Comment / On the wires: Will shining star DHL Global Forwarding offset weakness elsewhere within DP-DHL?

As the table above shows, the broker predicts rising underlying margins – in a market where margins, across multiple divisions, are under pressure – while the group’s revenue growth between 2018 and 2023 (the implied compound annual growth rate, or CAGR, is 3.1%) is modelled at a premium (well above trend) against European inflation.

CAGR for earnings per share (EPS) and dividends per share (DPS) stands at 11.9% and 12.1%, respectively, on the back of rising operating margins, which might be ...