Welcome
to
Stock
of
The
Week.
I’m
Chris
Johnson.
Danish
shipping
giant
Maersk
(MAERSK
B)
reported
a
drop
in
full-year
revenue
down
more
than
a
third
from
2022
levels
and
earnings
before
interest,
tax,
depreciation
and
amortisation
down
75%
last
week
Thursday.
In
its
report
Maersk
said
it
would
not
benefit
from
disruption
in
the
Red
Sea,
as
Iran-backed
Houthi
militants
attack
commercial
ships
forcing
the
re-routing
of
vessels
from
the
Red
Sea
to
around
the
tip
of
South
Africa,
and
that
an
oversupply
of
vessels
would
hit
its
earnings
this
year.
Upon
the
news
its
shares
dropped
nearly
15%
and
the
company
has
suspended
its
share
buyback
programme.
Maersk
has
quickly
fallen
from
grace,
after
it
started
the
year
as
the
best
performing
stock
in
the
first
week
of
2024.
However,
Morningstar
analysts
say
the
stock
is
undervalued
because
of
negativity
baked
into
the
share
price,
which
comes
in
stark
contrast
to
investor
optimism
for
the
wider
shipping
sector.
Morningstar
gives
the
stock
a
4-star
rating
and
a
fair
value
estimate
of
its
share
price
of
£2,016.
As
of
the
thirteenth
of
February
2024
at
12
noon
shares
in
Maersk
are
trading
at
£1,253.55.
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