A. P. Møller Mærsk (Hold, TP: DKK22900.00) - Too cautious near-term
Following the Q1 report, we find the increased guidance too conservative near-term and would expect consensus to raise 2022e EBITDA beyond the current USD30bn. However, we believe the sector is still ‘living on borrowed time’ as fundamentals far from defend current markets, and the orderbook should cut box rates long-term. Considerable cash flows along with a lack of clarity on inefficiencies ending this summer defend the current valuation in our view. We reiterate our HOLD, but have trimmed our target price to DKK22,900 (23,600).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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.