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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