Report

Hamburger Hafen und Logistik Aktiengesellschaft (XTRA: HHFA)

On 12 August 2021, Hamburger Hafen und Logistik Aktiengesellschaft (HHLA) posted its 1H21 financials results. Consolidated revenue increased by 12.8% to EUR 709.2mn (USD 598.5mn) primarily led by a 13.2% increase in its Port Logistics subgroup (98.0% of the consolidated top line). Higher consolidated revenue translated into a 25.8% increase in EBITDA to EUR 176.2mn (USD 148.7mn) in 1H21, resulting in a 260 bps (YoY) jump in the company’s EBITDA margin of 24.9% in 1H21. From the comparative valuation perspective, the company is fairly priced with an EV/EBITDA of 10x. We will revise our fair value in the next review.
Underlying
Provider
Drewry Maritime Equity Research
Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Analysts
Ankush Kathuria

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