Hapag-Lloyd AG

HLAG: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€993.00	Pshr	Jwztrsxf

Hapag-Lloyd: Initiating Coverage With No-Moat Rating and EUR 115 Fair Value Estimate

Benjamin Slupecki

Aug 14, 2024

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.

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