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HAMBURGER HAFEN UND LOGISTIK
HAMBURGER HAFEN UND LOGISTIK
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.
Clearly lower than expected 2015 profits but higher dividend
30 Mar 16
HHLA saw the container handling volume falling by more than 12% to 6.56m in its ports in Hamburg and Odessa while the number transported on-land (i.e. by Intermodal) was up by 2.7% to 1.32m. As a result, the group’s revenue fell by 5% to €1.14bn and EBITDA and EBIT were both down by 4% and 7.5% to €281m and €157m, respectively. Net earnings (before minorities) increased by 6% to €96m. All of these numbers are short of our projections. However, although management is giving a profit warning for 2016 (EBIT to fall to between €100m and €130m), it recommends a dividend increase from €0.52 paid for 2014 to €0.59.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.