A P Moller Maersk AS Class B

MAERSK B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 29,458.00	Yyhxs	Ktdqqrxd

Maersk Earnings: Shipping Outlook Remains Weak Into 2024

Michael Field

Feb 8, 2024

2023 was a difficult year for Maersk and indeed the entire shipping industry. The no-moat company reported full-year revenue down more than a third from 2022 levels and EBITDA down a whopping three fourths. This was well flagged before the earnings release, however, so if you’re wondering why the shares are trading down heavily today, this is not the reason. We believe the wide guidance range for 2024 and the pause on share buybacks are the cause, with investors fearing the high level of uncertainty. We maintain our DKK 17,600 fair value estimate and believe that a lot of negativity is baked into the share price at this point.

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