A.P. Møller - Mærsk A/S (MAERSK-A.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+237.3%

DKK 77,873.28

vs DKK 23,090.00 price

Levered DCF

DKK 76,501.34

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.59

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.83×	4.26×	7.55×	1.34×	3.64×	14.68×	55.49×	-170.8×
P/B	0.63×	0.46×	0.53×	0.61×	1.47×	1.4×	1.01×	0.78×
P/S	0.65×	0.47×	0.57×	0.48×	1.06×	1.05×	0.73×	0.65×
EV / EBITDA	4.39×	2.83×	3.25×	1.21×	2.81×	5.91×	6.49×	7.97×
Gross margin	17.5%	21.8%	18.9%	38.4%	32.1%	10.2%	3.8%	0.8%
Operating margin	5.3%	10.6%	18.9%	45.0%	38.9%	20.3%	4.6%	2.3%
Net margin	5.0%	11.0%	7.5%	35.8%	29.0%	7.2%	1.3%	-0.4%
Current ratio	2.12×	2.45×	2.45×	3.01×	2.13×	1.27×	1.19×	1.65×
Debt / equity	0.34×	0.29×	0.27×	0.24×	0.34×	0.52×	0.6×	0.36×
Interest coverage	1.44×	3.77×	12.5×	47.95×	29.77×	9.68×	1.91×	1.13×
Dividend yield	7.6%	5.1%	37.7%	17.5%	1.6%	1.0%	1.7%	2.0%
Payout ratio	97.0%	21.8%	284.6%	23.5%	5.7%	15.1%	92.1%	-349.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.9%	10.7%	7.1%	45.6%	40.3%	9.5%	1.8%	-0.5%
Return on invested capital	3.1%	7.0%	11.9%	42.6%	36.7%	14.7%	2.0%	-1.2%
Return on assets	3.1%	7.0%	4.6%	31.2%	24.8%	5.1%	0.9%	-0.3%
Free cash flow yield	18.1%	27.7%	20.8%	77.5%	29.2%	15.6%	13.8%	1.4%
Earnings yield	7.8%	23.5%	13.2%	74.7%	27.5%	6.8%	1.8%	-0.6%
Enterprise value	DKK 44.8B	DKK 35.9B	DKK 37B	DKK 44.7B	DKK 68.8B	DKK 51.3B	DKK 40.2B	DKK 34.3B
Net debt / EBITDA	0.97×	0.78×	0.71×	0.15×	0.14×	1.1×	1.93×	2.1×
Cash conversion cycle (days)	74	110	98	-7	-10	-9	-7	-4