Dresdner Kleinwort lowers Maersk forecasts, valuation

Dresdner Kleinwort lowers Maersk forecasts, valuation

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Dresdner Kleinwort, part of Germany’s Dresdner Bank, has downgraded its forecasts and valuation in Danish Krone for A.P. Moller-Maersk due to a 10 percent fall in the U.S. dollar/DKr exchange rate since the Danish giant announced its half-year results at the end of August and last week’s nine months update.
   The investment bank said that while Maersk’s third quarter update was in line with its own expectations for the company, it is lowering its earnings per share guidance to reflect the weaker U.S. dollar. Dresdner has now set its EPS numbers at DKr3,234.67 for 2007 (down 2 percent), DKr4,623.82 for 2008 (down 7 percent) and DKr5,095.07 for 2009 (down 7 percent, compared to initial forecasts.
   Dresdner also dropped its core group valuation for Maersk by 11 percent from DKr62,000 to DKr55,000 as the bulk of the group valuation sits in the container, oil and gas and other shipping divisions, which are all U.S. dollar businesses.