reports
- Nicolay Dyvik
A. P. Møller Mærsk (Buy, TP: DKK12900.00) - Guidance should come up
We reiterate our BUY and DKK12,900 target price despite the stock rising 10% since 27 April. We expect Maersk to increase its guidance and consensus to rise after the Q1 results (due at 08:00 CET on 17 May). We are 16% above Q1 EBITDA consensus. Latin America rates (21% of Ocean volumes) rose 45% YOY in Q1.
- Alexander Aukner
- Antti Kansanen
- Christoffer Wang Bjørnsen
- Eivind Sars Veddeng
- Håkon Astrup
- Helge André Martinsen
- Joachim Gunell
- Karl-Johan Bonnevier
- Martin Arnell
- Mattias Holmberg
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Simen Mortensen
METSO NELES OYJ
EURN EURONAV NV
DNB DNB ASA
REZT RADISSON HOSPITALITY AB
SRBNK SPAREBANK 1 SR-BANK ASA
MEDIO MEDISTIM ASA
MOCORP METSO OUTOTEC OYJ
SHOT SCANDIC HOTELS GROUP
ATLAS ATLAS MENKUL KIYMETLER YATIRIM ORTAKLIGI
KLED KUNGSLEDEN AB
DNO DNO ASA CLASS A
BRG BORREGAARD
ASSAB ASSA ABLOY
GETIB GETINGE
KINDSDB KINDRED GROUP
FORTUM FORTUM
YIT YIT
maerskb A. P. MØLLER MÆRSK
KINVb KINNEVIK
LATOb LATOUR
KLOVb KLÖVERN
EVRY EVRY ASA
BIOA B BIOARCTIC AB
NAS NORWEGIAN AIR SHUTTLE
- Nicolay Dyvik
A. P. Møller Mærsk (Buy, TP: DKK12900.00) - Latin America rates up 3...
We believe the company could be about to raise its guidance, as our new proprietary Xeneta-based Maersk container rate model points to a QOQ rate rise in Q1. This is explained largely by a 33% QOQ increase in our Latin America container index, which includes the main trade routes of Hamburg Süd. We reiterate our BUY and DKK12,900 target price, noting recent share price weakness.
- Nicolay Dyvik
At bottom or early recovery
Takeaways from DNB Markets’ 11th Oil, Offshore and Shipping conference following panel debates in Tankers, Dry bulk, LNG and LPG. Scrapping is viewed as important for freight improvements, but like “putting down the family dogâ€. We are either at the bottom or early recovery, according to the panellists.
TK4 TSAKOS ENERGY NAVIGATION LTD.
GLOG GASLOG LTD.
EURN EURONAV NV
DHT DHT HOLDINGS INC.
S0QA SCORPIO TANKERS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
KNOP KNOT OFFSHORE PARTNERS
DSX DIANA SHIPPING INC.
GMLP GOLAR LNG PARTNERS LP
3TKA TEEKAY TANKERS
ODF ODFJELL ASA
WWI WILHELM WILHELMSEN HOLDING
FRO FRONTLINE LTD.
TANKER INVESTMENTS
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
HLNG HOEGH LNG AS
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
DNORD D/S NORDEN
WWL WALLENIUS WILHELMSEN LOGISTICS
maerskb A. P. MØLLER MÆRSK
EPIC EPIC GAS
GOGLOLD GOLDEN OCEAN NO
ALNG AWILCO LNG
FRNT FRONTLINE 2012
AURLPG AURORA LPG
EIGHT NAVIG8 PRODUCT TANKERS
- Alexander Aukner
- Jon Masdal
- Marius Knudssøn
- Martin Huseby Karlsen
- Nicolay Dyvik
- Ole-Andreas Krohn
- Nicolay Dyvik
A. P. Møller Mærsk (Buy, TP: DKK12900.00) - Oslo roadshow takeaway
DNB Markets hosted a roadshow for A. P. Møller Mærsk (Maersk) in Oslo today, 27 February. Our key takeaway is that the large implied valuation discount for Maersk Line relative to Hapag Lloyd would be unjustified should Maersk deliver on its restoration of profitability.
- Christer Magnergård
- Jon Masdal
- Karl-Johan Bonnevier
- Nicolay Dyvik
- Ole-Andreas Krohn
- Patrik Ling
- Stefan Gauffin
- Nicolay Dyvik
A. P. Møller Mærsk (Buy, TP: DKK12900.00) - Has a job to do
We reiterate our BUY but have trimmed our target price to DKK12,900 (DKK13,200) after lowering our 2018e net profit by 11% to bring potential Hamburg Süd synergies in 2018 in line with the guidance. In our view the weak share price reaction could be explained by synergies getting off to a slow start combined with a subdued 2018 market outlook, a view we do not share.
- Alexander Aukner
- Antti Kansanen
- Christoffer Wang Bjørnsen
- Eivind Sars Veddeng
- Håkon Astrup
- Joachim Gunell
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Huseby Karlsen
- Martin Kaland
- Nicolay Dyvik
- Ole-Andreas Krohn
- Olof Larshammar
- Rune Majlund Dahl
- Simen Mortensen
DDASA DOLPHIN DRILLING ASA
NONG SPAREBANK 1 NORD-NORGE
ARCHERO ARCHER
KCR KONECRANES OYJ
NPRO NORWEGIAN PROPERTY ASA
SPU SPECTRUM ASA
ENTRA ENTRA ASA
BAKKA BAKKAFROST P/F
NIBEB NIBE INDUSTRIER
SPOL SPAREBANK 1 OSTLANDET
CARLB CARLSBERG
BERGB BERGMAN & BEVING
CGC CARGOTEC
MMGRB MOMENTUM GROUP
maerskb A. P. MØLLER MÆRSK
KINVb KINNEVIK
EVRY EVRY ASA
- Nicolay Dyvik
A. P. Møller Mærsk (Buy, TP: DKK13200.00) - Still buyers ahead of CM...
We would still be buyers ahead of the CMD as it could be a catalyst explaining the earnings potential into 2018 and illustrating our point that 2018 guidance is too conservative, as the upper end of range could be met without any container market improvement in our view. We reiterate BUY with a DKK13,200 target price.
- Christer Magnergård
- Frank Maaø
- Håkon Astrup
- Helge André Martinsen
- Jesper Ingildsen
- Karl-Johan Bonnevier
- Mattias Montgomery
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Paul Harper
- Rune Majlund Dahl
- Simen Mortensen
- Nicolay Dyvik
A. P. Møller Mærsk (Buy, TP: DKK13200.00) - We would buy ahead of th...
Maersk is set to report its Q4 results on Friday 9 February at 08.00 CET. We believe Q4 is less relevant than guidance for 2018 and that consensus is too conservative, expecting only ¼ of Maersk Line recovery in 2018 versus 2017. We reiterate BUY, while our target price is cut to DKK13,200 (14,600).
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