Hapag-Lloyd : We note a more conservative vision. Neutral. Target price cut to € 125
>Q3: a more marked deterioration than expected - The Q3 publication, marked the start of a phase of normalisation after a prosperous period lasting more than two years, but the landing was more brutal than anticipated for EBITDA which underperformed forecasts (-22% vs the company-compiled consensus). The 58% y-o-y decline in the freight rate therefore reflects the return of capacity and the normalisation of the supply chain. Despite the increase in volumes of close to...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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