Analyst Note
| Michael Field, CFA |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.