A P Moller Maersk AS Class B

MAERSK B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 94,612.00	Rvty	Wphncztv

Maersk: Transferring Coverage With No-Moat Rating and DKK 12,700 Fair Value Estimate

Benjamin Slupecki

Aug 14, 2024

We have lowered our Maersk fair value estimate by 25% to DKK 12,700 per share following a transfer of coverage. Lower profit margin assumptions in the shipping and logistics segments and lower revenue growth in logistics are the major drivers of our revised valuation. We retain our High Morningstar Uncertainty and Standard Capital Allocation ratings. Although Maersk is the second-largest global shipping company, we assign it a no-moat rating, given its inability to leverage that position to create a meaningful cost advantage and consistently earn returns on capital greater than its cost of capital.

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