reports
- Pedro Fonseca
Ernst Russ - Termination of coverage
Edison Investment Research is terminating coverage on: • 2G Energy (2GB) • Apontis Pharma (APPH) • Artec technologies (A6T) • Beta Systems (BSSA) • Blue Cap (B7E) • Cyan (CYR) • Consus Real Estate (CC1) • Daldrup & Soehne (4DS) • DATAGROUP (D6H) • Datron (DAR) • Delignit (DLX) • Deutsche Börse (DB1) • Deutsche Grundstücksauktionen (DGR) • Deutsche Rohstoff (DR0) • DVS Technology (DIS) • Edel (EDL) • Ernst Russ (HXCK) • Exasol (EXL) • expert.ai (EXAI/EXSY) • Fashionette (FSNT) • Formycon (FYB) ...
- Pedro Fonseca
Ernst Russ - Catching the tailwinds
In H121, Ernst Russ (ERAG) continued its fleet expansion with the acquisition of two multipurpose vessels, bringing the number of majority owned ships to 18. It also sold the Bremen Fund management subsegment, decreasing its assets under management (AUM) in the management services segment, by €0.2bn to €0.6bn at end-June 2021. On the back of robust market environment for container shipping and healthy operational performance, management introduced the FY21 guidance with targeted revenues ranging...
- Pedro Fonseca
Ernst Russ - Catching the tailwinds
In H121, Ernst Russ (ERAG) continued its fleet expansion with the acquisition of two multipurpose vessels, bringing the number of majority owned ships to 18. It also sold the Bremen Fund management subsegment, decreasing its assets under management (AUM) in the management services segment, by €0.2bn to €0.6bn at end-June 2021. On the back of robust market environment for container shipping and healthy operational performance, management introduced the FY21 guidance with targeted revenues ranging...
- Pedro Fonseca
Ernst Russ - Specialising in shipping business
Ernst Russ (ERAG) continues to build its position in the maritime business with the acquisition of two ships in December 2020 and another two in February 2021. As a result, it now owns a majority interest in 18 vessels and a significant interest in a further 13. Management expects ERAG’s own fleet to be the main driver of significant improvements in both revenue and operating income in FY21, as it should benefit from robust charter rates. As part of its strategic consolidation in FY20 to focus o...
- Pedro Fonseca
Ernst Russ - Ship utilisation remains high
In H120, Ernst Russ (ERAG) recorded a 39% increase in revenues, mainly driven by the accounting effect of the full consolidation of the Elbfeeder JV, following the acquisition of an additional 2% stake in July 2019. The positive impact from expanding ERAG’s own fleet to 14 vessels, which more than doubled the income in the shipping segment, was partially offset by the disposals of non-core activities as part of streamlining the business. Together with the headcount reduction and other cost-cutti...
- Pedro Fonseca
Ernst Russ - Sailing through the storm
In FY19 Ernst Russ (ERAG) strategically repositioned itself to focus on its investor and asset manager activities in shipping and fund management (particularly real estate). Over the year assets under management (AUM) decreased from €2.9bn to €2.0bn, driven by disposals of non-core business units. Although management expects further improvement in FY20 shipping segment revenue, it is likely to be fully offset by the absence of sold businesses. In light of current adverse markets, it guides t...
- Pedro Fonseca
Ernst Russ - Streamlining its operations
Ernst Russ’s (ERAG) strategic process of repositioning to focus on its investor and asset manager activities in the shipping and real estate segments was borne out in the H1 results. Increased debt (although at a broadly stable equity to total assets ratio) was used to accelerate investment in expanding its own fleet through direct and co-investments, as well as for strategic expansion of subsidised housing advisory and investment services. Meanwhile, ERAG sold the business units active in sol...
- Milosz Papst
Ernst Russ - Shipping and real estate are growth drivers
Ernst Russ (ERAG) continues to reposition itself to focus on the shipping and real estate segments, while at the same time retaining a focus on cost efficiencies and funding restructuring. However, the weakness in the shipping markets seen in the second half of 2018 (as illustrated by the decline in charter rates) has provided some headwinds. Having said that, these markets seem relatively balanced now. In the real estate area, Ernst Russ was able to conclude a number of successful transactions ...
- Milosz Papst
Ernst Russ - Market outlook supports further repositioning
Ernst Russ (ERAG) is making steady progress in repositioning as an asset and investment manager and asset investor, with the legacy business representing around 40% of the group’s operations at end-June 2018 compared with 80% in 2016. However, ERAG’s assets under management (AUM) increased only slightly to €6.1bn in H118, as new investments (especially in fleet expansion) were offset by disposals. Management reaffirmed the earlier FY18 guidance of at least 10% y-o-y revenue growth and oper...
- 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 (€3.9m). Due to the previous volatility in shipping markets and lack of immediate earnings momentum implied by current management guidance, ERAG’s...
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