Skip to Content

A. P. Moller Maersk A/S MAERSK B

Rating as of

Morningstar’s Analysis

Currency in DKK
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price


5-Star Price


Economic Moat


Capital Allocation


Plain Sailing for Maersk in Q1

Michael Field, CFA Senior Equity Analyst

Analyst Note

| Michael Field, CFA |

With no-moat Maersk having raised its full-year guidance just last week, its positive first-quarter announcement won't come as a shock to most investors. Revenue increased a whopping 30% year over year, despite a lack of easy comparisons in the year-ago quarter, during which the pandemic had not yet materially affected the business. EBITDA margins reached 32.5% over the period as COVID-19 and the resultant disruption to business has created a situation in which capacity on certain routes has been squeezed massively, creating bottlenecks of opportunity for large carriers like Maersk. This is a situation diametrically opposed to the years of overcapacity seen in the mid-2010s, and one not helped by more recent events such as the Suez Canal fiasco. We will be updating our near-term forecasts accordingly. We expect this to have a modest impact on our DKK 13,900 fair value estimate, but given where the share price stands today, we believe there is little in the way of upside from here.

Read Full Analysis

Company Profile

Business Description

A.P. Moller-Maersk is a Denmark-listed global conglomerate involved in global trade, shipping, and energy. Maersk Line, the largest contributor to group revenue and earnings, has been the largest container shipping company globally for more than 20 years. Maersk was founded in 1904 and has since been run by the Moller-Maersk family, which currently holds slightly more than 50% of the share capital. The group has been active over the past few years in divesting noncore operations, such as its long-standing stakes in Danske Bank and Dansk Supermarked as well as its oil and gas operations.

Esplanaden 50
Copenhagen, DK-1098, Denmark
T +45 33633363
Sector Industrials
Industry Marine Shipping
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 83,624

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.