Financials DHL Group Deutsche Boerse AG

Equities

DHL

DE0005552004

Air Freight & Logistics

Real-time Estimate Tradegate Other stock markets 11:49:20 2024-05-28 EDT			5-day change	1st Jan Change
39.16 ^EUR	+0.36%		-0.03%	-12.69%

03:55pm	DHL Group to Build New Logistics Center in Germany	MT
11:23am	Germany's DHL Launches Electric Vehicle Logistics Hub in Italy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	42,020	50,182	69,241	42,394	53,030	45,635	-	-
Enterprise Value (EV) ¹	56,132	63,110	85,607	58,250	70,769	64,687	64,507	63,840
P/E ratio	16.3 x	17.2 x	14.1 x	8.12 x	14.8 x	13.3 x	11.3 x	10.5 x
Yield	3.68%	3.33%	3.18%	5.26%	4.12%	4.8%	4.97%	5.17%
Capitalization / Revenue	0.66 x	0.75 x	0.85 x	0.45 x	0.65 x	0.55 x	0.52 x	0.5 x
EV / Revenue	0.89 x	0.94 x	1.05 x	0.62 x	0.87 x	0.77 x	0.74 x	0.7 x
EV / EBITDA	7.19 x	7.27 x	7.29 x	4.62 x	6.54 x	6.07 x	5.54 x	5.22 x
EV / FCF	64.7 x	24.9 x	20.9 x	19 x	24.1 x	21.2 x	19.4 x	17.5 x
FCF Yield	1.54%	4.02%	4.78%	5.27%	4.16%	4.72%	5.15%	5.7%
Price to Book	2.97 x	3.64 x	3.66 x	1.84 x	2.8 x	1.97 x	1.86 x	1.72 x
Nbr of stocks (in thousands)	1,235,524	1,239,059	1,224,639	1,205,059	1,182,263	1,168,926	-	-
Reference price ²	34.01	40.50	56.54	35.18	44.86	39.04	39.04	39.04
Announcement Date	20-03-10	21-03-09	22-03-09	23-03-09	24-03-06	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	63,341	66,806	81,747	94,436	81,758	83,662	87,392	91,010
EBITDA ¹	7,812	8,677	11,746	12,613	10,822	10,661	11,654	12,234
EBIT ¹	4,128	4,847	7,978	8,436	6,345	6,053	6,810	7,302
Operating Margin	6.52%	7.26%	9.76%	8.93%	7.76%	7.24%	7.79%	8.02%
Earnings before Tax (EBT) ¹	3,474	4,171	7,359	7,911	5,516	5,218	5,942	6,395
Net income ¹	2,623	2,979	5,053	5,359	3,677	3,509	4,058	4,331
Net margin	4.14%	4.46%	6.18%	5.67%	4.5%	4.19%	4.64%	4.76%
EPS ²	2.090	2.360	4.010	4.330	3.040	2.941	3.463	3.735
Free Cash Flow ¹	867	2,535	4,092	3,067	2,942	3,052	3,325	3,641
FCF margin	1.37%	3.79%	5.01%	3.25%	3.6%	3.65%	3.8%	4%
FCF Conversion (EBITDA)	11.1%	29.22%	34.84%	24.32%	27.19%	28.63%	28.53%	29.76%
FCF Conversion (Net income)	33.05%	85.1%	80.98%	57.23%	80.01%	86.99%	81.94%	84.07%
Dividend per Share ²	1.250	1.350	1.800	1.850	1.850	1.875	1.941	2.017
Announcement Date	20-03-10	21-03-09	22-03-09	23-03-09	24-03-06	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	31,446	-	23,378	22,593	24,029	46,622	24,038	23,776	20,918	20,094	41,012	19,398	21,348	20,251	20,394	20,061	22,215	21,544	20,931
EBITDA ¹	-	-	3,125	3,168	3,346	-	3,087	3,035	2,709	2,777	-	2,490	2,846	2,385	2,542	2,624	3,006	2,639	2,845
EBIT ¹	1,504	3,994	2,213	2,159	2,337	4,496	2,041	1,922	1,638	1,693	3,331	1,372	1,642	1,314	1,363	1,504	1,927	1,509	1,711
Operating Margin	4.78%	-	9.47%	9.56%	9.73%	9.64%	8.49%	8.08%	7.83%	8.43%	8.12%	7.07%	7.69%	6.49%	6.68%	7.5%	8.67%	7%	8.17%
Earnings before Tax (EBT) ¹	1,198	3,675	2,055	2,036	2,191	4,227	1,889	1,795	1,413	1,473	2,886	1,210	1,420	1,146	1,302	1,275	1,439	1,338	1,466
Net income ¹	826	2,482	1,484	1,351	1,461	2,812	1,228	1,335	911	1,031	2,020	807	981	743	761.9	865.8	1,130	863.7	995.4
Net margin	2.63%	-	6.35%	5.98%	6.08%	6.03%	5.11%	5.61%	4.36%	5.13%	4.93%	4.16%	4.6%	3.67%	3.74%	4.32%	5.09%	4.01%	4.76%
EPS ²	0.6600	1.960	1.210	1.080	1.170	2.250	1.010	1.070	0.7500	0.8000	1.550	0.6800	0.8100	0.6200	0.6800	0.7452	0.9778	0.7355	0.8527
Dividend per Share ²	-	-	1.800	-	-	-	-	1.850	-	-	-	-	1.850	-	-	-	1.900	-	-
Announcement Date	20-08-05	21-08-05	22-03-09	22-05-03	22-08-05	22-08-05	22-11-08	23-03-09	23-05-03	23-08-01	23-08-01	23-11-08	24-03-06	24-05-07	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,112	12,928	16,366	15,856	17,739	19,052	18,873	18,205
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.806 x	1.49 x	1.393 x	1.257 x	1.639 x	1.787 x	1.619 x	1.488 x
Free Cash Flow ¹	867	2,535	4,092	3,067	2,942	3,052	3,325	3,641
ROE (net income / shareholders' equity)	19.3%	21.4%	30.8%	25.4%	19.2%	15.2%	16.8%	17.1%
ROA (Net income/ Total Assets)	5.11%	5.54%	8.5%	8.13%	7.98%	5.19%	5.67%	5.99%
Assets ¹	51,320	53,738	59,450	65,935	46,080	67,548	71,608	72,279
Book Value Per Share ²	11.40	11.10	15.40	19.10	16.00	19.80	21.00	22.70
Cash Flow per Share ²	4.810	6.220	8.110	9.030	7.790	5.530	5.900	5.680
Capex ¹	3,612	2,999	3,546	4,123	3,370	3,238	3,516	3,682
Capex / Sales	5.7%	4.49%	4.34%	4.37%	4.12%	3.87%	4.02%	4.05%
Announcement Date	20-03-10	21-03-09	22-03-09	23-03-09	24-03-06	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for DHL Group

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

39.04 EUR

Average target price

45.08 EUR

Spread / Average Target

+15.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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