Board Change • May 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Minna Aila was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 06
DFDS A/S Maintains Earnings Outlook for the Year 2026 DFDS A/S maintained earnings outlook for the year 2026. For the year, the company expects EBIT of DKK 1,000 million -1,400 million. Reported Earnings • May 06
First quarter 2026 earnings released: kr.3.29 loss per share (vs kr.6.09 loss in 1Q 2025) First quarter 2026 results: kr.3.29 loss per share (improved from kr.6.09 loss in 1Q 2025). Revenue: kr.7.35b (down 2.5% from 1Q 2025). Net loss: kr.178.0m (loss narrowed 46% from 1Q 2025). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • Apr 16
DFDS A/S Raises 2026 EBIT Outlook DFDS A/S announced that progress on five of the six turning points underpinning the 2026 EBIT outlook jointly performed ahead of expectations in first quarter 2026, with the largest contribution coming from the Mediterranean ferry network. Further improvements are expected in the following quarters. The sixth turning point performed in line with expectations. The significant increase in the oil price – as well as in the price spread between high and low sulphur oil types – from the beginning of March 2026 entailed a negative financial impact in the month which is expected to reverse to a positive impact in second quarter 2026 given current price spread levels. On this basis, the 2026 EBIT outlook is raised to DKK 1,000 million to DKK 1,400 million from previously DKK 800 million to DKK 1,100 million. Reported Earnings • Feb 20
Full year 2025 earnings released: kr.7.90 loss per share (vs kr.9.68 profit in FY 2024) Full year 2025 results: kr.7.90 loss per share (down from kr.9.68 profit in FY 2024). Revenue: kr.31.1b (up 4.4% from FY 2024). Net loss: kr.427.0m (down 180% from profit in FY 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Announcement • Feb 20
DFDS A/S Provides Earnings Guidance for the Full Year 2026 DFDS A/S provided earnings guidance for the full year 2026. for the year, the company expects Revenue around on level with 2025, EBIT-range of DKK 800 million-DKK 1,100 million. New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Earnings have declined by 11% per year over the past 5 years. Announcement • Dec 12
DFDS A/S, Annual General Meeting, Mar 25, 2026 DFDS A/S, Annual General Meeting, Mar 25, 2026. Location: marmorvej 18, dk-2100, copenhagen Denmark Recent Insider Transactions • Dec 06
Independent Director recently bought kr.907k worth of stock On the 3rd of December, Dirk Reich bought around 10k shares on-market at roughly kr.90.68 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr.3.0m more in shares than they have sold in the last 12 months. Announcement • Nov 08
DFDS Announces CEO Succession Plan DFDS's board of directors has initiated the search for a successor to Chief Executive Officer Torben Carlsen to lead DFDS in the next phase of the strategy execution towards long-term value creation. Torben Carlsen will remain in his position until a successor is in place to ensure continuity while maintaining momentum in the current transition focus and executing the announced cost reduction programme. Torben Carlsen joined DFDS in 2009 as Executive Vice President and CFO and was appointed President and CEO in May 2019. During his tenure with DFDS, he has led the company through several key acquisitions, including Norfolkline in 2010 and the expansion into the Mediterranean with UN RoRo in 2018 and expanded DFDS’ network and geographical scope, while also navigating significant macro challenges such as Brexit, Covid, and adverse inflationary and market developments as a consequence of the Russian invasion of Ukraine. In addition, Torben has been a prominent voice for Danish shipping, holding the position of Chair of Danish Shipping for the last three years and representing Danish Shipping in the European Shipowners’ Association while also being a board member of Interferry. During the interim period, Torben Carlsen will continue to lead DFDS with the full support of the Board of Directors. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: kr.5.13 (vs kr.10.37 in 3Q 2024) Third quarter 2025 results: EPS: kr.5.13 (down from kr.10.37 in 3Q 2024). Revenue: kr.8.30b (up 4.2% from 3Q 2024). Net income: kr.277.0m (down 51% from 3Q 2024). Profit margin: 3.3% (down from 7.1% in 3Q 2024). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. Announcement • Nov 07
DFDS A/S Updates Earnings Guidance for the Fiscal Year 2025 DFDS A/S updated earnings guidance for the fiscal year 2025. For the year, the company expects EBIT of DKK 600 million - DKK 750 million from previously DKK 800 million - DKK 1,000 million. The reduced outlook is to a large extent driven by uncertainties regarding the development in fourth quarter of 2025 for the Mediterranean ferry and logistics activities. Reported Earnings • Aug 21
Second quarter 2025 earnings released: kr.1.67 loss per share (vs kr.5.15 profit in 2Q 2024) Second quarter 2025 results: kr.1.67 loss per share (down from kr.5.15 profit in 2Q 2024). Revenue: kr.7.81b (up 3.0% from 2Q 2024). Net loss: kr.90.0m (down 132% from profit in 2Q 2024). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 1.0% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to kr.97.13, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Shipping industry in Europe. Total loss to shareholders of 66% over the past three years. Board Change • May 19
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Minna Aila was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Feb 23
DFDS A/S Proposes Omits to Pay Dividend for 2024 DFDS A/S announced that at the annual general meeting to be held on 24 March 2025 the Board of Directors proposed that the result for the 2024 financial year is carried forward and that no dividend is paid. Announcement • Feb 22
DFDS A/S Provides Earnings Guidance for the Year 2025 DFDS A/S provided earnings guidance for the year 2025. For the year, the company expects Revenue growth of around 5% and Group’s EBIT is in 2025 expected to be around DKK 1.0 billion. Reported Earnings • Feb 22
Full year 2024 earnings released: EPS: kr.9.68 (vs kr.26.64 in FY 2023) Full year 2024 results: EPS: kr.9.68 (down from kr.26.64 in FY 2023). Revenue: kr.29.8b (up 9.0% from FY 2023). Net income: kr.534.0m (down 64% from FY 2023). Profit margin: 1.8% (down from 5.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Announcement • Feb 21
DFDS A/S Announces Klaus Nyborg Declines Re-Election to the Board of Directors DFDS A/S announced that Klaus Nyborg does not seek re-election to the Board of Directors. New Risk • Jan 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 4.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.5% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to kr.105, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Shipping industry in Europe. Total loss to shareholders of 64% over the past three years. Announcement • Jan 14
DFDS Launches Freight Route Between Spain and the Netherlands DFDS announces launching a weekly freight service connecting Spain and the Netherlands, aimed at serving the needs of industrial customers, freight forwarders and project cargo owners. In connection with the new route, DFDS and Hydro, a global aluminium and energy company, have signed an agreement for weekly shipment of aluminium. Starting from end May, the new route will connect the ports of Vilagarcía and Rotterdam, offering a seamless and direct ferry link from southern to central Europe. With the new service, DFDS offers a competitive alternative to road transport to meet demand for freight transportation within Europe. The RoRo (roll on – roll off) solution rolls aluminum products bound for customers onto cargo ships, eliminating the need for cranes and reducing safety risks from hanging loads. It also increases efficiency by reducing loading time in half, allowing ships to reduce speed and still deliver on time. This results in less fuel consumption and lower emissions. DFDS will operate Belgia Seaways on the route with a capacity of 2660 lanemeters . Announcement • Dec 16
DFDS A/S, Annual General Meeting, Mar 24, 2025 DFDS A/S, Annual General Meeting, Mar 24, 2025. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: kr.10.37 (vs kr.11.72 in 3Q 2023) Third quarter 2024 results: EPS: kr.10.37 (down from kr.11.72 in 3Q 2023). Revenue: kr.7.97b (up 11% from 3Q 2023). Net income: kr.569.0m (down 14% from 3Q 2023). Profit margin: 7.1% (down from 9.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • Nov 02
DFDS A/S Lowers Earnings Guidance for the Year 2024 DFDS A/S lowered earnings guidance for the year 2024. For the year, the company's EBIT 2024 outlook range is lowered to DKK 1.5 billion- DKK 1.7 billion from previously DKK 1.7 billion- DKK 2.1 billion. The revenue growth 2024 outlook is changed to 8-10% from previously 8-11% as revenue from Ekol Logistics was previously included in the revenue outlook. DFDS’ EBIT outlook range for 2024 is revised following results below expectations driven by mainly a more widespread slowdown in Europe than previously expected as well as intensified competition in northern European land transport markets and the Mediterranean freight ferry market. New Risk • Nov 01
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.7% net profit margin). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: kr.5.15 (vs kr.9.53 in 2Q 2023) Second quarter 2024 results: EPS: kr.5.15 (down from kr.9.53 in 2Q 2023). Revenue: kr.7.58b (up 9.2% from 2Q 2023). Net income: kr.286.0m (down 47% from 2Q 2023). Profit margin: 3.8% (down from 7.7% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Jul 22
DFDS A/S Revises Earnings Guidance for the Year 2024 DFDS A/S revised earnings guidance for the year 2024. For the period, Company EBIT range is consequently lowered to DKK 1.7 billion to DKK 2.1 billion from previously DKK 2.0 billion to DKK 2.4 billion. The revenue growth 2024 outlook of 8%-11%. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: kr.0.089 (vs kr.2.28 in 1Q 2023) First quarter 2024 results: EPS: kr.0.089 (down from kr.2.28 in 1Q 2023). Revenue: kr.7.01b (up 11% from 1Q 2023). Net loss: kr.50.0m (down 139% from profit in 1Q 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Apr 10
DFDS A/S Revises Earnings Guidance for the Year 2024 DFDS A/S revised earnings guidance for the year 2024. For the year, the company expects revenue is in 2024 now expected to increase by 8-11% compared to 2023 assuming the acquisition is closed at the beginning of Fourth Quarter 2024. The previously expected revenue increase in 2024 was 5-8%. The 2024 outlook for EBIT is unchanged DKK 2.0-2.4 billion. Announcement • Mar 16
DFDS A/S Approves Dividend DFDS A/S at the Annual General Meeting held on March 15, 2024 approved decision to pay a dividend of DKK 3.00 per share. Upcoming Dividend • Mar 11
Upcoming dividend of kr.3.00 per share Eligible shareholders must have bought the stock before 18 March 2024. Payment date: 20 March 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (17%). Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: kr.26.64 (vs kr.35.10 in FY 2022) Full year 2023 results: EPS: kr.26.64 (down from kr.35.10 in FY 2022). Revenue: kr.27.3b (up 1.6% from FY 2022). Net income: kr.1.50b (down 25% from FY 2022). Profit margin: 5.5% (down from 7.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 22
DFDS A/S Proposes Dividend for the Year 2023 The Board of Directors of DFDS A/S proposed that a dividend of DKK 3.00 per share is distributed from the profit of the year and other funds available for distribution, at its AGM to be held on 15 March 2024. Announcement • Feb 20
DFDS A/S (CPSE:DFDS) commences an Equity Buyback Plan for 5,860,000 shares, under the authorization approved on March 22, 2023. DFDS A/S (CPSE:DFDS) commences share repurchases on February 12, 2024, under the program mandated by the shareholders in the Annual General Meeting held on March 22, 2023. As per the mandate, the company is authorized to repurchase up to 5,860,000 shares, for a nominal value of DKK 117.2 million, in such a way in a manner such that the company’s holding in treasury does not exceed 10% of its issued share capital. The purchase price of the shares cannot deviate by more than 10% from the listed acquisition price on Nasdaq Copenhagen at the time of acquisition. The program will expire on March 22, 2027. As of February 24, 2023, the company had 58,631,578 issued shares and outstanding shares.
On February 9, 2024, the company announced a share repurchase program. Under the program, the company will repurchase up to 3,400,000 shares, for DKK 431 million. The purpose of the program is to adjust the capital structure of the company, ultimately through cancellation of repurchased shares, and to meet obligations under the company’s share-based incentive schemes. The program will run from from February 12, 2024 to December 31, 2024. Declared Dividend • Feb 18
Dividend of kr.3.00 announced Shareholders will receive a dividend of kr.3.00. Ex-date: 18th March 2024 Payment date: 20th March 2024 Dividend yield will be 1.4%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (8% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 11
Full year 2023 earnings released: EPS: kr.26.64 (vs kr.35.10 in FY 2022) Full year 2023 results: EPS: kr.26.64 (down from kr.35.10 in FY 2022). Revenue: kr.27.3b (up 1.6% from FY 2022). Net income: kr.1.50b (down 25% from FY 2022). Profit margin: 5.5% (down from 7.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 09
DFDS A/S Provides Earnings Guidance for the Year 2024 DFDS A/S provided earnings guidance for the year 2024. Revenue is expected to grow by 5%-8% in 2024. The EBIT outlook for 2024 is DKK 2.0 billion - DKK 2.4 billion (2023: DKK 2.3 billion), and the Adjusted free cash flow is expected to be around DKK 1.5 billion. Announcement • Jan 10
DFDS A/S (CPSE:DFDS) acquired FRS Iberia/Maroc from Förde Reederei Seetouristik GmbH & Co. KG. DFDS A/S (CPSE:DFDS) entered into an agreement to acquire FRS Iberia/Maroc from Förde Reederei Seetouristik GmbH & Co. KG for DKK 200 million on September 17, 2023. DFDS acquires FRS Iberia/Maroc for a debt-free price. The transaction will be financed by a combination of loan financing and use of existing cash funds. FRS Iberia’s current top management team Ronny Moriana Glindemann and Tim Gädecken will join DFDS and continue to manage the company post-closing. Closing of the transaction is subject to regulatory approval, including merger control clearance in both Spain and Morocco. The transaction is expected to be ROIC accretive vs the current return level and to be accretive to earnings per share (EPS) from closing. Transaction is expected to close at the end of 2023. Manuel Echeniqque; Carlos López-Quiroga; Tomás Arranz of Uría Menéndez acted as legal advisors for DFDS. Oliver Dino-Guida, Alexander Doll, Michael Drill, Inigo Gonzalez de Castejon, Daniel Konrath and Iván Marina of Lincoln International AG acted as financial advisor to FRS Iberia and Förde Reederei Seetouristik GmbH & Co. KG.
DFDS A/S (CPSE:DFDS) acquired FRS Iberia/Maroc from Förde Reederei Seetouristik GmbH & Co. KG on January 10, 2024. Recent Insider Transactions • Nov 18
Independent Chairman recently bought kr.347k worth of stock On the 15th of November, Claus Michael Hemmingsen bought around 2k shares on-market at roughly kr.209 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Claus Michael's only on-market trade for the last 12 months. Announcement • Nov 17
DFDS A/S Provides Revenue Guidance for the Year 2023 DFDS A/S provided revenue guidance for the year 2023. For the year, the company expects Revenue around same level as 2022. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: kr.11.72 (vs kr.14.21 in 3Q 2022) Third quarter 2023 results: EPS: kr.11.72 (down from kr.14.21 in 3Q 2022). Revenue: kr.7.19b (flat on 3Q 2022). Net income: kr.658.0m (down 19% from 3Q 2022). Profit margin: 9.2% (down from 11% in 3Q 2022). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 2.6% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Nov 04
DFDS A/S Announces Step down of Karina Deacon as CFO DFDS A/S announced that Karina Deacon is stepping down from her position as CFO and member of DFDS’ Executive Board to pursue a non-executive career. Karina Deacon will remain in her position until no later than end of June 2024 to ensure continuity and a smooth transition to the new CFO. A recruitment process for a new CFO will now be initiated. Announcement • Nov 03
Dfds A/S Announces Step Down of Karina Deacon as Member of Executive Board DFDS A/S announced that Karina Deacon is stepping down from her position as CFO and member of DFDS’ Executive Board to pursue a non-executive career. Karina Deacon will remain in her position until no later than end of June 2024 to ensure continuity and a smooth transition to the new CFO. Announcement • Sep 19
DFDS A/S (CPSE:DFDS) entered into an agreement to acquire FRS Iberia/Maroc from Förde Reederei Seetouristik GmbH & Co. KG. DFDS A/S (CPSE:DFDS) entered into an agreement to acquire FRS Iberia/Maroc from Förde Reederei Seetouristik GmbH & Co. KG on September 17, 2023. DFDS acquires FRS Iberia/Maroc for a debt-free price. The transaction will be financed by a combination of loan financing and use of existing cash funds. Closing of the transaction is subject to regulatory approval, including merger control clearance in both Spain and Morocco. The transaction is expected to be ROIC accretive vs the current return level and to be accretive to earnings per share (EPS) from closing. Transaction is expected to close at the end of 2023. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: kr.9.53 (vs kr.12.23 in 2Q 2022) Second quarter 2023 results: EPS: kr.9.53 (down from kr.12.23 in 2Q 2022). Revenue: kr.6.94b (down 1.5% from 2Q 2022). Net income: kr.536.0m (down 23% from 2Q 2022). Profit margin: 7.7% (down from 9.9% in 2Q 2022). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: kr.2.28 (vs kr.1.94 in 1Q 2022) First quarter 2023 results: EPS: kr.2.28 (up from kr.1.94 in 1Q 2022). Revenue: kr.6.34b (up 11% from 1Q 2022). Net income: kr.129.0m (up 16% from 1Q 2022). Profit margin: 2.0% (up from 1.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.5% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • May 11
DFDS A/S Provides Earnings Guidance for the Year 2023 DFDS A/S provided earnings guidance for the year 2023. For the year, the company expects revenue is therefore overall to remain at the same level as 2022. Upcoming Dividend • Mar 16
Upcoming dividend of kr.5.00 per share at 1.8% yield Eligible shareholders must have bought the stock before 23 March 2023. Payment date: 27 March 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (14%). Reported Earnings • Feb 13
Full year 2022 earnings released: EPS: kr.35.09 (vs kr.16.69 in FY 2021) Full year 2022 results: EPS: kr.35.09 (up from kr.16.69 in FY 2021). Revenue: kr.26.9b (up 50% from FY 2021). Net income: kr.2.01b (up 110% from FY 2021). Profit margin: 7.5% (up from 5.4% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 11% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 09
DFDS A/S Proposes Dividend for the Year 2022 DFDS A/S proposed dividend for the year 2022. For the year, Dividend of DKK 286 million proposed plus DKK 300 million share buyback. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: kr.14.21 (vs kr.4.15 in 3Q 2021) Third quarter 2022 results: EPS: kr.14.21 (up from kr.4.15 in 3Q 2021). Revenue: kr.7.21b (up 64% from 3Q 2021). Net income: kr.814.0m (up 242% from 3Q 2021). Profit margin: 11% (up from 5.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 12% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Dirk Reich was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: kr.12.23 (vs kr.5.24 in 2Q 2021) Second quarter 2022 results: EPS: kr.12.23 (up from kr.5.24 in 2Q 2021). Revenue: kr.7.05b (up 67% from 2Q 2021). Net income: kr.700.0m (up 133% from 2Q 2021). Profit margin: 9.9% (up from 7.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 9.3% while the Shipping industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 16% share price gain to kr.245, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 6x in the Shipping industry in Europe. Total loss to shareholders of 3.5% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr.223, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 6x in the Shipping industry in Europe. Total loss to shareholders of 15% over the past three years. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 2 experienced directors. 3 highly experienced directors. 4 independent directors (5 non-independent directors). Director Jill Melby is the most experienced director on the board, commencing their role in 2001. Independent Director Dirk Reich was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Mar 30
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Dirk Reich was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 23
High number of new directors Deputy Director Jesper Bern was the last director to join the board, commencing their role in 2022. Upcoming Dividend • Mar 17
Upcoming dividend of kr.4.00 per share Eligible shareholders must have bought the stock before 24 March 2022. Payment date: 28 March 2022. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of British dividend payers (4.7%). Lower than average of industry peers (9.1%). Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr.261, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 6x in the Shipping industry in Europe. Total loss to shareholders of 11% over the past three years. Reported Earnings • Feb 09
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr.16.69 (up from kr.7.56 in FY 2020). Revenue: kr.17.9b (up 28% from FY 2020). Net income: kr.958.0m (up 121% from FY 2020). Profit margin: 5.4% (up from 3.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 18%, compared to a 31% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS kr.4.15 (vs kr.4.15 in 3Q 2020) The company reported a mediocre third quarter result with weaker profit margins, although earnings were flat and revenues improved. Third quarter 2021 results: Revenue: kr.4.41b (up 23% from 3Q 2020). Net income: kr.238.0m (flat on 3Q 2020). Profit margin: 5.4% (down from 6.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS kr.5.24 (vs kr.0.20 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr.4.21b (up 51% from 2Q 2020). Net income: kr.301.0m (up kr.290.0m from 2Q 2020). Profit margin: 7.1% (up from 0.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 12
First quarter 2021 earnings released: EPS kr.2.91 (vs kr.1.36 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: kr.3.77b (down 1.2% from 1Q 2020). Net income: kr.168.0m (up 115% from 1Q 2020). Profit margin: 4.5% (up from 2.0% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 24
New 90-day high: kr.289 The company is up 6.0% from its price of kr.273 on 26 November 2020. The British market is also up 6.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Shipping industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr.898 per share. Reported Earnings • Feb 11
Full year 2020 earnings released: EPS kr.7.56 (vs kr.22.89 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: kr.14.0b (down 16% from FY 2019). Net income: kr.433.0m (down 67% from FY 2019). Profit margin: 3.1% (down from 7.9% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 11
Revenue misses expectations Revenue missed analyst estimates by 0.08%. Over the next year, revenue is forecast to grow 15%, compared to a 17% growth forecast for the Shipping industry in the United Kingdom. Is New 90 Day High Low • Feb 07
New 90-day high: kr.285 The company is up 15% from its price of kr.248 on 06 November 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr.1,199 per share. Is New 90 Day High Low • Jan 14
New 90-day high: kr.282 The company is up 18% from its price of kr.239 on 16 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr.1,150 per share. Is New 90 Day High Low • Dec 05
New 90-day high: kr.281 The company is up 26% from its price of kr.224 on 04 September 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr.970 per share.