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.
Creation of the Gemini Corporation better utilizes oceans and terminal assets via the hub-and-spoke model, improving reliability and reducing costs.
Even if the hub-and-spoke model successfully improves margins, it can be replicated, mitigating any competitive advantage.
|
Metric
|
HLAG
|
MAERSK B
|
|---|---|---|
Price/Earnings (Normalized) | 36.16 | 2.91 |
Price/Book Value | 1.57 | 0.47 |
Price/Sales | 1.73 | 0.51 |
Price/Cash Flow | 12.11 | — |
|
Metric
|
HLAG
|
MAERSK B
|
|---|---|---|
Quick Ratio | 1.39 | 2.28 |
Current Ratio | 1.51 | 2.41 |
Interest Coverage | 3.46 | — |
|
Metric
|
HLAG
|
MAERSK B
|
|---|---|---|
Return on Assets (Normalized) | 2.51% | — |
Return on Equity (Normalized) | 3.91% | — |
Return on Invested Capital (Normalized) | 3.07% | — |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| Hapag-Lloyd AG ADR
HPGLY
| — | Ynstqs | $32.1 Bil | |||
| Hapag-Lloyd AG
HLAGF
| — | Kgcmpcw | $32.1 Bil | |||
| COSCO SHIPPING Holdings Co Ltd ADR
CICOY
| — | Dcwktr | $31.5 Bil | |||
| COSCO SHIPPING Holdings Co Ltd Class H
CICOF
| — | Clvwyy | $31.5 Bil | |||
| A P Moller Maersk AS Class B
AMKBF
| — | Hzsgz | $24.8 Bil | |||
| A P Moller Maersk AS Class A
AMKAF
| — | Dfmv | $24.8 Bil | |||
| A P Moller Maersk AS ADR
AMKBY
| — | Hrcrd | $24.8 Bil | |||
| Nippon Yusen Kabushiki Kaisha
NYUKF
| — | Fbcvdy | $16.6 Bil | |||
| Nippon Yusen Kabushiki Kaisha ADR
NPNYY
| — | Hzgtg | $16.6 Bil | |||
| International Container Terminal Services Inc
ICTEF
| — | Nzbrvj | $14.8 Bil |
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United States