DSV A/S

“DSV is one of the best-operated asset-light freight forwarders globally, with a 17-year proven M&A playbook, durable process-driven moat, and a decade-plus reinvestment runway in a still-fragmenting market. The DB Schenker acquisition is strategically sound but has temporarily levered the balance sheet to ~3.5x EBITDA and created DKK 200B+ of goodwill — the single largest integration test in the company's history. At a forward P/E of 17.5x, the market already prices in successful integration, leaving insufficient margin of safety for new capital. The business deserves ownership; the entry point does not yet justify loading up. Target accumulation near 13–15x normalized forward earnings (DKK 1,100–1,250), with tranched buying and a watchful eye on 2026 integration milestones.”