A.P. Møller – Mærsk A/S (MAERSKb.CO)：2026年第二季度后更新预测

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14 Aug 2026 15:37:06 ET │ 13 pages

A.P. Møller - Mærsk A/S (MAERSKb.CO)

Updating forecasts following 2Q26

CITI'S TAKE

Neutral

Price (14 Aug 26 17:00)

Target price

from Dkr17,543.00

Expected share price

return

Expected dividend yield

Expected total return

Market Cap

We update our forecasts following 2Q26. We increase our EBITDA from

$9,802m to $11,859m as management increased its 2026E EBITDA

guidance from $8bn-$10bn to $10.5bn-$12.5bn. This reflects stronger

freight rate performance per management commentary, especially in 2Q

and 3Q of this year. We increase our TP from DKK17,543 to DKK20,864.

This is on the back of our higher estimates for our EV/EBITDA based

valuation and (for the P/B approach) increasing the multiple from 0.73x to

0.85x - the average seen across 2010-19. 0.85x P/E is the average level

seen across 2010-19.

Dkr20,700.00

Dkr20,864.00↑

Arthur TrusloveAC

A.P. Møller - Mærsk A/S (USD)

Year to 31 Dec

2024A

2025A

2026E

2027E

2028E

Sales ($M)

55,482.0

53,988.0

62,470.6

57,072.9

61,640.7

Net Income ($M)

6,109.0

2,725.0

4,768.3

-343.5

2,905.7

Diluted EPS ($)

386.72

178.42

319.83

-23.71

200.58

Diluted EPS (Old) ($)

386.72

178.42

173.96

-56.89

180.59

PE (x)

8.3

17.9

10.0

-134.6

15.9

EV/EBITDA (x)

3.4

4.1

3.3

6.1

4.1

DPS ($)

0.00

na

Net Div Yield (%)