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 62,566 - -
Change - -38.77% 25.09% -26.11% 33.74% 19.4% - -
Enterprise Value (EV) 1 85,607 58,250 70,769 58,181 73,918 85,185 85,392 85,306
Change - -31.96% 21.49% -17.79% 27.05% 15.24% 0.24% -0.1%
P/E 14.1x 8.12x 14.8x 12.1x 15.4x 16.2x 15.1x 14x
PBR 3.66x 1.84x 2.8x 2.13x 2.38x 2.69x 2.55x 2.37x
PEG - 1.02x -0.5x -1.6x 1.88x 1.1x 1.93x 1.93x
Capitalization / Revenue 0.85x 0.45x 0.65x 0.47x 0.63x 0.71x 0.69x 0.67x
EV / Revenue 1.05x 0.62x 0.87x 0.69x 0.89x 0.97x 0.95x 0.91x
EV / EBITDA 7.29x 4.62x 6.54x 5.49x 6.74x 7.19x 6.92x 6.62x
EV / EBIT 10.7x 6.9x 11.2x 9.88x 12.1x 12.4x 11.8x 11.2x
EV / FCF 20.9x 19x 24.1x 10.3x 32.2x 23.4x 22.9x 21.3x
FCF Yield 4.78% 5.27% 4.16% 9.72% 3.1% 4.28% 4.37% 4.69%
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% 3.52% 3.68% 3.85%
EPS 2 4.01 4.33 3.04 2.81 3.04 3.481 3.753 4.025
Distribution rate 44.9% 42.7% 60.9% 65.8% 62.5% 57.2% 55.4% 54.1%
Net sales 1 81,747 94,436 81,758 84,186 82,855 87,511 90,115 93,302
EBITDA 1 11,746 12,613 10,822 10,606 10,970 11,853 12,344 12,877
EBIT 1 7,978 8,436 6,345 5,886 6,103 6,855 7,216 7,603
Net income 1 5,053 5,359 3,677 3,332 3,501 3,923 4,157 4,409
Net Debt 1 16,366 15,856 17,739 18,998 21,516 22,619 22,826 22,740
Reference price 2 56.54 35.18 44.86 33.98 46.73 56.50 56.50 56.50
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 A 3/9/23 A 3/6/24 A 3/6/25 A 3/5/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.02x0.96x7.12x3.57% 71.83B
16.61x1.15x8.4x6.54% 85.22B
14.68x0.89x7.84x1.85% 72.39B
24.48x1.82x17.34x0.83% 24.58B
18.94x0.73x7.88x-.--% 11.13B
35.92x2.52x9.71x-.--% 8.93B
8.36x0.35x5.14x6.47% 6.22B
14.45x0.66x7.55x3.56% 5.81B
28.14x0.52x7.57x-.--% 5.34B
39.66x0.33x6.67x2.34% 4.1B
Average 21.73x 0.99x 8.52x 2.52% 29.56B
Weighted average by Cap. 17.63x 1.07x 8.59x 3.51%

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

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