Edison Investment Research - TransContainer (TRCN) TransContainer - Growth accelerating in Q3, forecasts raised

Report

Edison Investment Research

TransContainer - Growth accelerating in Q3, forecasts raised

TransContainer delivered a significant step-up in revenue and EBITDA growth in Q3, supported by industry growth, higher efficiencies and a more favourable business mix. We have increased our FY18 forecasts to reflect the strong Q3 results (revenue, EBITDA and net income forecasts rise by 4%, 15% and 26% respectively) and made more modest increases to our FY19 and FY20 forecasts. Our DCF valuation increases by 4% to RUB5,400/share, implying 20% potential upside to the current share price.

06/12/2018 6 EN

Underlying

TransContainer

PJSC Transcontainer is engaged in the arrangement of rail-based container shipping and other logistics services. Rail-based transportation services primarily include arranging the transportation of its own and third-party containers by rail. Integrated freight forwarding and logistics services are service packages including rail container transportation, terminal handling, truck deliveries, freight forwarding and logistic services. As of Dec. 31, 2012, Co. owns and operates 46 container terminals along the Russian railway network, operated 17 branches in Russia, had a truck fleet of 860 units, fleet of 25,086 container flatcars and 19,425 medium-duty (3-ton and 5-ton) containers.

See profile

RU000A0JPRX9 Moscow Exchange MICEX-RTS Russia

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.

See profile

Other Reports on these Companies

Edison Investment Research

TransContainer - Mandatory tender offer to be launched

Following the sale of a majority stake in TransContainer to Delo Group as a result of the planned auction (at c RUB8,680/share), there is a legal requirement for Delo Group to launch a tender offer to minority shareholders. TransContainerâ€™s Q3 results showed strong earnings growth, albeit at lower rates than previous quarters. We have slightly reduced our DCF-based valuation to RUB9,100/share.

December 10, 2019 December 10, 2019 6 EN

Edison Investment Research

TransContainer - Another beat, with structural and cyclical drivers

Both cyclical and structural factors drove strong revenue growth in H119 (adjusted revenues up 32% y-o-y, above our expectations) which, combined with efficiency gains and economies of scale, led to EBITDA growth of 67% y-o-y and net income almost doubling. We forecast growth to continue, albeit at a more moderate pace, as we expect a stabilisation in rail container transportation prices. We have significantly increased our forecasts, which drives a 33% increase in our valuation to RUB9,460/share.

September 11, 2019 September 11, 2019 6 EN

Edison Investment Research

TransContainer - Q1 growth trend exceeds our expectations again

Following TransContainerâ€™s strong Q1 results, with adjusted revenues growing by more than 30% y-o-y, we have further increased our forecasts for FY19â€“20 (revenue up 6â€“9%). The growth in Q1 was boosted by increased sales to customers located outside Russia. We have increased our valuation to RUB7,100/share on the back of higher forecasts.

May 31, 2019 May 31, 2019 6 EN

Molten Ventures - Green shoots of recovery

Molten Ventures saw a stabilisation and recovery in portfolio valuations in H224, as well as a pick-up in realisation processes, with two agreed exits (Endomag and Perkbox) at valuations modestly above last carrying values. Consequently, management now expects around £100m of realisation proceeds in FY25 (to end-March 2025). Its updated capital allocation policy assumes a focus on attractively priced primary and secondary investments (with an emphasis on the latter), as well as a minimum of 10% of realisation proceeds earmarked for share buybacks.

10h / 16m 10h / 16m 1 EN

Pedro Fonseca

Pedro Fonseca

Patria Private Equity Trust - H124 NAV TR of 2% amid still muted markets

Patria Private Equity Trust (PPET) reported a modest 2.0% NAV per share total return in H124 (ending March 2024) as exit activity in private equity markets remained subdued, suggesting continued buyer cautiousness. Meanwhile, PPET’s share price total return was a strong 22.9% in H124, with the narrowing discount to NAV assisted by, among other things, PPET’s buyback programme (see our March 2024 note for details). Given the trust’s current balance sheet headroom, the board targets an annual dividend of 16.8p for FY24, up 5% versus FY23.

12h / 30m 12h / 30m 1 EN

Richard Williamson

Richard Williamson

Datatec - Positive outlook for FY25

Datatec reported 6% revenue growth in FY24, with the backlog normalising after a period of tightness in the supply chain. Strong performances from Westcon and Logicalis International were partially offset by weaker profitability in Logicalis Latin America, resulting in flat adjusted EBITDA margins year-on-year. Management expects improved financial performance from all divisions in FY25; we forecast year-on-year growth in underlying EPS of 26%.

12h / 40m 12h / 40m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

TransContainer - Growth accelerating in Q3, forecasts raised

TransContainer - Mandatory tender offer to be launched

TransContainer - Another beat, with structural and cyclical drivers

TransContainer - Q1 growth trend exceeds our expectations again

Molten Ventures - Green shoots of recovery

Patria Private Equity Trust - H124 NAV TR of 2% amid still muted markets

Datatec - Positive outlook for FY25

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe