A. P. Møller Mærsk (Buy, TP: DKK9600.00) - Still below consensus, but less so
We are 3% below consensus EBITDA (up from 8% below since our preview on 12 April) ahead of Q1 results due on 24 May at 08.00 CET. We forecast a USD174m loss in Q1 while consensus is a USD11m gain. We and consensus are above guidance for 2019e, which could be too optimistic if the trade war continues as observed Xeneta rates, net of bunkers, are down 10% since year-end and YTD rates are down 4% YOY. We reiterate our BUY and DKK9,600 target price.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.
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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