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1. Company Snapshot

1.a. Company Description

A.P. Møller - Mærsk A/S engages in the transport and logistics business worldwide.The company's Ocean segment is involved in the container shipping activities, including demurrage and detention, terminal handling, documentation and container services, and container storage, as well as transshipment hubs under Maersk Line, Safmarine, Sealand – A Maersk Company, Hamburg Süd, and APM Terminal brand names; and sale of bunker oil.Its Logistics & Services segment offers integrated transportation, fulfilment, and management solutions, such as landside and air transportation, warehousing, supply chain management, cold chain logistics, and custom services.


The company's Terminals segment engages in the gateway terminal activities under the APM Terminals brand.Its Towage & Maritime Services segment provides shore towage, salvage, and marine services under the Svitzer brand; manufactures and produces reefer containers; and marine services and integrated solutions to the energy sector with a fleet of anchor handling tug supply vessels and subsea support vessels.The company was founded in 1904 and is based in Copenhagen, Denmark.

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1.b. Last Insights on MAERSK

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1.c. Company Highlights

2. A.P. Moller - Maersk: A Strong Year Despite Ocean Challenges

A.P. Moller - Maersk reported a strong full-year 2025 performance, with EBITDA and EBIT of $9.5 billion and $3.5 billion, respectively, placing the company at the upper end of its financial guidance. The actual EPS came out at $28.42, significantly lower than the estimated $80.7. Revenue growth was driven by the Terminals segment, with a 20% increase, while the Ocean segment faced challenges due to rate decline. The Logistics & Services segment delivered a 4.8% EBIT margin, a 1.2 percentage point improvement from 2024.

Publication Date: Feb -06

📋 Highlights
  • Strong Full-Year Results:: Maersk achieved full-year EBITDA of $9.5 billion and EBIT of $3.5 billion, aligning with the upper end of financial guidance.
  • Logistics Margin Improvement:: Logistics & Services EBIT margin rose to 4.8%, a 1.2 percentage point increase from 2024.
  • Ocean Operational Gains:: Gemini implementation reduced bunker consumption by 9% and improved asset turn by 4 percentage points, though EBITDA fell 59% YoY to $1.2 billion due to rate declines.
  • Terminal Record Performance:: Terminals saw 20% revenue growth and 31% EBIT growth, with an adjusted EBIT margin of 30.1% (excluding $86 million impairment).
  • 2026 Guidance & Liquidity:: Expects global container volume growth of 2-4% with EBITDA of $4.7–$7 billion, while maintaining $21.4 billion in cash and a 137% cash conversion rate.

Segment Performance

The Ocean segment delivered substantially increased volumes in the fourth quarter, but profitability turned negative due to a significant rate decline. Loaded volumes increased 8% year-on-year to 3.4 million FFEs, driven by strong Asian exports. Average freight rates decreased 23% year-on-year and 8% sequentially. The Logistics & Services business showed operational improvements, with revenue growing 1.9% year-on-year to $4 billion. EBIT increased to $194 million, driven by solid performance in warehousing, last mile, and lead logistics.

Guidance and Outlook

For 2026, Maersk expects global container volumes to grow between 2% and 4%, with an underlying EBITDA of $4.7 billion to $7 billion and underlying EBIT between negative $1.5 billion to positive $1 billion. The company expects container shipping rates to develop adversely due to industry overcapacity and a full Red Sea opening in 2026. Analysts estimate next year's revenue growth at 3.1%. The company's guidance suggests a challenging year ahead, but with a strong balance sheet, Maersk is well-positioned to navigate the expected downturn.

Valuation

Maersk's current valuation metrics indicate a relatively attractive position, with a P/E Ratio of 7.78, P/B Ratio of 0.67, and EV/EBITDA of 6.37. The Dividend Yield stands at 7.19%, suggesting a stable return for shareholders. The Net Debt / EBITDA ratio is around 1.5x, indicating a manageable debt position. As the company navigates the challenges ahead, its focus on cost discipline, productivity improvements, and simplification of the organization should help drive future growth.

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.34%)

6. Segments

Ocean

Expected Growth: 4.4%

Strong demand for ocean shipping and logistics services driven by global trade growth, increasing complexity in global supply chains, and growing demand for end-to-end logistics solutions

Logistics & Services

Expected Growth: 4.3%

Growing e-commerce demand, increasing trade volumes, and expanding logistics capabilities will drive growth for A.P. Møller – Mærsk A/S's logistics and transportation services.

Terminals

Expected Growth: 4.2%

Growing demand for containerized cargo, increasing focus on sustainability, and Maersk's strategic expansion into logistics and digital services drive segment growth.

Unallocated Items

Expected Growth: 3.5%

A.P. Møller – Mærsk A/S's growth is driven by increasing global trade, expansion into emerging markets, and strategic investments in logistics and digitalization.

Eliminations

Expected Growth: 4.2%

A.P. Møller - Mærsk A/S' employee reduction phase will drive growth, as the company focuses on cost-cutting measures to optimize operations and improve profitability, leading to increased competitiveness in the market.

7. Detailed Products

Maersk Line

Container shipping and logistics services, offering a range of door-to-door transportation solutions

APM Terminals

Port and terminal operations, providing cargo handling and logistics services

Damco

Supply chain management and freight forwarding services, offering customized logistics solutions

Svitzer

Towage and marine services, providing harbor and terminal towage, as well as emergency response services

Maersk Container Industry

Manufacturing and supplying refrigerated containers and other equipment for the shipping industry

Maersk Oil

Exploration, production, and transportation of oil and gas, with operations in the North Sea and other regions

8. A.P. Møller - Mærsk A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is moderate for A.P. Møller - Mærsk A/S, as there are alternative modes of transportation and logistics services available to customers.

Bargaining Power Of Customers

The bargaining power of customers is high, as they have the ability to negotiate prices and terms with the company, particularly large multinational corporations.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low, as the company has a strong negotiating position due to its large scale and global presence.

Threat Of New Entrants

The threat of new entrants is low, as the barriers to entry are high, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high, as the company operates in a highly competitive industry with several major players, including Maersk Line, Evergreen Marine, and COSCO Shipping.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 21.52%
Debt Cost 5.81%
Equity Weight 78.48%
Equity Cost 9.65%
WACC 8.83%
Leverage 27.42%

11. Quality Control: A.P. Møller - Mærsk A/S passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Danaos

A-Score: 7.5/10

Value: 8.8

Growth: 6.4

Quality: 7.7

Yield: 7.5

Momentum: 6.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Maersk

A-Score: 6.4/10

Value: 8.7

Growth: 5.7

Quality: 4.6

Yield: 10.0

Momentum: 6.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Clarkson

A-Score: 5.8/10

Value: 5.0

Growth: 7.3

Quality: 8.4

Yield: 5.0

Momentum: 3.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Belships

A-Score: 5.6/10

Value: 5.3

Growth: 6.0

Quality: 5.5

Yield: 5.0

Momentum: 7.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Hapag-Lloyd

A-Score: 5.4/10

Value: 7.2

Growth: 5.7

Quality: 4.8

Yield: 10.0

Momentum: 1.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Pyxis Tankers

A-Score: 4.7/10

Value: 6.7

Growth: 6.0

Quality: 3.9

Yield: 4.4

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

16630.0$

Current Price

16630$

Potential

-0.00%

Expected Cash-Flows