Equity Research, Broker Reports, and media content on AP MOELLER-MAERSK A S-B

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about AP MOELLER-MAERSK A S-B
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on AP MOELLER-MAERSK A S-B. We currently have 11 research reports from 1 professional analysts.

  • Frequency of research reports


  • Research reports on


  • Providers covering


Latest Content

View the latest research, videos, and podcasts for this company.

AP Moller-Maersk heads in a new direction

  • 13 Dec 16

The new group’s strategy consists of focusing on container shipping, logistics and port activities (75% of total revenue and 67% of the invested capital in 2015) as mentioned in September 2016. The separation of the oil and oil-related businesses leads to the loss of 25% of total revenue which should be replaced by organic revenue growth and external growth in Transport & logistics. The acquisition of Hamburg Süd (2015 revenue of $6.7bn), which is subject to the regulatory approvals, will contribute c.15% of revenue. The problem that has to be solved in Transport & logistics is how to generate revenue growth over a cycle, contrary to the stagnation seen in 2010-15 (revenue of $32bn in 2015 vs $33bn in 2010 with peaks of $36bn in 2012 and 2014) and a volatile ROIC that led to 7% on average over 2010-15, below the target of 8.5%+ assigned for the future. Regarding the Energy activities (revenue of $9.8bn, underlying profit of $1.4bn in 2015), the priority is to maximise value until the separation, which should take the form of listings, mergers and/or joint ventures. In this value context, capital allocation will be mainly in favour of Maersk Oil (57% of the Energy division’s revenue) while limited investments are forecast at Maersk Drilling, Maersk Supply Service and Maersk Tankers in order to maintain their market positions. The mid-term financial goals are summarised in two key ratios (equity/adjusted total assets >30%; adjusted FFO/adjusted net debt >30% – restated from the operating lease debt equivalent) and measures to keep an investment grade rating, including the reduction in capex and commitments (lower investment needed in Transport & logistics, strict capital allocation in Energy), divestments from Energy depending on credit metrics and outlook. Finally, the maintenance of the dividend policy which consists of increasing the dividend/share supported by underlying earnings growth.

Poor 2016 confirmed, lack of visibility for 2017.

  • 02 Nov 16

AP Moller-Maersk delivered a poor set of results in a depressed environment in both transport and energy. Nevertheless, there were some positive achievements in Q3 16 such as a further gain in market share at Maersk Line and breakeven now below $40/bl (vs $40-45/bl) at Maersk Oil. Maersk Drilling had an exceptional and non-recurring performance due to strong termination fees. Q3 16 results: Based on revenue of $9,177m (-9%), impacted by a lower average container freight rate (-16% to $1,811/FFE) and the oil price (-8% to $46/bl), EBITDA was down to $1,887m (-16%), EBIT collapsed to $805m (-33%) including a lower gain on the sale of assets ($9m vs $118m in Q3 15). Group net profit was $429m (-43%). Restated for the gain on the sale of assets and impairment losses, the underlying net result dropped to $426m (-36%) due to lower contributions from Maersk Line which was loss-making ($-122m vs $243m in Q3 15), APM Terminals which was impacted by tough trading conditions in Latin America, North-West Europe and some oil-related countries in Africa (-28% to $126m), and APM Shipping Services ($25m vs $150m in Q3 15) which suffered losses at Maersk Tankers ($-1m vs $58m in Q3 15) and Maersk Supply Service ($-11m vs $44m in Q3 15). 9m figures: AP Moller-Maersk posted revenue of $26,577m (-15%), EBITDA of $5,263m (-29%), EBIT of $1,951m (-57%) after a lower gain on the sale of assets ($131m vs $461m in Q3 15) and share of profit of joint ventures and associated companies (a total of $167m vs $221m in Q3 15). Group net profit was $741m (vs $3,363m in Q3 15). Operating cash flow decreased to $2,861m (-52%) due to lower EBITDA and was close to capital expenditure of $2,936m net of the sale of assets. Other outflows included principally acquisitions ($694m), the payment of the ordinary dividend to shareholders ($953m) and the purchase of own shares ($-475m). Net debt increased to $11.3bn and gearing remained reasonable at 32% as of 30 September 2016.

Cost reductions everywhere

  • 12 Aug 16

AP Moller-Maersk had poor results in Q2 16 as expected. In particular, Maersk Line turned negative at the underlying profit level. Q2 16 earnings. - Revenue reached $8,861m (-16%). In the container shipping activity, key indicators included an increase in volume (+6.9% to 2.65m FFE) above market growth (+2%) and a further reduction in average freight rate (-24% yoy to $1,716/FFE, -8% sequentially). In the oil & gas business, the average oil price was down to $46/bl (-26% yoy). - Group EBITDA decreased to $1,779m (-32%) due to lower contribution from Maersk Line (-63% to $365m), Maersk Oil (-11% to $755m), APM Terminals (-9% to $187m), Maersk Drilling (-9% to $330m), and APM Shipping Services (-27% to $157m). - Group profit collapsed to $118m (vs $1,086m in Q2 15) and the underlying profit dropped to $134m (vs $1,099m in Q2 15) due to an underlying loss of $-139m at Maersk Line (vs $+499m in Q2 15) and lower contributions from all other activities, o/w Maersk Oil which had an underlying result of $130m (vs $217m in Q2 15). H1 16 key figures. - Based on revenue of $17,400m (-17%), EBITDA dropped to $3,376m (-35%), EBIT was $1,146m (-66%) due to the lower gain on the sale of assets ($122m vs $343m in H1 15) and share of profit in joint ventures ($59m vs $100m in H1 15). - Group net profit collapsed to $312m (vs $2,608m in H1 15) after a higher net financial result ($-275m vs $-151m in H1 15) and significant income tax ($-529m vs $-553m in H1 15). The operating cash flow was $1,190m (-68%) below net capex of $2,061 (-42%). Cash out-flows included acquisitions net of disposals for $-696m, the purchasee of owned shares for $-475m, and the dividend paid for $-953m. The financial situation was not alarming on 30 June 2016. Net debt amounted to $11.6bn and represented 34% of shareholders’ equity.