A.P. Møller - Mærsk A/S (DP4B.DE)

Industry: Marine Shipping Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
601919.SS	1	COSCO SHIPPING Hol	32,178	5.84	4.33	2.54	1.95	2.89	1.48
HLAG.DE	2	Hapag-Lloyd AG	23,476	9.45	6.94	5.31	4.57	42.36	8.72
NS8U.SI	3	Hutchison Port Hol	17,292	11.29	11.29	2.36	2.36	3.46	3.56
NYK.F	4	Nippon Yusen Kabus	15,335	11.33	11.33	9.85	6.06	26.94	10.81
2603.TW	5	Evergreen Marine C	12,990	4.27	2.79	2.33	1.77	4.23	2.63
9104.T	6	Mitsui O.S.K. Line	11,207	5.23	3.46	10.47	7.87	26.60	15.58
DP4B.DE	7	A.P. Møller - Mæ	8,930	4.20	2.89	3.27	3.27	-	1.39
011200.KS	8	HMM Co.,Ltd	7,681	8.49	8.49	6.36	4.73	20.45	8.01
9107.T	9	Kawasaki Kisen Kai	6,586	4.91	4.91	8.07	5.77	15.60	13.46
600018.SS	10	Shanghai Internati	5,541	8.77	7.86	11.12	10.65	12.67	7.81
DFDS.CO	11	DFDS A/S	4,848	-	-	9.73	9.91	9.95	38.46
2615.TW	12	Wan Hai Lines Ltd.	4,714	6.09	4.10	2.47	1.69	4.86	2.89
601018.SS	13	Ningbo Zhoushan Po	4,226	15.22	14.34	9.72	9.33	13.28	11.99
601866.SS	14	COSCO SHIPPING Dev	3,878	19.93	20.85	20.00	20.23	27.22	44.94
ADANIPORTS.BO	15	Adani Ports and Sp	3,845	25.35	20.19	16.93	13.46	20.43	13.56
028670.KS	16	Pan Ocean Co., Ltd	3,820	6.80	5.93	10.05	8.35	11.41	10.13

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.64	6.43	8.07	5.77	12.67	8.72
Full Range Median Multiple	8.63	7.40	9.72	6.06	13.28	10.13
Industry Multiple	10.21	9.06	8.49	7.25	16.16	12.93
Market Implied Multiple	4.48	3.08	3.42	3.42	-	1.45
Company (DP4B.DE) Multiple	4.20	2.89	3.27	3.27	-	1.39
(*) Net Income / EBITDA / Revenue	1,082	1,573	1,942	1,942	-	4,572
Winsorized Enterprise Value	N/A	N/A	15,680	11,206	-	39,857
Full Range Median Enterprise Value	N/A	N/A	18,883	11,772	-	46,304
(-) Net Debt	1,806	1,806	1,806	1,806	1,806	1,806
Winsorized Equity Value	8,271	10,124	13,875	9,400	-1,806	38,052
Full Range Median Equity Value	9,337	11,638	17,077	9,966	-1,806	44,498
(/) Shares Outstanding	2	2	2	2	2	2
Winsorized Fair Value	$3,411.69	$4,176.07	$5,723.47	$3,877.62	$-744.83	$15,696.68
Full Range Median Fair Value	$3,851.64	$4,800.72	$7,044.51	$4,111.13	$-744.83	$18,355.95
Current Price	$1,998.00	$1,998.00	$1,998.00	$1,998.00	$1,998.00	$1,998.00
Upside / Downside	70.76%	109.01%	186.46%	94.07%	-137.28%	685.62%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2,388.18	$2,923.25	$4,006.43	$2,714.33	$-521.38	$10,987.67
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY