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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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
16 Mar 17
4imprint (FOUR): 6% dividend yield for a growth stock? (BUY) | Cambridge Cognition* (COG): Amgen uses CANTAB technology in trial (CORP) | Seeing Machines* (SEE): H1 results show steady operational progress (CORP) | Allergy Therapeutics (AGY): Pollinex Quattro Birch Ph III EU trial starts (BUY) | Capital Drilling* (CAPD): FY results in line, with turnaround in exploration activity (CORP)
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
FY results in line, with turnaround in exploration activity
16 Mar 17
Full-year results were in-line with the recent trading update. Market conditions continue to improve, with a strong improvement in exploration activity. We make no change to our forecasts. The shares have recently seen some profit taking after a strong run, which opens a valuation opportunity as the market turnaround provides strong medium-term potential. Our 95p target price points to strong upside.
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.