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1. Company Snapshot

1.a. Company Description

DFDS A/S provides logistics solutions in Denmark and internationally.The company operates through Ferry and Logistics divisions.The Ferry division operates ferry routes in and around Europe transporting freight units, primarily trailers and passengers, as well as offers port terminal services.


This division provides ferry services primarily to forwarders and hauliers, as well as manufacturers of heavy industrial goods, such as automotive, cold chain, FMCG and retailers, construction, refuse derived fuel and waste, forest products, metals, and chemicals; and operates mini cruises, and business and corporate events.The Logistics division provides transport solutions for full- and part loads, special cargo, and multimodal transport; contract logistics solutions, including warehousing.The company operates 24 ferry routes, 55 ferries, 8 port terminals, and 9,000 trailer and container units.


DFDS A/S was founded in 1866 and is headquartered in Copenhagen, Denmark.

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1.b. Last Insights on DFDS

The recent 3-month performance of DFDS A/S was negatively impacted by a 35% decline in EBIT (Earnings Before Interest and Taxes) to DKK 1.5 billion, despite a 9% revenue increase to DKK 29.8 billion in 2024. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also decreased by 25% to DKK 4.89 billion. Additionally, the company's adjusted free cash flow decreased by 65% to DKK 1.0 billion. The integration of Ekol International Transport, acquired in mid-November 2024, is progressing but has impacted 125 office employees, and the company is rightsizing its equipment fleet.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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How Recent Developments Are Rewriting the Story for DFDS

Nov -27

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MANAGERS' AND CLOSELY RELATED PARTIES' TRANSACTIONS WITH DFDS SHARES

Nov -13

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OCTOBER VOLUMES: SOFT MOMENTUM IN EUROPEAN ECONOMIES LOWERS GROWTH

Nov -12

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What Catalysts Are Shaping the Changing Story for DFDS?

Nov -08

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DFDS AS (DFDDF) Q3 2025 Earnings Call Highlights: Navigating Growth Amidst Competitive Challenges

Nov -06

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DFDS INITIATES CEO SUCCESSION PROCESS

Nov -06

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Q3 2025 INTERIM REPORT - STAYING THE TRANSITION COURSE

Nov -06

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DFDS INITIATES COST REDUCTION PROGRAMME & LOWERS 2025 OUTLOOK

Nov -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.12%)

6. Segments

Ferry

Expected Growth: 8%

DFDS A/S ferry segment growth driven by increasing freight demand, expansion into new routes, and strategic acquisitions. Rising e-commerce and trade volumes boost cargo transportation, while growing tourism and travel demand support passenger traffic. Additionally, investments in digitalization and fleet modernization enhance operational efficiency and customer experience, contributing to the 8% growth.

Logistics

Expected Growth: 6%

DFDS A/S's logistics segment growth is driven by increasing demand for freight services, expansion into new markets, and strategic acquisitions. Additionally, investments in digitalization and operational efficiency have improved capacity utilization and reduced costs. Furthermore, the company's focus on sustainability and customer-centric approach have enhanced its competitive position, contributing to the 6% growth rate.

Non-allocated

Expected Growth: 5%

DFDS A/S's 5% growth is driven by increasing freight volumes, improved route network efficiency, and higher average revenue per unit. Additionally, the company's strategic acquisitions and investments in digitalization have enhanced operational capabilities, leading to increased market share and revenue growth.

7. Detailed Products

Freight Shipping

DFDS A/S provides freight shipping services for a wide range of cargo, including containers, trailers, and project cargo.

Passenger Ferries

DFDS A/S operates a fleet of passenger ferries, offering routes across Europe and Scandinavia.

Logistics and Supply Chain Management

DFDS A/S offers customized logistics and supply chain management solutions for businesses, including warehousing, distribution, and transportation.

Cold Chain Logistics

DFDS A/S specializes in cold chain logistics, providing temperature-controlled transportation and storage solutions for perishable goods.

Project Cargo

DFDS A/S handles complex project cargo, including oversized and heavy-lift shipments.

8. DFDS A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

DFDS A/S operates in the shipping and logistics industry, where substitutes are limited. However, there is a growing trend towards digitalization and automation, which could potentially disrupt the industry.

Bargaining Power Of Customers

DFDS A/S has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's strong brand reputation and quality of service also limit the bargaining power of customers.

Bargaining Power Of Suppliers

DFDS A/S relies on a few large suppliers for its fuel and equipment needs. While the company has some bargaining power due to its size, the suppliers also have some bargaining power due to the specialized nature of their products.

Threat Of New Entrants

The shipping and logistics industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This limits the threat of new entrants to the industry.

Intensity Of Rivalry

The shipping and logistics industry is highly competitive, with many established players competing for market share. DFDS A/S faces intense competition from other shipping companies, which can lead to downward pressure on prices and profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.05%
Debt Cost 5.01%
Equity Weight 56.95%
Equity Cost 11.46%
WACC 8.68%
Leverage 75.59%

11. Quality Control: DFDS A/S passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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ZIM Shipping

A-Score: 5.8/10

Value: 10.0

Growth: 6.7

Quality: 6.9

Yield: 10.0

Momentum: 1.0

Volatility: 0.3

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StealthGas

A-Score: 5.2/10

Value: 9.0

Growth: 7.2

Quality: 7.6

Yield: 0.0

Momentum: 4.0

Volatility: 3.3

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HHLA

A-Score: 5.0/10

Value: 6.0

Growth: 2.6

Quality: 2.4

Yield: 3.8

Momentum: 8.0

Volatility: 7.3

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Irish Continental

A-Score: 4.7/10

Value: 4.2

Growth: 7.3

Quality: 6.1

Yield: 4.4

Momentum: 4.0

Volatility: 2.3

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DFDS

A-Score: 3.3/10

Value: 8.7

Growth: 5.3

Quality: 1.3

Yield: 1.2

Momentum: 0.5

Volatility: 2.7

1-Year Total Return ->

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EuroDry

A-Score: 2.4/10

Value: 8.0

Growth: 2.9

Quality: 0.4

Yield: 0.0

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

93.7$

Current Price

93.7$

Potential

-0.00%

Expected Cash-Flows