A. P. Møller Mærsk (Hold, TP: DKK11900.00) - Going for the record
Container freight markets still surge for Maersk, leading to an eager guidance hike just hours before its Q3 report. With Ocean delivering slightly below expectations for the quarter, the guidance implies even more strength to come in Q4. Ocean’s EBITDA margins reached record highs in Q3 for the post-2008 era, and Q4 is aiming even higher. While consensus is for +20% margins to stick around for 2021–2022e, we are less optimistic and reiterate our HOLD and have raised our target price to DKK11,900 (DKK11,500).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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