Q3 came in as strong as one could expect based on the company’s monthly trading updates, resulting in an EBITDA of USD 185m and EPS of 0.75, which implies a run-rate P/E of ~2.6x, which we argue simply is too cheap to ignore given that i) the company has locked in 3.1m CBM at an average rate of USD 100 with an average duration of 4.4 years, and ii) 5.4m CBM is coming up for renewal during the next nine months. Consequently, we believe that HAUTO will revisit its dividend policy and increase the ....
