The preliminary Q2 21 figures released at 7.59pm CET on Monday by AP Møller-Mærsk (APMM) bring bittersweet memories of coverage by Premium in late May, when we outlined a mildly bullish scenario – now overly conservative, it seems – according to which a 2023 ebitda of $18.1bn was implied, for a 30% margin on ~$60bn of revenues.

That, on a net present value basis, pointed to a near-50% upside from trading levels of about Dkr17,000 a share some 10 weeks ago.


While ...

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