Kommentar Danske Bank: A.P Møller løfter guidance for 2020

Maersk (MW): short trading update for Q3 and raised guidance for 2020. Maersk reports EBITDA of USD2.4bn (bberg consensus USD2.0bn) for Q3 20. Volumes in Ocean declined by 3% y/y but was more than mitigated by strong rate development (not disclosed) and strong cost control. Given the result in Q3 and the current earnings momentum Maersk expects full year EBITDA for 2020 to be in the range of USD7.5-8.0bn before restructuring and integration costs vs. previously USD 6.0-7.0bn. (Bberg consensus 6.9bn). All other parameters of the company’s guidance remain unchanged. Maersk will publish its full Q3 report on 18th November. The upgrade underlines the strong earnings momentum and adds to the likelihood of S&P removing the negative outlook on the BBB rating (Moody’s recently lifted the outlook to Positive from Negative on the Baa3 rating). Overall credit positive.