Raising Maersk's Fair Value Estimate as Global Carriers Exit Suez Canal

Maersk is now a focused global shipper and logistics company after divesting its energy and drilling, banking, and towage businesses in recent years. It is investing heavily to build the logistics and solutions segment, aiming to achieve equal revenue with the core maritime shipping business in the future. The shipping business, oceans, remains the largest division, contributing 75% of group EBITDA, but capacity is not expected to expand much going forward. While volumes contribute to EBITDA, freight prices have the largest impact, something Maersk has little control over, making earnings volatile.