Third Point takes new stake in DSV A/S in Q3, discusses Cinemark position – Q3 letter

Third Point took a new stake in Danish freight forwarder DSV A/S (OTCPK:DSDVF) in Q3.

Third Point views the potential purchase of DB Schenker as a positive for DSV (OTCPK:DSDVF) as DB Schenker is similar to size to DSV “but only half as profitable,” according a Third Point Q3 letter viewed by Seeking Alpha dated Oct. 16.

“We believe the integration and synergy capture expected from this combination will follow a proven playbook and drive earnings accretion in excess of 30%,” Third Point, which is run by famed investor Dan Loeb, wrote in the letter.

“We believe DSV can earn more than 100 DKK per share in 2027 and see significant upside for one of Europe’s best companies,” Third Point added.

Third Point also discussed its investment in movie theater chain Cinemark (NYSE:CNK), writing that it took a stake in Q2.

“Given the significant recovery in box office, potential for continued share gain and high operating leverage of the business, we think Cinemark can generate over $4 of FCF/share in 2026, which is meaningfully higher than pre-pandemic levels and should grow in the following years.” Third Point wrote.

The top five winners for Q2 for Third Point were R2 Semiconductor, Pacific Gas and Electric (PCG), Vistra Corp. (VST), KB Home (KBH), and Danaher Corp. (DHR). The top five losers, excluding hedges, were Bath & Body Works (BBWI), Amazon (AMZN), Advanced Auto Parts (AAP), Alphabet (GOOGL) and Microsoft (MSFT).

During Q3, Third point returned 3.9% in the flagship Offshore Fund.