Industry

Industrials

Sector

Industrial Conglomerates

Country

Denmark

Company description

A.P. Moeller Maersk, also known as Maersk, is a Danish comglomerate with main activities in shipping, ports and logistics. The company operates worldwide and today is one of the largest shipping companies in the world. Its APM Terminals business operates in the container terminal activities. Its Svitzer segment operates in towing and other marine related activities. The Maersk Container Industry segment operates in the manufacturing and sale of containers. Maersk was founded in 1904 and is headquartered in Copenhagen, Denmark.

Market cap.

DKKm 164,661

Share price

DKK 7,700

Earnings per share (EPS)

USD 153

Dividend per share (DPS)

USD 23

Price / earnings

8.0x

Price / sales

0.7x

Price / book value

0.8x

Enterprise value / EBITDA

8.2x

CEO

Soren Skou

Chairman of the Board of Directors

Jim Snabe

CFO

Carolina Happe

Investor relations

Stig Frederiksen

Ticker symbol

MAERSK

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0010244425

Phone

0045 3363 3363

Website

maersk.com

Address

Esplanaden 50, 1098 Copenhagen

Income statements

USDm 201320142015201620172018
Sales 47,38647,56940,30827,26630,94539,019
Other income 000000
Total income 47,38647,56940,30827,26630,94539,019
Total expenses -35,590-35,008-30,743-20,140-23,481-35,090
EBITDA 11,79612,5619,5657,1267,4643,929
Depreciation tangible assets -4,255-4,182-4,647-4,316-3,756-2,956
Write-downs tangible assets -315-498-2,150-2,441-2,698-171
EBITA 7,2267,8812,7683691,010802
Amortisation intangible assets -337-2,370-1,160-199-339-177
Income from associated companies 44740626275-302
Earnings before interest and taxes (EBIT) 7,3365,9171,870245641627
Financial income 5601,3381,1467421,3821,014
Financial expenses -1,276-1,944-1,569-1,285-1,998-1,403
Income from associated companies 000000
Earnings before taxes (EBT) 6,6205,3111,447-29825238
Taxes -3,237-2,972-522-171-219-386
Profit from continuing operations 3,3832,339925-469-194-148
Discontinued operations 3942,8560-1,428-9703,369
Minorities -327-180-134-42-41-52
Net profit or loss 3,4505,015791-1,939-1,2053,169

Cash flow statements

USDm 201320142015201620172018
EBITDA 11,79612,5619,5657,1267,4643,929
Net interest paid -587-489-227-562-730-531
Taxes paid -2,823-3,289-1,473-458-174-367
Investments in working capital 252260382-399-282-358
Other operating cash items 271-282-278-4,443-3,682552
Cash flow from operations (CFFO) 8,9098,7617,9691,2642,5963,225
Capital expenditures (capex) -4,914-7,220-6,616-626-2,299-2,021
Acquisitions -20-14-20-708-4,152-77
Disposals 279715,274143163,077
Other investing cash items 000000
Cash flow from investing activities -4,907-6,263-1,362-1,320-6,135979
Free cash flow to equity holders (FCFE) 4,0022,4986,607-56-3,5394,204
Dividends paid -1,131-1,131-6,141-953-454-517
Share buy-backs -641-641-780-47500
New share issues 045260140
Increase/(decrease) in debt -2,888-2,8881,2471,637822-5,478
Other financing cash flows 2,365-458-561,2234,919
Cash flow from financing activities (CFFF) -4,660-2,250-6,1061531,605-1,076
Discontinued activities and other 00000
Net cash flow / Change in cash position 24850197-1,9343,128

Balance sheets

USDm 201320142015201620172018
Goodwill 4789187334723645
Other intangible assets 4,3102,7271,8353,2863,6423,628
Total intangible assets 4,7882,8181,9223,6204,3654,273
Fixed tangible assets 41,29344,67143,99941,49631,07130,275
Shares and associated companies 8,4192,5372,6122,6042,3572,086
Other financial assets 324983877810290176
Deferred tax assets 478536891590302267
Other non-current assets 8791,0741,089855761730
Total fixed assets 56,18152,61951,39049,97539,14637,807
Inventories 1,2511,1397818629741,064
Trade receivables 4,6294,0773,4763,8143,8643,759
Other current assets 9,1897,5022,7532,36217,0728,707
Cash and cash equivalents 3,2593,5074,0084,1052,1715,299
Total current assets 18,32816,22511,01811,14324,08118,829
Total assets 74,50968,84462,40861,11863,22756,636
Equity 39,82941,54235,08731,25830,60932,621
Non-controlling interests (minorities) 2,684683652832816771
Shareholders equity 42,51342,22535,73932,09031,42533,392
Pension liabilities 327329293238287259
Deferred tax liabilities 1,110701280605461372
Long-term provisions 4,1894,6424,5393,5731,0111,028
Convertible debt 000000
Long-term debt 12,70210,91311,40813,32015,0769,894
Other long-term liabilities 148432658559210284
Total long-term liabilities 18,47617,01717,17818,29517,04511,837
Short-term debt 3,0411,4121,3352,0152,4371,991
Trade payables 5,3795,2775,0154,9015,2505,134
Other current liabilities 5,1002,9133,1413,8177,0704,282
Total current liabilities 13,5209,6029,49110,73314,75711,407
Total equity and liabilities 74,50968,84462,40861,11863,22756,636

Growth rates

[%] 201320142015201620172018
Sales growth 0.0%0.0%-15.0%-32.0%13.0%26.0%
EBITDA growth 0.0%6.0%-24.0%-26.0%5.0%-47.0%
EBITA growth 0.0%9.0%-65.0%-87.0%174.0%-21.0%
EBIT growth 0.0%-19.0%-68.0%-87.0%162.0%-2.0%
EBT growth 0.0%-20.0%-73.0%-121.0%-108.0%852.0%
Earnings growth 0.0%45.0%-84.0%-345.0%-38.0%-363.0%

Margins

[%] 201320142015201620172018
EBITDA-margin 25.0%26.0%24.0%26.0%24.0%10.0%
EBITA-margin 15.0%17.0%7.0%1.0%3.0%2.0%
EBIT-margin 15.0%12.0%5.0%1.0%2.0%2.0%
EBT-margin 14.0%11.0%4.0%-1.0%0.0%1.0%
Earnings-margin 7.0%11.0%2.0%-7.0%-4.0%8.0%

Other key figures

USDm 201320142015201620172018
Tax rate 49.0%56.0%36.0%-57.0%876.0%162.0%
Net working capital balance (NWC) 4,5904,528-1,146-1,6809,5904,114
Net interest bearing debt (NIBD) 12,8119,1479,02811,46815,6296,845
Invested capital (including goodwill) 55,32451,37244,76743,55847,05440,237
Invested capital (excluding goodwill) 54,84651,28144,68043,22446,33139,592
Enterprise value (EV) 59,05151,80436,47343,73651,05332,100

Share data

201320142015201620172018
Shares outstanding, millions (excl. treasury) 222221212121
Market capitalisation (DKKm) 250,473262,451188,586227,262219,650164,661
Market capitalisation (USDm) 46,24042,65727,44532,26835,42425,255
Share price (DKK) 11,180.011,950.08,875.010,670.010,360.07,700.0
Earnings per share (EPS), (USD) 158.0229.836.9-93.3-58.1152.7
Dividend per share (DPS), (USD) 52.049.044.021.024.023.0

Price multiples

201320142015201620172018
Price/Earnings (P/E) 13.4x8.5x34.7x-16.6x-29.4x8.0x
Price/Sales (P/S) 1.0x0.9x0.7x1.2x1.1x0.7x
Price/Book value (P/B) 1.2x1.0x0.8x1.0x1.2x0.8x

Enterprise value (EV) multiples

201320142015201620172018
Enterprise value/Sales (EV/Sales) 1.3x1.1x0.9x1.6x1.7x0.8x
Enterprise value/EBITDA (EV/EBITDA) 5.0x4.1x3.8x6.1x6.8x8.2x
Enterprise value/EBITA (EV/EBITA) 8.2x6.6x13.2x118.5x50.6x40.0x
Enterprise value/EBIT (EV/EBIT) 8.1x8.8x19.5x178.5x79.7x51.2x