Edison Investment Research - Lloyd Fonds AG (L1OA) - Project delays impairing results

Report

Edison Investment Research

Adrian Phillips

- Project delays impairing results

Lloyd Fonds (LF) is suffering from tough conditions in the shipping markets, lower trusteeship fees due to asset disposals and contract expiries, as well as delays in new projects. Following the recent FY17 guidance downgrade and subsequent sell-off, LF’s shares are trading at a P/E ratio for 2017e of 12.9x, broadly in line with peers. Key stock price drivers include progress updates of LF’s projects in the real estate segment, in particular in government-sponsored housing, as well as the supply-demand balance on container and tanker markets.

13/10/2017 5 EN

Underlying

Lloyd Fonds AG

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Frankfurt Stock Exchange

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Adrian Phillips

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- Project delays impairing results

Ford Equity International Rating and Forecast Report

Braemar - Solid H1 driven by diversification, outlook robust

Electro Optic Systems - Growth from defence

Smiths News - FY24 trading good, special dividend proposed

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