1-Star Price
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5-Star Price
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Economic Moat
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Having just last week upgraded their full-year guidance on the back of a stronger-than-expected performance in the first quarter, surprises are few and far between on this morning's trading update by A.P. Moller-Maersk, or Maersk. While we may tweak our near-term forecasts in the coming period, we do not expect this to have a material impact on our DKK 26,500 fair value estimate. At these levels, we view the shares as highly attractive.
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.
