Report
Nicolay Dyvik
EUR 463.07 For Business Accounts Only

A. P. Møller Mærsk (Hold, TP: DKK8700.00) - Upgraded to HOLD (SELL)

We have upgraded our recommendation to HOLD (SELL) but maintain our DKK8,700 target price. Ahead of the Q4 results (due at 08:00 CET on 20 February), we are 1% below consensus on both Q4e and 2020e EBITDA. We do not expect the 2020 guidance to provide much clarity and see a wide EBITDA range amid the coronavirus (Covid-19) outbreak.
Underlying
A.P. Moller - Maersk A/S Class B

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Nicolay Dyvik

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