Publicação
Equity research - A.P. Moller Maersk
| Resumo: | A.P. Moller Maersk is a Danish integrated transport and logistics company that operates in more than 120 countries. Thus, the Group´s services range from shipping and cargo services, supply chain and freight forwarding services. Maersk is the global leading player in this segment, with 4.1M TEU and a total revenue of $39.7bn in FY20. The analysis conducted in the Equity Research Report led to a BUY recommendation, with a FY22 target price per share of $ 3,113.14, which represents a 13% upside potential from the 1st October 2021 closing price, considering medium risk. The undervaluation of Maersk can be related to several phenomenon’s as (i) the Covid-19 pandemic that caused an downward movement in the demand (ii) the fluctuation of the freight rates and (iii) the uncertainty generated by the IMO 2020 and the next steps companies would have to apply in order to redirect their business. Hence, those factors brought uncertainty in the investors’ perspective. Notwithstanding, Maersk has showed an outstanding performance during the pandemic period, with an increase in revenues of 2.2% when compared with FY19. Moreover, the Group´s integrated strategy is starting to have the desirable impact in Maersk performance, as showed by the 16.7% increase in the Logistics & Services segment. Therefore, as a result of the strong performance during FY2020, Maersk decided to increase the dividend per share from 150 DKK to 300 DKK. Allied to this, since the 2Q2019, the Group initiated a share buy back up to DKK 10bn over a period of 15 months to reward shareholders. |
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| Autores principais: | Lima, João Dinis |
| Assunto: | A.P.Moller Maersk Sea Transport industry Valuation Mergers & Acquisitions M&A Ocean Segment Indústria de Transportes Marítimos Avaliação Fusões e Aquisições Segmento Marítimo |
| Ano: | 2021 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório da Universidade de Lisboa |
| Resumo: | A.P. Moller Maersk is a Danish integrated transport and logistics company that operates in more than 120 countries. Thus, the Group´s services range from shipping and cargo services, supply chain and freight forwarding services. Maersk is the global leading player in this segment, with 4.1M TEU and a total revenue of $39.7bn in FY20. The analysis conducted in the Equity Research Report led to a BUY recommendation, with a FY22 target price per share of $ 3,113.14, which represents a 13% upside potential from the 1st October 2021 closing price, considering medium risk. The undervaluation of Maersk can be related to several phenomenon’s as (i) the Covid-19 pandemic that caused an downward movement in the demand (ii) the fluctuation of the freight rates and (iii) the uncertainty generated by the IMO 2020 and the next steps companies would have to apply in order to redirect their business. Hence, those factors brought uncertainty in the investors’ perspective. Notwithstanding, Maersk has showed an outstanding performance during the pandemic period, with an increase in revenues of 2.2% when compared with FY19. Moreover, the Group´s integrated strategy is starting to have the desirable impact in Maersk performance, as showed by the 16.7% increase in the Logistics & Services segment. Therefore, as a result of the strong performance during FY2020, Maersk decided to increase the dividend per share from 150 DKK to 300 DKK. Allied to this, since the 2Q2019, the Group initiated a share buy back up to DKK 10bn over a period of 15 months to reward shareholders. |
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