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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 14 research reports from 1 professional analysts.
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HAMBURGER HAFEN UND LOGISTIK
HAMBURGER HAFEN UND LOGISTIK
Court postpones the deepening of the River Elbe
09 Feb 17
The German High Administrative Court decided that some of the authority’s proposals for deepening the river were insufficient, i.e. it is asking the City of Hamburg and other authorities to make a new proposal. This will delay the work, possibly by years. The Port of Hamburg and HHLA need a deeper river which currently allows today’s mega-container vessels to call not only half-loaded but at high tide. This court’s decision and the resulting delay might give a boost to the all-new deep-water port at Wilhelmshaven. Once shipping companies are used to Wilhelmshaven rather than Hamburg, they might not change in the future.
Container shipping improved in Q4 16
20 Jan 17
HHLA saw the number of TEUs falling by 5.7% to 3.2m in H1 16 but increasing by 5.7% to 1.72m in Q3. Indications suggest that this positive trend has continued in Q4. We use the activity at the Port of Singapore as an indication. While trade between Asia and the US West Coast continued falling in the last months (see the line for Long Beach), Singapore has experienced a sharp recovery. The number of TEUs handled there fell by 9% in Q1 and by 1% in Q2 but recovered by 4.6% in Q3 and by 6.1% in the last quarter. As a result, the full-year number was about unchanged at just below 31m (33.9m in 2014). HHLA’s 12-months moving average reached a low of 531,000 TEUs in June of last year with a moderate recovery to 538,000 by the end of September. Singapore’s trend in recent months indicates that growth has most probably also accelerated in Hamburg.
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management