Denmark's AP Moeller-Maersk's shipping terminals may be worth more than previously thought, following a US$2.35 billion deal by Hong Kong-based Orient Oriental (International) Ltd., to sell four of its terminals in North America, Reuters reported, quoting the views of analysts. According to the report, OOIL last week "struck a better-than-expected deal" to sell the four APM terminals to Ontario Teachers' Pension Plan Board, cashing in on rising prices for container assets.
AP Moeller-Maersk operates more than 40 container terminals in 24 different countries through its port arm, APM Terminals.
"It looks as if the value attached to the terminals has received a huge shove upwards. $2.4 billion is a lot of money for four terminals, and APM has many more," said Gudme Raaschou analyst, Tue Ostergaard.
OOIL sold the terminals in Vancouver and New York/New Jersey for about 28 times 2007 projected earnings, according to a research note from Morgan Stanley, the report added.
Another analyst, Stephen Rammer of Alm. Brand Henton, said the sale meant he would review his valuation of APM. "The deal is very relevant, and very exciting. It appears that there is a very large demand for port terminals," he said.
AP Moeller-Maersk operates more than 40 container terminals in 24 different countries through its port arm, APM Terminals.
"It looks as if the value attached to the terminals has received a huge shove upwards. $2.4 billion is a lot of money for four terminals, and APM has many more," said Gudme Raaschou analyst, Tue Ostergaard.
OOIL sold the terminals in Vancouver and New York/New Jersey for about 28 times 2007 projected earnings, according to a research note from Morgan Stanley, the report added.
Another analyst, Stephen Rammer of Alm. Brand Henton, said the sale meant he would review his valuation of APM. "The deal is very relevant, and very exciting. It appears that there is a very large demand for port terminals," he said.