A return to midcycle brings an opportunity for investors in Maersk.
Shipping behemoth Maersk’s full-year results were broadly in line with our expectations, adjusting for the disposals of various businesses over the period, but fell short of consensus forecasts. A return on invested capital, or ROIC, of just 2.9% for 2017, up from negative 1.9% in 2016, serves to highlight the volatility in earnings for Maersk, and illustrates the reasoning behind our no-moat rating for the company. We do not expect to make any material changes to our forecasts on the back of th...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.
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