MAERSK - Meetings With Management

Research evidence excerpt

MAERSK - Meetings With Management

Airfreight & Surface Transportation

Airfreight & Logistics - Market Weight

A.P. MOLLER – MAERSK A/S (MAERSK.B-DK) June 15, 2026

MAERSK - Meetings With Management Rating:

Underperform

The Wolfe Byte Price: DKK16,515.00

We hosted meetings with Maersk's Investor Relations team last week. While the Price Target:

ocean market has tightened materially the last couple of months, it's not clear how DKK13,000

sustainable this is. Thus, we retain our relative Underperform rating for now. % Upside:

(21.3)%

View MAERSK.B-DK Model

●Meetings with Management. We hosted meetings with Maersk's Investor View Comp Table

Relations team last week in NY, Chicago and Toronto. The ocean market has Company Information

clearly tightened since Maersk's last report, but Maersk continues to see macro DKK11,675 -

uncertainty, so the sustainability of today's environment remains in question. 52-Week Range DKK18,625

●Demand Driven Strength. The ocean market has clearly tightened since Maersk Market Cap. (MM) DKK241,333 Enterprise Value (MM) DKK240,265

reported 1Q results in May, with the SCFI tracking up over 50% since its report Shares Out. (MM) 14.6

while bunker fuel costs are more flattish over that period. We believe this Avg. Value Traded (MM) DKK338.84

SI% of Float NA

reflects a stronger volume/demand backdrop, but it's not clear how much of this FCF Yield 6.2%

strength reflects a potential pull forward and early peak season. If demand and EV/ EBITDA 5.9x

pricing hold up, we see upside potential to our estimates and Maersk's guidance

with the potential for the most upside in 3Q. That said, current ocean futures 20,000

19,000

suggest that rates will peak in July. So with 7 months remaining in the year and 18,000