A. P. Møller Mærsk (Hold, TP: DKK23600.00) - 2022e largely derisked
The container cycle is dragging on, and Maersk has used the opportunity to build its Logistics segment for the future through recent acquisitions, and done its best to secure 2022 cash flows on Ocean. In our view, 2022 guidance is too cautious and signals a sharp drop in spot rates as the company has secured meaningful coverage. But 2023e is still at risk, and higher costs loom as the major concern. We reiterate our HOLD with a DKK23,600 (23,800) 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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