A. P. Møller Mærsk (Hold, TP: DKK9700.00) - In line for Q2
The liner companies’ swift response to the pandemic has seen the CCFI decrease only 7% QOQ, which, coupled with lower bunker prices and Maersk’s updated Q2 guidance, has lifted our 2020e EBITDA by 19%. Although some positive signals of higher volumes and fewer blank sailings have been seen, the outlook for H2e remains muted. After a change of analyst, we reiterate our HOLD and have raised our target price to DKK9,700, equalling our SOTP based on 2021e earnings multiples.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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