A P Moller Maersk AS Class B

MAERSK B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 23,421.00	Bjpr	Jtgjkdll

Maersk Earnings: Outlook Trending Upward From Late 2023 Woes

Benjamin Slupecki

Aug 7, 2024

No-moat Maersk's operating profit fell 40% from the prior year as increases in operating costs due to attacks in the Red Sea more than offset growth in freight rates and volumes. However, the outlook is trending upward after the firm struggled for the last three quarters. Management increased guidance for the third time this year at the beginning of August, increasing EBIT to a range of $3 billion-$5 billion, a far cry from negative EBIT guided at the beginning of the year. Management also raised capital expenditure guidance to $10-$11 billion for 2024 and 2025. Our DKK 16,935 fair value estimate is unchanged.

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