We upgrade Maersk to Hold as the company is simply too robust. Net cash position of USD 2,581m, with cash and deposits amounting to USD ~20.9bn. Ocean is a drag, but Terminals continue to deliver well with a 34.6% EBITDA margin (39.4% EBIT due to gains), while Logistics & Services are at 11.7%/5.5%. These two segments alone can easily defend today's stock price. We are still not convinced that the container market will be strong in 2026, although the management was upbeat on outlook as Chinese e ....
