Comment / On the wires: DSV Panalpina – Welcome to the bear camp

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 ...