Majestic Maersk at Felixstowe

Is Denmark’s AP Møller-Maersk Group (APMM) kicking the can down the road?

This is the obvious, and entirely legitimate, question that arises if you have spent any serious time sifting through its cash flow statements following its first-quarter (Q1) numbers on 17 May. Here is my take.

Where we stand

As we argued ahead of results, APMM needed to report solid numbers in terms of cash flows to justify a share price as high as Dkr10,500 – and on that basis its latest ...

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