Financial Calendar 2019



ANNOUNCEMENT







A.P. Møller - Mærsk A/S – Financial Calendar 2019





Please be informed that A.P. Møller - Mærsk A/S plans to publish its Annual Report for the year 2018 on Thursday 21 February 2019 and to hold the Annual General Meeting on Tuesday 2 April 2019 at 10.30 am in Copenhagen. Any issues for the agenda of the Annual General Meeting must be received no later than Monday 18 February 2018.



The Company plans to publish Interim Report for the 1st Quarter on Friday 24 May 2019, Interim Report for the 2nd Quarter on Thursday 15 August 2019 and Interim Report for the 3rd Quarter on Friday 15 November 2019.









Copenhagen, 7 December 2018.





Contact person: Head of Investor Relations, Stig Frederiksen, tel.





























































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07/12/2018

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Reports on A.P. Moller - Maersk A/S Class B

Jørgen Lian
  • Jørgen Lian

A brewing challenge for the yards

Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general op...

Jørgen Lian
  • Jørgen Lian

A. P. Møller Mærsk (Sell, TP: DKK9500.00) - No relief in sight

Maersk’s 2024 outlook solidified our view that headline spot rate movements should be insufficient to save liners from a challenging market that should soon see a race to the bottom once more. In the ensuing dogfight, someone will have to lose out in order to rebalance a vastly oversupplied market. With such an outlook, current cash buffers are of limited value to investors. We reiterate our SELL, and have cut our target price to DKK9,500 (10,400).

Jørgen Lian
  • Jørgen Lian

A. P. Møller Mærsk (Sell, TP: DKK10400.00) - Expect the unexpected

The 2024 guidance should be the highlight of the Q4 report and clarify the potential implications for Maersk of Red Sea disruptions in an uncertain container market. Assuming normalisation in H2, we reiterate our SELL but have raised our target price to DKK10,400 (9,600).

Jørgen Lian
  • Jørgen Lian

Decisive hit from weaker macro

Deteriorating macroeconomics and concerns about an impending recession have added to an already-grim outlook. The 2023 demand setback is polarising supply and demand as the towering orderbook pushes 2023–2026e supply growth towards 7% p.a. with demand set to be closer to 2%. Hence, utilisation should fall to record-lows, fuelling a race to the bottom for rates. The ensuing industry-wide cash burn looks set to decimate sector balance sheets. With no bright spots on the horizon, we reiterate our S...

Jørgen Lian
  • Jørgen Lian

A. P. Møller Mærsk (Sell, TP: DKK11500.00) - Set for another near-term...

Based on recent data points, we have raised our Q3e due to a slower rate decline and more cost-cutting potential. We are now 16% above consensus’ Q3 EBITDA, but remain 30% below for 2024e and 2025e. Thus, we forecast a near-term beat, but expect focus to remain on long-term prospects that should continuously deteriorate. We reiterate our SELL and DKK11,500 target price.

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