Company Valuation: DHL Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 69,241 42,394 53,030 39,183 52,402 63,541 - -
Change - -38.77% 25.09% -26.11% 33.74% 21.26% - -
Enterprise Value (EV) 1 85,607 58,250 70,769 58,181 73,918 86,735 86,961 86,857
Change - -31.96% 21.49% -17.79% 27.05% 17.34% 0.26% -0.12%
P/E 14.1x 8.12x 14.8x 12.1x 15.4x 16.5x 15.3x 14.2x
PBR 3.66x 1.84x 2.8x 2.13x 2.38x 2.73x 2.59x 2.41x
PEG - 1.02x -0.5x -1.6x 1.88x 1.1x 1.87x 1.95x
Capitalization / Revenue 0.85x 0.45x 0.65x 0.47x 0.63x 0.73x 0.7x 0.68x
EV / Revenue 1.05x 0.62x 0.87x 0.69x 0.89x 0.99x 0.96x 0.93x
EV / EBITDA 7.29x 4.62x 6.54x 5.49x 6.74x 7.31x 7.04x 6.74x
EV / EBIT 10.7x 6.9x 11.2x 9.88x 12.1x 12.6x 12x 11.4x
EV / FCF 20.9x 19x 24.1x 10.3x 32.2x 23.8x 23.3x 21.7x
FCF Yield 4.78% 5.27% 4.16% 9.72% 3.1% 4.2% 4.29% 4.6%
Dividend per Share 2 1.8 1.85 1.85 1.85 1.9 1.99 2.081 2.176
Rate of return 3.18% 5.26% 4.12% 5.44% 4.07% 3.47% 3.63% 3.79%
EPS 2 4.01 4.33 3.04 2.81 3.04 3.476 3.761 4.036
Distribution rate 44.9% 42.7% 60.9% 65.8% 62.5% 57.2% 55.3% 53.9%
Net sales 1 81,747 94,436 81,758 84,186 82,855 87,530 90,132 93,302
EBITDA 1 11,746 12,613 10,822 10,606 10,970 11,861 12,355 12,877
EBIT 1 7,978 8,436 6,345 5,886 6,103 6,862 7,226 7,603
Net income 1 5,053 5,359 3,677 3,332 3,501 3,891 4,159 4,413
Net Debt 1 16,366 15,856 17,739 18,998 21,516 23,195 23,420 23,316
Reference price 2 56.54 35.18 44.86 33.98 46.73 57.38 57.38 57.38
Nbr of stocks (in thousands) 1,224,639 1,205,059 1,182,263 1,153,116 1,121,383 1,107,368 - -
Announcement Date 3/9/22 3/9/23 3/6/24 3/6/25 3/5/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.45x1.14x8.33x6.61% 84.28B
14.77x0.9x7.88x1.84% 71.86B
16.13x0.97x7.19x3.55% 71.12B
24.73x1.84x17.52x0.82% 24.82B
18.78x0.72x7.82x-.--% 11.04B
36.68x2.57x9.87x-.--% 9.1B
8.22x0.35x5.13x6.58% 6.16B
14.23x0.66x7.46x3.61% 5.68B
28x0.52x7.54x-.--% 5.27B
Average 19.78x 1.07x 8.75x 2.56% 32.15B
Weighted average by Cap. 17.38x 1.09x 8.65x 3.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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