It is possible that DSV might have become less of a growth story for investors than in the recent past.

That feeling was reinforced today when management, announcing the completion of their Sfr5.4bn Panalpina (PAN) deal, talked down prospects of organic growth and market share gains for a year, while saying that the new DSV Panalpina entity would likely continue to outperform the market but would allocate 15% of earnings to dividends, up from DSV’s typical 10%-ish.

Its deal presentation – headed: ...

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