Hapag-Lloyd : Gathering clouds – target price lowered to € 140, Neutral rating maintained
>Q3 2023 preview: business expected to show marked deterioration - Hapag-Lloyd is due to report its Q3 earnings on 9 November. It is set to have been a tough quarter, with sharply lower freight rates y-o-y (we forecast a drop of 57% y-o-y in $ terms, as the protection provided by contractual rates, particularly multi-year, is less and less apparent). Volumes are expected to show very slight growth (we anticipate an increase of only 1%). We forecast group revenues of €...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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