A. P. Møller Mærsk (Hold, TP: DKK7600.00) - Q4 below or similar to Q3
Maersk today raised its full-year EBITDA guidance to USD5.4bn–5.8bn (from USD5.0bn), which compares with our estimate of USD5.6bn and consensus of USD5.45bn. Based on YTD actual EBITDA of USD4.25bn for Q1–Q3 and our forecast of USD1.5bn for Q4, we end up at high end of the guidance range at USD5.75bn while consensus with its Q4 estimate of USD1.37bn ends up at USD5.62bn (or middle of the range). The main drivers of the higher guidance are cost control and lower fuel prices rather than freight rates, as demand is slower.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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