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1. Company Snapshot

1.a. Company Description

A.P. Møller - Mærsk A/S engages in the transport and logistics business worldwide.The company's Ocean segment is involved in the container shipping activities, including demurrage and detention, terminal handling, documentation and container services, and container storage, as well as transshipment hubs under Maersk Line, Safmarine, Sealand – A Maersk Company, Hamburg Süd, and APM Terminal brand names; and sale of bunker oil.Its Logistics & Services segment offers integrated transportation, fulfilment, and management solutions, such as landside and air transportation, warehousing, supply chain management, cold chain logistics, and custom services.


The company's Terminals segment engages in the gateway terminal activities under the APM Terminals brand.Its Towage & Maritime Services segment provides shore towage, salvage, and marine services under the Svitzer brand; manufactures and produces reefer containers; and marine services and integrated solutions to the energy sector with a fleet of anchor handling tug supply vessels and subsea support vessels.The company was founded in 1904 and is based in Copenhagen, Denmark.

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1.b. Last Insights on MAERSK

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1.c. Company Highlights

2. A.P. Moller-Maersk's Q3 2025 Earnings: Strong Execution Across Businesses

A.P. Moller-Maersk reported a robust Q3 2025, with EBITDA of $2.7 billion and EBIT of $1.3 billion, up from the previous quarter. Revenue increased by 2.9% to $15.3 billion is not directly stated, but various segments showed significant growth, such as Terminals, which grew 22% year-on-year to $1.4 billion. The company's EPS came out at 456.4, significantly beating estimates of 345.48. The Logistics & Services segment achieved an EBIT margin of 5.5%, driven by asset utilization, productivity improvement, and cost management. The EBIT margin for the company decreased to 22.6% from 24.2% last year, mainly due to weakness in Lead Logistics.

Publication Date: Nov -08

📋 Highlights
  • Strong Q3 Financials:: EBITDA rose to $2.7 billion, EBIT to $1.3 billion, with Logistics & Services EBIT margin improving to 5.5% (up from 4.8% Q2, 5.1% 2024).
  • Ocean Segment Growth:: Volumes up 7% YoY and 5% sequentially, driven by Gemini cooperation; unit costs decreased despite Red Sea disruptions.
  • Terminal Profitability:: Record $1.4 billion revenue (22% YoY growth), $571 million EBIT (69% YoY increase), achieving 39.4% margin.
  • Full-Year Guidance:: Narrowed EBIT to $3–$3.5 billion (down from prior range) and EBITDA to $9–$9.5 billion, with $1+ billion free cash flow expected.
  • Strategic Focus:: $10 billion combined CapEx for 2024–2025, $20.9 billion cash reserves, and continued share buybacks (next year's size to be determined in February).

Segment Performance

The Ocean segment delivered a strong operational performance, with volumes up 7% year-on-year and 5% sequentially, benefiting from the Gemini cooperation. Terminals delivered record-high revenues and profitability, driven by strong volumes, with revenue growth of 22% year-on-year to $1.4 billion and an EBIT increase of 69% year-on-year to $571 million. Fulfillment Services showed significant improvements in profitability, with an EBIT margin of -0.9%, up from -4.5%.

Guidance and Outlook

The company narrowed its full-year 2025 guidance to an underlying EBIT of $3 billion to $3.5 billion and revised its EBITDA guidance to $9 billion to $9.5 billion. For Q4, EBITDA is expected to be between $1.3 billion and $1.8 billion, assuming a continuity of the current pace. The company expects to continue to outperform the market, driven by the Gemini alliance, and anticipates no significant decline in volumes for 2026.

Valuation and Financial Health

With a P/E Ratio of 4.48 and a Dividend Yield of 8.68%, the stock appears to be attractively valued. The company's strong balance sheet, with cash and deposits standing at $20.9 billion, supports its development, particularly in the terminal business, which requires significant CapEx investments. The ROIC of 9.6% in Q3 indicates a solid return on invested capital. Analysts estimate next year's revenue growth at -5.8%, but the company's guidance for 2026 will be provided in February.

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.34%)

6. Segments

Ocean

Expected Growth: 4.4%

Strong demand for ocean shipping and logistics services driven by global trade growth, increasing complexity in global supply chains, and growing demand for end-to-end logistics solutions

Logistics & Services

Expected Growth: 4.3%

Growing e-commerce demand, increasing trade volumes, and expanding logistics capabilities will drive growth for A.P. Møller – Mærsk A/S's logistics and transportation services.

Terminals

Expected Growth: 4.2%

Growing demand for containerized cargo, increasing focus on sustainability, and Maersk's strategic expansion into logistics and digital services drive segment growth.

Unallocated Items

Expected Growth: 3.5%

A.P. Møller – Mærsk A/S's growth is driven by increasing global trade, expansion into emerging markets, and strategic investments in logistics and digitalization.

Eliminations

Expected Growth: 4.2%

A.P. Møller - Mærsk A/S' employee reduction phase will drive growth, as the company focuses on cost-cutting measures to optimize operations and improve profitability, leading to increased competitiveness in the market.

7. Detailed Products

Maersk Line

Container shipping and logistics services, offering a range of door-to-door transportation solutions

APM Terminals

Port and terminal operations, providing cargo handling and logistics services

Damco

Supply chain management and freight forwarding services, offering customized logistics solutions

Svitzer

Towage and marine services, providing harbor and terminal towage, as well as emergency response services

Maersk Container Industry

Manufacturing and supplying refrigerated containers and other equipment for the shipping industry

Maersk Oil

Exploration, production, and transportation of oil and gas, with operations in the North Sea and other regions

8. A.P. Møller - Mærsk A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is moderate for A.P. Møller - Mærsk A/S, as there are alternative modes of transportation and logistics services available to customers.

Bargaining Power Of Customers

The bargaining power of customers is high, as they have the ability to negotiate prices and terms with the company, particularly large multinational corporations.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low, as the company has a strong negotiating position due to its large scale and global presence.

Threat Of New Entrants

The threat of new entrants is low, as the barriers to entry are high, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high, as the company operates in a highly competitive industry with several major players, including Maersk Line, Evergreen Marine, and COSCO Shipping.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 21.52%
Debt Cost 5.81%
Equity Weight 78.48%
Equity Cost 9.65%
WACC 8.83%
Leverage 27.42%

11. Quality Control: A.P. Møller - Mærsk A/S passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Danaos

A-Score: 7.1/10

Value: 8.5

Growth: 6.4

Quality: 7.6

Yield: 6.9

Momentum: 5.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Maersk

A-Score: 6.9/10

Value: 9.2

Growth: 5.7

Quality: 5.2

Yield: 10.0

Momentum: 8.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Clarkson

A-Score: 6.2/10

Value: 5.2

Growth: 7.3

Quality: 8.2

Yield: 5.6

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Belships

A-Score: 5.9/10

Value: 6.8

Growth: 6.0

Quality: 6.2

Yield: 7.5

Momentum: 6.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Hapag-Lloyd

A-Score: 5.4/10

Value: 7.6

Growth: 5.7

Quality: 5.7

Yield: 9.4

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Pyxis Tankers

A-Score: 5.1/10

Value: 9.1

Growth: 6.1

Quality: 4.3

Yield: 3.8

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13340.0$

Current Price

13340$

Potential

-0.00%

Expected Cash-Flows