Report

HHLA upgrades its 2021 outlook

On 20 October 2021, HHLA upgraded both of its 2021 revenue and EBIT outlook to EUR 1.5bn or USD 1.7bn (+12% YoY vs -6% in 2020) and EUR 205mn or USD 239mn (vs its previous outlook range of EUR 153-178mn or USD 178-207mn) respectively. The revision was mainly led by the robust increase in storage revenue, which in turn benefited from the ongoing port congestion at HHLA’s terminals in Hamburg. HHLA’s stock trade in undervalued zone with EV/EBITDA of 7.7x (vs Drewry port equity index: 9.3x). We have increased our fair value estimate to EUR 22.2 and rating to Neutral.
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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