A quick and dirty take on AP Møller Mærsk (APMM)’s fourth-quarter and annual results, released this morning, which confirmed the Danish group is getting leaner but is still in full restructuring mode – notably, its financials are almost unrecognisable compared to only three/six months ago.
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Investors were unimpressed by the numbers, with analysts – consensus estimates imply very little upside, while my fair value estimates imply more pain than joy going forward …

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Source: The Loadstar