DSV falls on 'weak' FCF, one-off-driven Q2 beat
BUZZ-DSV falls on 'weak' FCF, one-off-driven Q2 beat ** Shares in DSV fall about 9%, analysts point to "weak" cash conversion and a one-off-driven EBIT beat in the Danish transportation and logistics company's Q2 report
** Jyske Bank says weak cash conversion is likely the main driver of the share price reaction -- DSV reports Q2 EBIT at DKK 6.3 billion ($961.3 million), while adj. FCF sits at DKK 786 million
** The cash weakness largely stems from higher working capital requirements and property-sale proceeds that have yet to be received, Jyske adds
** Jefferies says that excluding a DKK 250 million gain from a land sale in the road division, EBIT would have been roughly 1% below consensus
** Jefferies sees the road biz as the key disappointment as it misses expectations even with the one-off gain
** DSV shares are on track for their worst day since February, if losses hold
($1 = 6.5538 Danish crowns)
(Reporting by Agnieszka Gosciak-Rabalska)
((agnieszka.gosciak@thomsonreuters.com; +48 58 769 66 00;))