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A. P. Moller Maersk A/S MAERSK B

Rating as of

Morningstar’s Analysis

Valuation
Currency in DKK
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

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.

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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.

Contact
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

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