Financials AP Moller Maersk BOERSE MUENCHEN

Equities

DP4A

DK0010244425

Marine Freight & Logistics

Market Closed - BOERSE MUENCHEN Other stock markets 15:43:32 2024-07-01 EDT			5-day change	1st Jan Change
1,662 ^EUR	+5.19%		+2.93%	+2.32%

07-01	Red Sea disruptions to continue into Q3, Maersk CEO says	RE
07-01	Mærsk Bows Out of Bidding Race for Deutsche Bahn's Logistics Business	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	28,033	41,980	64,215	39,319	28,541	28,677	-	-
Enterprise Value (EV) ¹	39,695	51,212	62,685	26,687	23,883	26,045	27,975	29,257
P/E ratio	-360 x	15.5 x	3.81 x	1.41 x	7.92 x	15 x	-66.2 x	22.1 x
Yield	1.53%	2.45%	10.7%	27.7%	4.12%	0.44%	0.25%	1.8%
Capitalization / Revenue	0.72 x	1.06 x	1.04 x	0.48 x	0.56 x	0.56 x	0.59 x	0.56 x
EV / Revenue	1.02 x	1.29 x	1.01 x	0.33 x	0.47 x	0.5 x	0.58 x	0.57 x
EV / EBITDA	6.95 x	6.23 x	2.61 x	0.72 x	2.49 x	3.14 x	5.43 x	4.27 x
EV / FCF	7.87 x	7.53 x	3.29 x	0.88 x	3.98 x	183 x	-46.9 x	-20.2 x
FCF Yield	12.7%	13.3%	30.4%	114%	25.1%	0.55%	-2.13%	-4.96%
Price to Book	1.08 x	1.48 x	1.5 x	0.64 x	0.56 x	0.56 x	0.57 x	0.56 x
Nbr of stocks (in thousands)	20,098	19,408	18,715	17,649	16,007	15,768	-	-
Reference price ²	1,441	2,247	3,572	2,249	1,798	1,849	1,849	1,849
Announcement Date	2/20/20	2/10/21	2/9/22	2/8/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	38,890	39,740	61,787	81,529	51,065	51,584	48,647	51,180
EBITDA ¹	5,712	8,226	24,036	36,813	9,591	8,285	5,154	6,845
EBIT ¹	1,725	4,186	19,674	30,860	3,934	2,509	-398.3	215.2
Operating Margin	4.44%	10.53%	31.84%	37.85%	7.7%	4.86%	-0.82%	0.42%
Earnings before Tax (EBT) ¹	967	3,307	18,730	30,231	4,362	2,691	-898.1	1,045
Net income ¹	-84	2,850	17,942	29,198	3,822	2,055	-513.3	1,312
Net margin	-0.22%	7.17%	29.04%	35.81%	7.48%	3.98%	-1.06%	2.56%
EPS ²	-4.000	145.0	938.0	1,595	227.0	123.1	-27.94	83.47
Free Cash Flow ¹	5,045	6,804	19,046	30,313	5,997	142	-596.3	-1,450
FCF margin	12.97%	17.12%	30.83%	37.18%	11.74%	0.28%	-1.23%	-2.83%
FCF Conversion (EBITDA)	88.32%	82.71%	79.24%	82.34%	62.53%	1.71%	-	-
FCF Conversion (Net income)	-	238.74%	106.15%	103.82%	156.91%	6.91%	-	-
Dividend per Share ²	22.00	55.00	381.0	623.0	74.00	8.179	4.589	33.35
Announcement Date	2/20/20	2/10/21	2/9/22	2/8/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	18,506	19,292	21,650	22,767	17,820	14,207	12,988	12,129	11,741	12,355	13,035	13,627	12,242	11,166	11,508
EBITDA ¹	7,990	9,084	10,327	10,862	6,540	3,969	2,905	1,878	839	1,590	2,305	2,801	1,542	677.8	759
EBIT ¹	6,634	7,273	8,988	9,477	5,122	2,326	1,607	538	-537	177	632.5	1,867	88.89	-601	-707
Operating Margin	35.85%	37.7%	41.52%	41.63%	28.74%	16.37%	12.37%	4.44%	-4.57%	1.43%	4.85%	13.7%	0.73%	-5.38%	-6.14%
Earnings before Tax (EBT) ¹	6,291	6,979	8,785	9,174	5,293	2,516	1,591	691	-436	328	1,097	1,419	-313	-468.8	-445.9
Net income ¹	6,094	6,776	8,593	8,879	4,950	2,284	1,453	521	-436	177	978.4	1,504	-300.3	-239.1	-179.1
Net margin	32.93%	35.12%	39.69%	39%	27.78%	16.08%	11.19%	4.3%	-3.71%	1.43%	7.51%	11.04%	-2.45%	-2.14%	-1.56%
EPS ²	323.0	363.0	464.0	487.0	277.0	131.0	85.00	31.00	-27.00	11.00	56.43	84.44	-6.873	-20.61	-21.86
Dividend per Share ²	384.2	-	-	-	623.0	-	-	-	74.00	-	-	-	12.26	-	-
Announcement Date	2/9/22	5/4/22	8/3/22	11/2/22	2/8/23	5/4/23	8/4/23	11/3/23	2/8/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,662	9,232	-	-	-	-	-	580
Net Cash position ¹	-	-	1,530	12,632	4,658	2,632	701	-
Leverage (Debt/EBITDA)	2.042 x	1.122 x	-	-	-	-	-	0.0848 x
Free Cash Flow ¹	5,045	6,804	19,046	30,313	5,997	142	-596	-1,450
ROE (net income / shareholders' equity)	1.67%	9.84%	48.6%	53.8%	6.48%	4.11%	-0.54%	2.12%
ROA (Net income/ Total Assets)	0.9%	5.11%	28.2%	35.2%	4.35%	4.36%	-2.57%	-1.67%
Assets ¹	-9,298	55,762	63,708	82,976	87,890	47,095	20,010	-78,646
Book Value Per Share ²	1,338	1,521	2,379	3,506	3,207	3,289	3,232	3,289
Cash Flow per Share ²	288.0	399.0	1,151	1,883	572.0	461.0	397.0	455.0
Capex ¹	2,035	1,322	2,976	4,163	3,646	4,538	4,580	4,709
Capex / Sales	5.23%	3.33%	4.82%	5.11%	7.14%	8.8%	9.41%	9.2%
Announcement Date	2/20/20	2/10/21	2/9/22	2/8/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AP Moller Maersk

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,739 USD

Average target price

1,756 USD

Spread / Average Target

+0.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
COSCO SHIPPING HOLDINGS CO., LTD.	+74.01%	32.8B
HAPAG-LLOYD AG	+27.48%	32.64B
NIPPON YUSEN KABUSHIKI KAISHA	+10.57%	13.3B
MITSUI O.S.K. LINES LTD	+9.87%	10.85B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+16.24%	10.72B
HMM CO.,LTD	+0.56%	10.1B
KAWASAKI KISEN KAISHA, LTD.	+23.97%	9.93B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+48.47%	9.47B
ADNOC LOGISTICS & SERVICES PLC	+9.40%	8.44B

Other Marine Freight & Logistics