A. P. Møller Mærsk (Buy, TP: DKK12900.00) - Has a job to do
We reiterate our BUY but have trimmed our target price to DKK12,900 (DKK13,200) after lowering our 2018e net profit by 11% to bring potential Hamburg Süd synergies in 2018 in line with the guidance. In our view the weak share price reaction could be explained by synergies getting off to a slow start combined with a subdued 2018 market outlook, a view we do not share.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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