Change at the Helm for Shipping Giant Maersk

Maersk’s announcement that it is changing its CEO appears to have taken the market by surprise, with shares down ahead of the market on Dec. 12. Soren Skou, who has been head of the company since 2016, is stepping down and making way for Vincent Clerc, the current CEO of the ocean and logistics business, a natural successor. Coming on the back of a strong third-quarter update, we believe the market will ultimately shrug off any concerns around the change in leader, and we reiterate our DKK 26,500 fair value estimate. With more than 70% upside from the current share price, we see Maersk as a highly attractive opportunity.