Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HAMBURGER HAFEN UND LOGISTIK. We currently have 15 research reports from 1 professional analysts.
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HAMBURGER HAFEN UND LOGISTIK
HAMBURGER HAFEN UND LOGISTIK
2016 earnings lower than we had expected
30 Mar 17
The port operator’s revenue was up by 3.2% to €1.18bn last year which is above our expectations (€1.15bn). However, earnings fell slightly short. HHLA generated EBITDA of €286m (+1.8%) and EBIT of €164m (+4.8%) while net profit after minorities (excluding the profit generated by Property, which does not belong to free-float shareholders) came in at €63.7m compared to €58.9m a year ago. We had expected net earnings of €73m and management proposes an unchanged dividend of €0.59 which was our assumption.
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.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.