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4-Traders Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  AP Moller-Maersk    MAERSK B   DK0010244508

AP MOLLER-MAERSK (MAERSK B)
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Maersk profit miss, outlook put shipping shift in spotlight

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02/09/2018 | 01:51pm CET
FILE PHOTO: Empty Maersk shipping containers are seen stacked at Peel Ports container terminal in Liverpool.

COPENHAGEN (Reuters) - A.P. Moller-Maersk's (>> AP Moller-Maersk) move to focus on transport and jettison oil was tested on Friday as the world's largest container shipping firm missed profit forecasts and gave what analysts saw as a conservative outlook.

COPENHAGEN (Reuters) - A.P. Moller-Maersk's (>> AP Moller-Maersk) move to focus on transport and jettison oil was tested on Friday as the world's largest container shipping firm missed profit forecasts and gave what analysts saw as a conservative outlook.

Shipping, which has been hit by years of overcapacity and slow economic growth, saw early signs of a turnaround in early 2017, but freight rates fell in the second half.

"I'm still very optimistic on the fundamentals of the global container shipping industry," Chief Executive Soren Skou told Reuters after the quarterly results.

Skou, who has staked his future on Maersk as a transport business, said the level of global trade looks positive, despite more talk of protectionism and that orders for new vessels are at a historic low compared to current fleet size.

Although Skou remained positive about the outlook for global trade, Maersk shares fell more than 5 percent after it gave a forecast for 2018 earnings before interest, tax, depreciation and amortisation (EBITDA) of $4-$5 billion, below analyst expectations of $5.3 billion (3.80 billion pounds).

Maersk's shares later rebounded after its management hinted on a conference call that EBITDA would likely come in at the upper end of this range, and were trading unchanged at 10,360 crowns at 1146 GMT.

"It looks like Maersk has given a rather conservative guidance, and that is what the market is reacting to," Nykredit analyst Ricky Rasmussen said following the call.

Shares in Maersk are down by more than 30 percent from a July 2017 peak when optimism around freight rates and a turnaround in global container shipping began to fade.

"Much of the rhetoric have become more protectionist than what we've been used to. But that said, growth of 5 percent in the global container market outpaced economic growth last year," Skou said.

The company announced a restructuring plan in 2016 focused on shipping which led to a $7.45 billion sale of energy arm Maersk Oil to Total (>> Total) last August.

With oil prices rising again, it now has to prove to investors and analysts that it took the right course. Of the 23 analysts covering the stock, 11 are positive and five are negative, while the average target price is 12,547 crowns.

But while fourth-quarter EBITDA rose to $844 million from $605 million, this fell short of the $896 million forecast by analysts in a Reuters poll.

Maersk expects underlying net profit to rise this year and 3-4 percent growth in seaborne container transportation, after a 5 percent advance last year, it said.

A sweeping consolidation of container lines has helped the industry recover from a severe downturn that culminated in the collapse of South Korea's Hanjin Shipping in 2016.

The consolidation -- including Maersk's takeover of Hamburg Süd, Cosco offer to buy to buy Hong Kong's OOCL (>> Orient Overseas (International) Limited), and the merger of three Japanese liners -- has almost halved the number of global container shipping firms since 2015.

"I think we will see more consolidation," Skou said.

(Reporting by Jacob Gronholt-Pedersen; additional reporting by Stine Jacobsen; editing by Jason Neely and Alexander Smith)

By Jacob Gronholt-Pedersen

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Financials ($)
Sales 2018 37 811 M
EBIT 2018 2 093 M
Net income 2018 3 027 M
Debt 2018 9 049 M
Yield 2018 2,04%
P/E ratio 2018 15,12
P/E ratio 2019 15,09
EV / Sales 2018 1,22x
EV / Sales 2019 1,10x
Capitalization 36 909 M
Chart AP MOLLER-MAERSK
Duration : Period :
AP Moller-Maersk Technical Analysis Chart | MAERSK B | DK0010244508 | 4-Traders
Technical analysis trends AP MOLLER-MAERSK
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 2 006 $
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Søren Skou Chief Executive Officer
Jim Hagemann Snabe Chairman
Jakob Stausholm Group Chief Financial Officer
Bhushan Ivaturi Chief Information Officer & Vice President
Ane Mærsk Mc-Kinney Uggla Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
AP MOLLER-MAERSK-2.68%35 752
BOLLORÉ-2.83%16 121
COSCO SHIPPING HOLDINGS CO LTD-11.96%8 526
HAPAG-LLOYD AG-7.46%6 855
ORIENT OVERSEAS (INTERNATIONAL) LIMITED-3.84%5 808
MITSUI OSK LINES LTD-13.74%3 741