Financials AP Moller Maersk OTC Markets

Equities

AMKBF

DK0010244508

Marine Freight & Logistics

Market Closed - OTC Markets Other stock markets 08:38:41 03/07/2024 pm IST			5-day change	1st Jan Change
1,860 ^USD	+1.37%		+5.40%	+3.34%

05/07	Fearnley Securities Upgrades Maersk to Buy from Sell, Boosts PT	MT
03/07	Global markets live: Eli Lilly, Apple, Walmart, Shell, Rio Tinto...

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	28,033	41,980	64,215	39,319	28,541	27,770	-	-
Enterprise Value (EV) ¹	39,695	51,212	62,685	26,687	23,883	24,990	27,048	28,911
P/E ratio	-360 x	15.5 x	3.81 x	1.41 x	7.92 x	13.7 x	-108 x	23.3 x
Yield	1.53%	2.45%	10.7%	27.7%	4.12%	0.46%	0.26%	1.6%
Capitalization / Revenue	0.72 x	1.06 x	1.04 x	0.48 x	0.56 x	0.53 x	0.57 x	0.55 x
EV / Revenue	1.02 x	1.29 x	1.01 x	0.33 x	0.47 x	0.48 x	0.56 x	0.57 x
EV / EBITDA	6.95 x	6.23 x	2.61 x	0.72 x	2.49 x	2.95 x	5.03 x	4.31 x
EV / FCF	7.87 x	7.53 x	3.29 x	0.88 x	3.98 x	13.9 x	-150 x	-181 x
FCF Yield	12.7%	13.3%	30.4%	114%	25.1%	7.17%	-0.66%	-0.55%
Price to Book	1.08 x	1.48 x	1.5 x	0.64 x	0.56 x	0.53 x	0.54 x	0.53 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	1,788	1,788	1,788
Announcement Date	20/02/20	10/02/21	09/02/22	08/02/23	08/02/24	-	-	-

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	51,926	48,678	50,954
EBITDA ¹	5,712	8,226	24,036	36,813	9,591	8,483	5,372	6,714
EBIT ¹	1,725	4,186	19,674	30,860	3,934	2,709	-230.5	274.9
Operating Margin	4.44%	10.53%	31.84%	37.85%	7.7%	5.22%	-0.47%	0.54%
Earnings before Tax (EBT) ¹	967	3,307	18,730	30,231	4,362	2,688	-613.4	1,123
Net income ¹	-84	2,850	17,942	29,198	3,822	2,192	-299.9	1,157
Net margin	-0.22%	7.17%	29.04%	35.81%	7.48%	4.22%	-0.62%	2.27%
EPS ²	-4.000	145.0	938.0	1,595	227.0	130.9	-16.55	76.69
Free Cash Flow ¹	5,045	6,804	19,046	30,313	5,997	1,792	-179.8	-160
FCF margin	12.97%	17.12%	30.83%	37.18%	11.74%	3.45%	-0.37%	-0.31%
FCF Conversion (EBITDA)	88.32%	82.71%	79.24%	82.34%	62.53%	21.13%	-	-
FCF Conversion (Net income)	-	238.74%	106.15%	103.82%	156.91%	81.76%	-	-
Dividend per Share ²	22.00	55.00	381.0	623.0	74.00	8.179	4.589	28.68
Announcement Date	20/02/20	10/02/21	09/02/22	08/02/23	08/02/24	-	-	-

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	12,998	13,692	12,317	11,374	11,578
EBITDA ¹	7,990	9,084	10,327	10,862	6,540	3,969	2,905	1,878	839	1,590	2,312	2,975	1,688	1,044	1,126
EBIT ¹	6,634	7,273	8,988	9,477	5,122	2,326	1,607	538	-537	177	626.3	1,866	312.3	-132	-319.5
Operating Margin	35.85%	37.7%	41.52%	41.63%	28.74%	16.37%	12.37%	4.44%	-4.57%	1.43%	4.82%	13.63%	2.54%	-1.16%	-2.76%
Earnings before Tax (EBT) ¹	6,291	6,979	8,785	9,174	5,293	2,516	1,591	691	-436	328	1,038	1,517	-65.2	-225.4	-215.3
Net income ¹	6,094	6,776	8,593	8,879	4,950	2,284	1,453	521	-436	177	921.7	1,591	-60.67	-23.43	-12.54
Net margin	32.93%	35.12%	39.69%	39%	27.78%	16.08%	11.19%	4.3%	-3.71%	1.43%	7.09%	11.62%	-0.49%	-0.21%	-0.11%
EPS ²	323.0	363.0	464.0	487.0	277.0	131.0	85.00	31.00	-27.00	11.00	55.86	86.18	-5.848	-20.61	-21.86
Dividend per Share ²	384.2	-	-	-	623.0	-	-	-	74.00	-	-	-	9.196	-	-
Announcement Date	09/02/22	04/05/22	03/08/22	02/11/22	08/02/23	04/05/23	04/08/23	03/11/23	08/02/24	02/05/24	-	-	-	-	-

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	-	-	-	-	-	1,141
Net Cash position ¹	-	-	1,530	12,632	4,658	2,781	722	-
Leverage (Debt/EBITDA)	2.042 x	1.122 x	-	-	-	-	-	0.1699 x
Free Cash Flow ¹	5,045	6,804	19,046	30,313	5,997	1,792	-180	-160
ROE (net income / shareholders' equity)	1.67%	9.84%	48.6%	53.8%	6.48%	4.56%	-0.41%	1.85%
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	50,241	11,692	-69,369
Book Value Per Share ²	1,338	1,521	2,379	3,506	3,207	3,360	3,317	3,375
Cash Flow per Share ²	288.0	399.0	1,151	1,883	572.0	462.0	399.0	455.0
Capex ¹	2,035	1,322	2,976	4,163	3,646	4,515	4,556	4,685
Capex / Sales	5.23%	3.33%	4.82%	5.11%	7.14%	8.69%	9.36%	9.19%
Announcement Date	20/02/20	10/02/21	09/02/22	08/02/23	08/02/24	-	-	-

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

OUTPERFORM

Number of Analysts

Last Close Price

1,788 USD

Average target price

1,829 USD

Spread / Average Target

+2.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
HAPAG-LLOYD AG	+20.15%	3.09TCr
COSCO SHIPPING HOLDINGS CO., LTD.	+71.46%	3.24TCr
NIPPON YUSEN KABUSHIKI KAISHA	+12.63%	1.39TCr
MITSUI O.S.K. LINES LTD	+13.15%	1.15TCr
KAWASAKI KISEN KAISHA, LTD.	+33.91%	1.13TCr
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+17.80%	1.09TCr
HMM CO.,LTD	-1.07%	995.48Cr
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+49.66%	985.87Cr
ADNOC LOGISTICS & SERVICES PLC	+9.14%	841.88Cr

Other Marine Freight & Logistics