DHL Group M&A: 'Earnings accretion scenarios in a hypothetical DB Schenker tie-up'

In a note released yesterday to investors, UBS analysts said that they had revisited their past work (read this) from earlier this year) on a merely “hypothetical tie-up” between DHL Group and compatriot DB Schenker (DBS).

“We run a sensitivity analysis based on different acquisition prices and DBS EBIT post-synergies to determine potential implications on earnings accretion, ROCE, and net debt/EBITDA levels for DHL Group. We believe there are lower synergies in a DHL DBS tie up, vs a DSV DBS ...