Report
Jørgen Lian
EUR 92.33 For Business Accounts Only

A. P. Møller Mærsk Minor model adjustments

We have updated our estimates for the Q2 report. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We reiterate our DKK11,500 target price.
Potential for more buybacks. While we still see a heavy delivery schedule weighing on the fundamental supply/demand balance for the foreseeable future and believe much of the apparent demand to be transitory, we find Maersk’s compounding value generation in today’s inflated freight-rate environment supportive of the current valuation. As cash continues to pile up, we see the potential for a return to its share buyback programme unless markets see a sharp correction.
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
Jørgen Lian

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