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Research Tree provides access to ongoing research coverage, media content and regulatory news on HAMBURGER HAFEN UND LOGISTIK. We currently have 12 research reports from 1 professional analysts.
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HAMBURGER HAFEN UND LOGISTIK
HAMBURGER HAFEN UND LOGISTIK
Court will decide soon about deepening the River Elbe
22 Dec 16
The German Administrative High Court will release its decision on 9 February. Up to now, there are no indications whether it will allow or prohibit work to start. The City of Hamburg and Hamburger Hafen (HHLA) both urge the court to decide positively as this will eventually allow today’s largest container vessels to call at port, at least at high tide. If it rejects the request, the importance of Hamburg is expected to suffer as shipping companies will either call at Rotterdam or Wilhelmshaven, Germany’s brand-new deep-water port. Wilhelmshaven is not yet a serious competitor as it lacks connections to the hinterland. However, this can be changed if the need arises.
Court decision to deepen River Elbe expected in March
06 Dec 16
After the European High Court released general guidelines for the deepening of rivers in mid-2015, the case is back at the German Administrative High Court. It will hold several hearings before Christmas and the City of Hamburg as well as local industry (including the Port Authority) expect a positive decision by March next year. Environmentalists continue to object to the deepening of the river which is, however, necessary to allow the largest container vessels to call into Hamburg, at least at high tide when fully loaded.
One-off gain supported Q3 earnings
10 Nov 16
HHLA’s consolidated revenue increased by 4.6% to €297m in the last quarter and by 0.2% to €871m ytd. At the same time, EBITDA was up by 30% to €93m and 1.9% to €218m, respectively. At a glance, the revenue number is about €25m higher than our projection while the operating result is some €24m higher. However, €20m of this profit increase is the result of a one-off gain from the termination of a lease contract for the so-called Übersee-Zentrum in Hamburg. Excluding this gain, the profit number is €4m higher than expected.
Hamburger Hafen secures its receivables
01 Sep 16
Hanjin’s creditor protection proceeding is not causing any problems for HHLA. Hanjin is a rather small shipping company for Hamburg and open trade receivables are covered by an insurance policy in the first place. The port is still in the process of deciding how to treat newly-calling ships, i.e. whether these will be allowed into the port or whether it will ask for cash first before containers are unloaded.
One-off restructuring charge causes H1 profit setback
11 Aug 16
HHLA’s revenue and profit development has improved in Q2 compared to Q1 if we exclude a €15m one-off restructuring charge. The group’s revenue was up marginally by 0.3% to €289m in Q2 which brought the H1 number to €574m (-1.9%). EBITDA fell by 21% to €55m in the last three months and by 12% to €126m in the first half. The sales number is higher than our projected €568m while the EBITDA number is lower as we had expected €135m. However, excluding the aforementioned one-off charge, the profit number was unchanged in Q2 and higher than expected.
Poor Q1 volume and revenue but very reasonable profit numbers
12 May 16
The number of containers handled at the port (Container division) fell by almost 8% to 1.61m whereas the number was up by 2.4% to 0.34m in hinterland transportation (Intermodal division). As a result, consolidated revenue fell by 4% to €285m. The rates of decline were similar for EBITDA (to €70m) and EBIT (to €41m). However, pre-tax and net earnings were sharply up as net financing costs fell from almost €14m in Q1 15 to €6.5m. This is primarily the result of last year’s collapse of the Ukrainian hryvnia.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.