Hapag-Lloyd : A dizzyingly high share price, at the cost of a very demanding valuation; Neutral recommendation, target price of € 310 (vs € 280)
>Operating performance still driven by strong pricing - The operating performance recorded in Q1 2022 remains impressive, driven as since 2020 by rise in freight rates, which reflect an 84% increase over the quarter. This is yet another episode in the sector's formidable outperformance, and it should continue for at least a few quarters. Thus, revenue growth of 96% y-o-y is driven exclusively by pricing, against almost stable volumes. In these conditions, the relative...Hapag-Lloyd is a container liner shipping company. Co.'s core business is the shipping of containers by sea but also encompasses transport services from door to door. Co. transports hazardous goods by sea, road, rail, and inland waterway vessels; and provides reefer solutions to transport temperature-sensitive products, including perishable cargoes; and high value reefer cargoes, such as pharmaceuticals, healthcare products, and more. Co. also offers security information services; e-commerce solutions in the shipping industry; logistics services, such as pre-carriage and on-carriage transport services; and customs clearance services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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