Forwarders face profitability test as freight markets look set to stabilise
As global freight markets begin to show signs of stabilisation after months of disruption, the industry’s largest forwarders have shown ...
In typically bearish fashion, valuing DSV Panalpina’s intangibles and goodwill at zero under a “what-if” liquidation scenario, I was recently discussing the possibility that its stock may be hypothetically worth Dkr200 at fair value (FV), on a fully diluted basis, instead of my long-standing Dkr565 FV estimate and a current price of Dkr717.
That seemed really far-fetched, although its asset base would drop from Dkr96bn to Dkr45bn all in one go, on a pro-forma basis, yielding indeed a FV worth less ...
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