in securities Common Stocks 98.4% Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Argentina 0.9% Sartorius Stedim Biotech 30,884 12,710,261 MercadoLibre, Inc.(a) 8,451 12,441,055 Teleperformance SA 30,119 10,981,253 Australia 3.0% Total SE 137,200 6,396,233 Aristocrat Leisure Ltd. 664,347 17,429,567 Total 165,752,414 Cochlear Ltd. 25,500 4,101,802 Germany 4.0% CSL Ltd. 103,017 20,820,136 Adidas AG(a) 20,400 6,372,775 Total 42,351,505 Infineon Technologies AG 592,181 25,195,879 Canada 2.8% Rational AG 15,392 11,956,544 Alimentation Couche-Tard, Inc., Class B 216,700 6,987,096 SAP SE 53,900 6,611,196 (a) Canadian National Railway Co. 275,350 31,954,360 TeamViewer AG 143,772 6,148,594 Total 38,941,456 Total 56,284,988 China 6.2% Hong Kong 4.1% Alibaba Group Holding Ltd.(a) 901,220 25,606,027 AIA Group Ltd. 2,518,000 30,812,188 NetEase, Inc. 909,175 18,695,307 CLP Holdings Ltd. 603,000 5,871,227 TAL Education Group, ADR(a) 267,889 14,425,823 Hang Lung Properties Ltd. 2,855,000 7,452,245 Tencent Holdings Ltd. 349,100 27,860,817 Hong Kong & China Gas Co., Ltd. 2,771,500 4,394,460 Total 86,587,974 Jardine Matheson Holdings Ltd.
    [Show full text]
  • A Case Study of the DSV Group Based on Fundamental Analysis
    A Case Study of the DSV Group Based on Fundamental Analysis Author: Andreas Berger Hjortholt – M.Sc. (cand.merc.) Finance and Strategic Management (FSM) Supervisor: Christian Würtz, Falck Denmark A/S, Group Business Development Master Thesis – Copenhagen Business School 2014 Submission Date: 13th of November 2014 Number of pages and Total Characters: 79 pages equal to 179.961 characters Abstract This thesis is a case study of the Danish transport company DSV Group A/S and its main objective is to address the following research question: what is the theoretical stock price for DSV Group based on an in- depth strategic and financial analysis. The freight forwarding industry is exposed to a number of issues. There is high market rivalry due to a fragmented market (from smaller domestic players to larger international competitors), governmental regulations, a customer universe that demands new product solutions, and constant negotiation of prices between the supplier (e.g. hauliers, shippers) and the customer. In addition, it is also an industry affected by broad economic measures (gross domestic product) and impacted by oil prices, freight rates, and currency fluctuations. The challenges are growing with the increase in intermodal solutions and customers that demand a worldwide network, reflected by the globalisation that has created an increase in product flow from important trade lanes between Asia-Europe, Europe-North America and Asia-North America. The high level of competition challenges the strategic agenda. The strategic path has to concentrate on a large range of parameters to distinguish itself from competitors, with specialisation in product type (automotive vs. pharmaceutical), routes and delivery type (full-truck load vs.
    [Show full text]
  • Fidelity® Variable Insurance Products: Overseas Portfolio
    Quarterly Holdings Report for Fidelity® Variable Insurance Products: Overseas Portfolio September 30, 2020 VIPOVRS-QTLY-1120 1.808774.116 Schedule of Investments September 30, 2020 (Unaudited) Showing Percentage of Net Assets Common Stocks – 99.4% Shares Value Shares Value Australia – 0.0% France – 9.8% National Storage (REIT) unit 1 $ 1 ALTEN (a) 88,970 $ 8,449,343 Amundi SA (b) 104,310 7,362,355 Austria – 0.3% Capgemini SA 116,920 15,044,843 Erste Group Bank AG 196,500 4,118,157 Dassault Systemes SA 55,500 10,395,088 Mayr‑Melnhof Karton AG 1,900 330,138 Edenred SA 245,353 11,046,302 Kering SA 21,108 14,047,007 TOTAL AUSTRIA 4,448,295 Legrand SA 142,900 11,423,089 LVMH Moet Hennessy Louis Vuitton SE 56,433 26,405,042 Bailiwick of Jersey – 1.3% Pernod Ricard SA 80,000 12,770,325 Experian PLC 320,000 12,023,801 Sanofi SA 223,515 22,398,850 Glencore Xstrata PLC 392,700 814,136 SR Teleperformance SA 58,360 18,036,614 Sanne Group PLC 991,298 8,403,827 Total SA 50,642 1,739,176 TOTAL BAILIWICK OF JERSEY 21,241,764 TOTAL FRANCE 159,118,034 Belgium – 0.7% Germany – 7.2% KBC Groep NV 208,968 10,483,744 adidas AG 51,764 16,756,703 UCB SA 7,200 818,839 Allianz SE 75,900 14,560,373 Bayer AG 136,853 8,442,973 TOTAL BELGIUM 11,302,583 Bertrandt AG 18,195 689,047 Delivery Hero AG (a) (b) 6,800 782,277 Bermuda – 2.0% Deutsche Borse AG 79,200 13,910,134 Credicorp Ltd.
    [Show full text]
  • Aktiekommentar DSV
    Aktiekommentar DSV Hold Kuehne & Nagel-regnskab er beroligende pejle- Uændret mærke for kommende DSV-rapport Aktuel kurs: 274,50 DKK Vi fastholder Hold-anbefalingen på DSV efter et lidt bedre end ventet regnskab Begivenhed: fra konkurrenten Kuehne & Nagel. På trods af K&Ns tidligere indikationer om vækstusikkerhed, indeholder regnskabet ingen kommentarer, som tyder på, at Konkurrentregnskab markedsudviklingen er forværret i en grad, der kan afspore DSVs indtjening. Baggrund: DSVs schweiziske konkurrent Kuehne & Nagel har offentliggjort regnskab i dag. EBIT på 230 mio. CHF i 3. kvartal 2015 er lidt bedre end markedsforventningerne på 218 mio. CHF. Herud- over er både regnskabsmeddelelsen og den tilhørende præsentation næsten klinisk renset for kommentarer om markedsudviklingen og fremtiden. Kuehne & Nagel meldte allerede ved halvårsregnskabet om stor usikkerhed om markedsvæksten og afstod allerede på det tids- punkt fra at udstikke prognoser og udtale sig i detaljer om fremtiden. Konklusion: Kuehne & Nagels regnskab indikerer, at markedsvilkårene er ret uændrede i 3. kvartal, og i forhold til de usikkerhedsmomenter, som selskabet påpegede for bare tre måneder siden, er det faktisk beroligende nyt for DSV-aktionærer. Vi noterer os, at K&N har vendt tilbagegangen i søfragtmængderne (via øget fokus på import til USA) til marginal fremgang (+0,3%) i kvartalet, og at selskabet stadig vokser ganske flot (+5,1%) i et mere stagnerende marked for luftfragt. Indtjeningsfremdriften springer i særdeles- hed i øjnene i søfragt-forretningen, og det kan bero på, at K&N formår at udnytter lave fragtra- ter og store rateudsving til egen gavn. Fraværet af decideret negative overraskelser i K&N-regnskabet er efter vores vurdering et po- sitivt pejlemærke for det kommende DSV regnskab, for mens K&N er udfordret af stor valuta- kursmodvind, så har DSV medvind fra særligt en styrket USD.
    [Show full text]
  • Danmarks Nationalbank
    STATISTI CS DANMARKS NATIONALBANK 26 JULY 2019 PORTFOLIO INVESTMENTS, JUNE 2019 Foreign investors buy Danish shares in the first half of 2019 Foreign investors have bought listed Danish shares sold some Danish shares, including Danske Bank, for kr. 4.3 billion in the first half of 2019. Foreign in- William Demant and ISS. vestors own a total of kr. 1,345 billion Danish shares corresponding to an ownership of 52 per cent of the Novo Nordisk is foreign investor's favorite share Danish stock market. Foreign investors have owned Foreign investors own entire kr. 458 billion of the more than half of Danish shares since the beginning Danish Novo Nordisk B share. The share thus of 2014. amounts to 34 per cent of their total holdings of Dan- ish shares. Next, foreign investors have the largest It is especially shares in the large Danish companies holdings of shares in DSV, Ørsted and Vestas, which such as Novo Nordisk B, A. P. Møller - Mærsk, Ves- they own respectively own kr. 84, 79 and 78 billion of. tas, Genmab and DSV the foreign investors have The four largest shares thus constitute more than half pur-chased. However, foreign investors have also of foreign investors' portfolio of Danish shares. The Novo Nordisk share is also the most popular Dan- ish share with the Danish investors. They own a total Foreign investors have bought for kr. 4.3 billion of kr. 164 billion thereof. However, the share amounts Danish listed shares in 2019 to only 13 per cent of Danish investors' portfolio of Danish shares, which amounts to kr.
    [Show full text]
  • Cboe Nordic 40 Index BNORD40P
    Cboe Nordic 40 Index BNORD40P Page 1 August 2021 Cboe Exchange The Cboe Nordic 40 index aims to represent the performance of all the largest 40 issuers from Finland, Sweden, Denmark or Norway when ranked by their full Euro denominated market capitalisation. The index base level is 10,000 as of December 31st, 2010. This is a price return index. Objective The index is designed for use in the creation of index tracking funds, derivatives and as a performance benchmark. Investability Liquidity Transparency Availability Stocks are selected and Stocks are screened to Uses a transparent, rules-based Calculation is based on weighted to ensure that the ensure that the index is construction process. Index price and total return index is investable. tradable. Rules are freely available on the methodologies, both real cboe.com/europe/indices -time, intra-second and website. end of day. Statistics Index ISIN Ticker RIC Currency Cboe Nordic 40 DE000SLA3MY2 BNORD40P .BNORD40P EUR Cboe Nordic 40 - net DE000SLA3MZ9 BNORD40N .BNORD40N EUR Volatility Volatility (1y) 0.1431 Returns(%) 1M 3M 6M YTD 1Y 3Y 5Y BNORD40P 2.19 9.37 21.68 23.85 34.49 48.8 65.01 BNORD40N 2.26 9.46 23.02 25.4 36.48 56.76 82.45 Top 5 Performers Country 1 month return % NIBE INDUSTRIER AB SWEDEN 16.77 FORTUM OYJ FINLAND 10.33 VESTAS WIND SYSTEMS A/S DENMARK 9.31 NOVO NORDISK A/S DENMARK 8.07 EQUINOR ASA NORWAY 7.69 Historical Performance Chart 100% 50% 0% 2011 2013 2014 2016 2017 2018 2020 2021 Cboe Nordic 40 (EUR) Cboe Europe All Companies (EUR) Cboe.com | ©Cboe | /CboeGlobalMarkets | /company/cboe © 2021 Cboe Exchange, Inc.
    [Show full text]