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Key Info

AP Moller - Maersk A/S Web - www.maersk.com

Tel - 45-33-63-33-63

Next Reporting Date - 20.02.2020

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    AP Moller - Maersk A/S

    Transportation

    DENMARK


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    1.37

    Current Market Cap mln$

    25,058.52

    Net Debt mln$

    13,076.00

    WACC Estimate

    8.09%

    Ordinary Current Price $

    1,166.41

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue Less Capex47440.0029264.0034544.0042499.0039982.9840877.9641956.6443116.7644370.4145599.6846863.0048161.3249495.6250866.8752276.12
    Revenue40308.0027266.0030945.0039280.0035686.9136403.0037266.0738194.3139197.3740175.7241178.5042206.3043259.7644339.5145446.21
    EBITDA Costs33925.0024601.0027259.0036080.0031491.8232085.4432800.9033570.3834401.8935210.6436038.4136885.6337752.7738640.3039548.70
    EBITDA6383.002665.003686.003200.004195.094317.564465.174623.934795.484965.085140.095320.675506.985699.215897.51
    EBITDA Margin15.849.7711.918.1511.7611.8611.9812.1112.2312.3612.4812.6112.7312.8512.98
    Operating Costs38700.0027096.0030274.0039060.0034949.3335624.7136438.7137314.1738260.2139181.3640124.7041090.7442080.0543093.1744130.68
    Operating Profit1608.00170.00671.00220.00737.59778.30827.36880.14937.16994.361053.801115.561179.711246.341315.53
    Operating Margin3.990.622.170.562.072.142.222.302.392.482.562.642.732.812.89
    Pretax Costs38861.0027564.0030920.0039460.0035340.0835999.2536793.7237648.1738571.5139469.1640387.7041327.6242289.4143273.5844280.66
    PTP1447.00-298.0025.00-180.00346.84403.75472.35546.14625.86706.57790.80878.68970.351065.921165.55
    Pretax Margin3.59-1.090.08-0.460.971.111.271.431.601.761.922.082.242.402.56
    Net Income Costs38946.3126555.0030589.0039060.0034997.4235697.6936541.7037449.4338430.3439386.9640367.3941372.2342402.0843457.5744539.33
    Net Income1361.69711.00356.00220.00689.50705.31724.38744.88767.03788.77811.11834.07857.68881.94906.88
    Net Margin3.382.611.150.561.931.941.941.951.961.961.971.981.981.992.00
    Capex-7132.00-1998.00-3599.00-3219.00-4296.07-4474.96-4690.57-4922.46-5173.04-5423.95-5684.50-5955.02-6235.86-6527.36-6829.91
    Capex to Revenues-17.69-7.33-11.63-8.20-12.04-12.29-12.59-12.89-13.20-13.50-13.80-14.11-14.41-14.72-15.03
    Revenue less FCF39471.0024937.0029944.0038832.0034667.2435460.9436417.5437446.3738558.1439649.5640771.8641925.9443112.6844333.0145587.88
    FCF837.002329.001001.00448.001019.67942.07848.53747.93639.23526.17406.64280.37147.086.50-141.67
    FCF to Revenue2.088.543.231.142.862.592.281.961.631.310.990.660.340.01-0.31

    DENMARK Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    DSV DCDSV A/SDENMARK 26297.2441.1429.2418.8715.820.990.3310.873.5511.5613.93
    MAERSKA DAP Moller - Maersk A/SDENMARK 25887.35--6.636.420.64-14.64-2.29#N/A N/A
    MAERSKA DCAP Moller - Maersk A/SDENMARK 25058.5231.4723.596.636.420.646.0214.640.822.292.5
    MAERSKB DCAP Moller - Maersk A/SDENMARK 25058.1633.5525.136.636.420.641.8614.640.882.294.04
    MAERSKB DAP Moller - Maersk A/SDENMARK 24281.91--6.636.420.64-14.64-2.29#N/A N/A

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    UNP USUnion Pacific CorpUNITED STATES 127008.1121.5619.8813.6413.34.552.0551.086.930.712.78
    UPS USUnited Parcel Service IncUNITED STATES 90886.3115.5513.4511.479.831.183.2813.7130.59140.8613.93
    CNR CNCanadian National Railway CoCANADA 66916.8720.3820.2413.3613.335.191.8349.114.6423.636.44
    CSX USCSX CorpUNITED STATES 61588.7818.071911.0712.124.351.3353.64.7227.29-1.06
    NSC USNorfolk Southern CorpUNITED STATES 53979.6819.1718.8511.8712.093.621.8546.413.317.820.41
    DPW GRDeutsche Post AGGERMANY 44554.4415.6913.37.336.630.643.6211.992.8218.697.35
    FDX USFedEx CorpUNITED STATES 41418.719.9214.687.18.181.021.6911.222.272.91-1.74
    DAL USDelta Air Lines IncUNITED STATES 37701.548.1685.094.980.782.5821.722.4532.8217.57
    CP CNCanadian Pacific Railway LtdCANADA 37156.1820.1319.4714.0913.774.730.9549.156.4235.6112.85
    66 HKMTR Corp LtdHONG KONG 36195.4225.7623.8916.916.385.122.7333.091.515.691.64
    AOT TBAirports of Thailand PCLTHAILAND 32036.8742.7139.1527.4525.115.461.3658.336.9416.8111.81
    9020 JPEast Japan Railway CoJAPAN 31684.1313.8112.528.217.631.291.428.431.339.96-1.03
    TCL AUTransurban GroupAUSTRALIA 29773.11223.33113.1525.8227.867.76453.384.52.3811.45
    ATL IMAtlantia SpAITALY 20501.3212.6612.79.319.321.634.364.241.6715.1611.65
    UAL USUnited Continental Holdings IncUNITED STATES 20129.627.316.365.744.260.56015.231.9327.99.41
    KSU USKansas City SouthernUNITED STATES 16695.6522.8921.6214.1612.913.580.9745.033.3311.6816.38
    IAG SMInternational Consolidated Airlines Group SABRITAIN 16607.577.016.4000.63.8420.882.1931.95-14.86
    753 HKAir China LtdCHINA 15707.8711.128.946.916.820.771.8824.020.928.04-8.18
    AAL USAmerican Airlines Group IncUNITED STATES 12791.295.855.7112.45.740.331.397.43---4.12
    SYD AUSydney AirportAUSTRALIA 12771.4549.4145.4121.1720.4711.584.6481.49--171.666.82
    EXPD USExpeditors International of Washington IncUNITED STATES 12498.4121.2820.3313.5213.041.511.3510.076.1830.06-0.34
    BOL FPBollore SAFRANCE 12052.8326.1821.9211.0710.340.451.5913.041.134.85-2.07
    JBHT USJB Hunt Transport Services IncUNITED STATES 11731.0324.5919.7911.089.511.180.8913.455.4723.6411.43
    9202 JPANA Holdings IncJAPAN 10508.5612.2612.055.765.260.721.8515.961.2410.61-1.23
    ADSEZ INAdani Ports & Special Economic Zone LtdINDIA 10318.0719.6215.9913.9112.316.480.0564.693.2117.63-1.38
    GET FPGroupe Eurotunnel SEFRANCE 9901.4872.4954.7924.2522.318.372.4751.164.657.62-1.83
    1055 HKChina Southern Airlines Co LtdCHINA 9869.919.628.168.247.720.441.7818.820.766.88-20.4
    CHRW USCH Robinson Worldwide IncUNITED STATES 9739.3818.6620.1713.1213.610.72.575.826.3335.33-1.67
    RENT3 BZLocaliza Rent a Car SABRAZIL 9706.0646.4935.0522.7418.144.020.5820.037.5119.7325.3
    9201 JPJapan Airlines Co LtdJAPAN 9455.719.029.673.383.021.092.8220.191.1713.55-8.3

    EV, Debt, Cash

    Fields2018
    EV38134.52
    Cash5311
    Debt11888
    Debt/Equity35.66
    Pref Equity0
    Shares Out20.76
    minorities772

    Last Price

    Fields2018
    Last Price1166.41
    Next DVD Ex Date24.03.2020
    DVD Announcement Date15.11.2019
    Last Ex Date03.04.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue4030827266309453928039281.52441673.952
    Operating Profit16081706712201780.52071.167
    PTP1447-29825-1801141.1331338.733
    Net Income1361.69711356220703.9171133.222
    EPS63.64720834.22290117.15465110.59729937.42149.447
    DPS4421242369.6337.73
    EBITDA63832665368632005784.9445938.263
    BPS1661.7776041507.2107481474.7188271570.5781161418.5721437.333
    Capex-7132-1998-3599-3219-2211.909-2109.615
    FCF837232910014482595.0793087.974
    EV TO T12M EBIT22.06260.9978.18151.74151.74151.74
    EV/EBITDA5.5616.6514.2310.436.636.42
    CUR RATIO1.161.041.631.541.541.54

    Ratios

    Fields201520162017201820192020
    Market Cap25058.5225058.5225058.5225058.5225058.5225058.52
    PE RATIO35.47---31.4723.59
    EV/EBITDA5.5616.6514.2310.436.636.42
    P/S0.71.220.661.170.640.6
    DIVIDEND YIELD3.351.311.371.836.023.23
    EBITDA Margin15.849.7711.918.1514.640.05
    P/B0.791.061.190.80.820.81
    ROE2.06-5.85-3.99.992.293.82
    6 month return2.52.52.52.52.52.5