Ap møller mærsk analyse

Shipping behemoth Maersk’s full-year results were broadly in line with our expectations, adjusting for the disposals of various businesses over the period, but fell short of consensus forecasts.

Ap møller mærsk analyse video

A return on invested capital, or ROIC, of just % for , up from negative % in , serves to highlight the volatility in earnings for Maersk, and illustrates the reasoning behind our no-moat rating for the company. We do not expect to make any material changes to our forecasts on the back of these results and reiterate our DKK 11, fair value estimate for the stock.

Maersk Line, Maersk’s flagship business, produced EBITDA of $2, million over the period, up significantly from the $1, million delivered in ; however, this vastly improved performance still resulted in a ROIC of just %, far below our estimated 9% weighted average cost of capital for the group.

While freight rates rose over the period, they came under pressure in the fourth quarter, and a