Update to my DSV post. They have secured DB Schenker for €14.3bn EV, 0.77x LTM sales. A good result, given no upward price walk vs the figures discussed in press over past several months. And no excessively binding restrictions on integration either.

Schenker's LTM OP margin is 5.5% vs DSV's 10.6%. "Aspiration" is to lift Schenker’s margins to DSV's level in Yr3 after closing, for the respective business areas.

NB the 2019 margins were 3.2% for Schenker and 7.0% for DSV! To be bullish, you need to believe DSV's future is far more profitable than its past.

The deal will not close until Q2 2025, which could leave the stock in limbo for up to nine months.

The deal has been well received initially, with the stock c10% higher on confirmation.

I didn’t yet buy DSV, as I continue to ponder the risk / reward.