A.P. Moller-Maersk A/S Series B

A.P. Moeller Maersk is an international shipping company. Co.'s operating segments are: Container shipping and related activities which include global container services, inland transportation, manufacturing and repair of containers and container depots, and logistics and forwarding activities; APM terminals; Tankers, offshore and other shipping activities which include tanker shipping of crude oil, oil products and gas, offshore drilling activities and operation of land rigs, supply vessel activities with anchor handling and platform supply vessels, ferry services and door-to-door transportation in Northern Europe; Oil and gas activities; Retail activity; and Shipyards and other activities.
  • TickerMAERSK B
  • ISINDK0010244508
  • ExchangeNasdaq Nordic Copenhagen
  • SectorIndustrial Transportation
  • CountryDenmark

Analysts

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Nicolay Dyvik

A. P. Møller Mærsk (Hold, TP: DKK8700.00) - Upgraded to HOLD (SELL)

We have upgraded our recommendation to HOLD (SELL) but maintain our DKK8,700 target price. Ahead of the Q4 results (due at 08:00 CET on 20 February), we are 1% below consensus on both Q4e and 2020e EBITDA. We do not expect the 2020 guidance to provide much clarity and see a wide EBITDA range amid the coronavirus (Covid-19) outbreak.

Nicolay Dyvik

SHIPPING: Phase 1 could increase tanker demand by more than 2%

In its Phase 1 trade document, China pledges to increase US exports of energy products by a total amount of USD18.5bn in 2020, then USD33.9bn, reaching USD52.4bn by 2021. Energy is defined as LNG, crude oil, refined products (including LPG) and coal. The value of US exports of crude, LNG and LPG in 2017 was USD6.7bn, of which two-thirds was crude. Assuming crude will account for 50% of the increment, US exports to China by 2021 could rise to 1.3mbpd. The pure substitution effect should see additional demand for ~30 VLCCs, or more than a 2% increase in crude tankers demand. Similar effects shou...

Nicolay Dyvik

Shipping Summary (DNB Markets) - Decarbonisation could extend cycle (49 pages)

Wallenius Wilhelmsen, Stolt-Nielsen and Flex LNG are our top picks for 2020, as our LPG and Tankers stocks have upside potential of only 4–7%. For further upside potential there, you need to discount a cycle extension.

Casper Blom

AP Møller Maersk - A good start to the new decade

IMO 2020 implementation looks successful 2020-21e EBITDA increased by 4-5% Target price increased to DKK 9,600, still HOLD

Nicolay Dyvik

A. P. Møller Mærsk (Hold, TP: DKK8700.00) - Upgraded to HOLD (SELL)

We have upgraded our recommendation to HOLD (SELL) but maintain our DKK8,700 target price. Ahead of the Q4 results (due at 08:00 CET on 20 February), we are 1% below consensus on both Q4e and 2020e EBITDA. We do not expect the 2020 guidance to provide much clarity and see a wide EBITDA range amid the coronavirus (Covid-19) outbreak.

Nicolay Dyvik

SHIPPING: Phase 1 could increase tanker demand by more than 2%

In its Phase 1 trade document, China pledges to increase US exports of energy products by a total amount of USD18.5bn in 2020, then USD33.9bn, reaching USD52.4bn by 2021. Energy is defined as LNG, crude oil, refined products (including LPG) and coal. The value of US exports of crude, LNG and LPG in 2017 was USD6.7bn, of which two-thirds was crude. Assuming crude will account for 50% of the increment, US exports to China by 2021 could rise to 1.3mbpd. The pure substitution effect should see additional demand for ~30 VLCCs, or more than a 2% increase in crude tankers demand. Similar effects shou...

Nicolay Dyvik

Shipping Summary (DNB Markets) - Decarbonisation could extend cycle (49 pages)

Wallenius Wilhelmsen, Stolt-Nielsen and Flex LNG are our top picks for 2020, as our LPG and Tankers stocks have upside potential of only 4–7%. For further upside potential there, you need to discount a cycle extension.

Casper Blom

AP Møller Maersk - A good start to the new decade

IMO 2020 implementation looks successful 2020-21e EBITDA increased by 4-5% Target price increased to DKK 9,600, still HOLD

Nicolay Dyvik

SHIPPING: Impact of phase one trade deal

In a 23 August update, we pointed out that the US-China trade war had hurt crude, LNG and LPG, and that a further escalation was likely. While the full extent is yet to be known, the “phase one” deal would positively impact dry bulk trade, and could see positive effects for container trade. Energy-related products would be positively affected if part of the USD200bn of purchases from the US that China has pledged to make, and is likely to be rewarded in further phases.

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Jon Masdal ...
  • Martin Hoang Nguyen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Frank Maaø
  • Jesper Ingildsen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Jimi Lehtonen
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

A P MOLLER - MAERSK A/S with less fundamental stars is reduced to Neutral

A P MOLLER - MAERSK A/S (DK), a company active in the Marine Transportation industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date December 20, 2019, the closing price was DKK 9,560.00 and its expected value was est...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Mitsui O.S.K. Lines, Ltd. - Mergers & Acquisitions (M&A), Partnerships & Alliances And Investments

Summary Marketline's Mitsui O.S.K. Lines, Ltd. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Mitsui O.S.K. Lines, Ltd. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitiv...

MarketLine Department

Nippon Yusen Kabushiki Kaisha - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Nippon Yusen Kabushiki Kaisha Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Nippon Yusen Kabushiki Kaisha since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its co...

Expert Corporate Governance Service (ECGS)

AP Moeller Maersk, April 2nd 2019

In general, A.P. Møller - Mærsk (APMM) is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting. Under ITEM C, although not legally required in Denmark, the board of directors and the executive management seek discharge. Under its guidelines, ECGS no longer approves discharge of the board of directors and/or executive management if there is no legal requirement for it. Since there is no such requirement in Denmark, ECGS recommends to OPPOSE. Under ITEM E, the board of directors seeks authorisation to repurchase own shares. As the magn...

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