MAERSK B A.P. Moller - Maersk A/S Class B

Interim Report Q3 2018

Interim Report Q3 2018

Interim Report for the 3rd Quarter 2018 for A.P. Møller - Mærsk A/S is hereby enclosed.



CEO of A.P. Møller - Mærsk A/S, Søren Skou, states:



“Well into our transformation, we are progressing with the integration of our business to better serve customers and unlock the full growth potential within Logistics and Services. As a result, I am pleased to see revenue growth in Q3 across the business, including supply chain services. Our profitability and cash flow is improving, positively impacted by the emergency bunker surcharge announced due to the significant increase in bunker price, synergies from Hamburg Süd and strong collaboration between Ocean and our terminal activities.

     

Our business performance in Ocean is still challenged by increased bunker prices not being fully compensated through higher freight rates. However, we continue to see improved results in the third quarter after a very weak start to 2018.”   







Contact persons:



Head of Investor Relations, Stig Frederiksen, tel.



Head of External Communication, Signe Wagner, tel.

Attachment

EN
14/11/2018

Underlying

MAERSK BA.P. Moller - Maersk A/S Class B

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

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

Jørgen Lian
  • Jørgen Lian
Free Trial
MAERSK B A.P. Moller - M...

A. P. Møller Mærsk (Sell, TP: DKK9000.00) - Challenging the deep value...

The Q1 results proved disappointing to buy-side expectations, though reasonably aligned and even bullish compared to near-term consensus. Their market commentary could raise expectations above the upper end of the potentially conservative guidance, but we struggle to see the intrinsic value when facing the bleak container markets for 2025–2026e. We reiterate our SELL and have cut our target price to DKK9,000 (9,600).

MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
05/03/24 May 3, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
MAERSK B A.P. Moller - M...

Continued strong demand will make a difference

Surprisingly strong container demand makes a big difference. '24e EBITDA of USD 6.2bn. TP of DKK 12,800 (13,260) – BUY.

MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
05/03/24 May 3, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
MAERSK B A.P. Moller - M...

Better guidance, but within expectations

Q1'24 EBITDA of USD 1,590m (ABGSCe at USD 1,941, cons. at USD 1,604m). Segments - miss for Ocean and Logistics & Services, beat in Terminals and Towage. Lower end of guidance lifted, share slightly up today.

MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
05/02/24 May 2, 2024 1 EN
Jørgen Lian
  • Jørgen Lian
Free Trial
EURN EURONAV NV
DHT DHT Holdings I... ... (+31)

Yard response and dry bulk qualms

Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.

EURN EURONAV NV
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
04/29/24 April 29, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
MAERSK B A.P. Moller - M...

Too cheap with near-term earnings upside

Underlying demand much better than expected. Guidance upgrade likely - ABGSCe '24 EBITDA +20% vs. cons.. TP of DKK 13,260 (10,700) – BUY (Hold).

MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
04/29/24 April 29, 2024 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch