AMKAF - Despite A Record 2021 In Sight Potential Maersk Upside Remains Limited

• Maersk trades at EV/EBITDA 7.1 which is the upper level of its historical range.
• Maersk trades at P/B 1.66 which is the highest during the recent ten years.
• Container companies will have a blowout 2021, but with the market looking towards 2022 and beyond, I conclude there is very limited upside potential left for Maersk and retain my bearish rating.
• Maersk's own estimate is container rates returning to normal by end of 2021 leading to profits returning to normal levels for the coming years.
• Maersk has historically significantly underperformed its large cap index, and what has fundamentally changed for a container shipping company to conclude the future will be different, especially at what appears as very high stock price levels.

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