Edison Investment Research - Ernst Russ (HXCK) Ernst Russ - Focus on real estate and shipping markets

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Edison Investment Research

Milosz Papst

Ernst Russ - Focus on real estate and shipping markets

Ernst Russ (ERAG) continued its efforts towards a strategic shift, with real estate (revenues grew by c five times y-o-y in FY17) and shipping (sales up 8.1% y-o-y) acting as the key drivers post acquisition. Management guided to modest revenue growth powered by ship and asset management, and real estate but flat operating earnings in FY18 vs FY17 (â‚¬3.9m). Due to the previous volatility in shipping markets and lack of immediate earnings momentum implied by current management guidance, ERAGâ€™s market cap/AUM ratio continues to lag the peer average.

13/06/2018 4 EN

Underlying

Ernst Russ

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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

Milosz Papst

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Ernst Russ - Focus on real estate and shipping markets

Ernst Russ - Termination of coverage

Ernst Russ - Catching the tailwinds

Ernst Russ - Catching the tailwinds

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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