Hapag-Lloyd AG
HLAG: XETR (DEU)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€979.00 | Sbnh | Ztxvtpjgl |
Hapag-Lloyd: Initiating Coverage With No-Moat Rating and EUR 115 Fair Value Estimate
We are initiating coverage of Hapag-Lloyd with a no-moat rating and a EUR 115 fair value estimate. Although Hapag-Lloyd is one of the major global shipping companies and holds the leading position in the second-largest maritime alliance, THE Alliance, we assign it a no-moat rating given its inability to leverage that position to carve out a competitive advantage or consistently earn excess returns on capital.