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MarketScreener Homepage  >  Equities  >  Xetra  >  Hapag-Lloyd AG    HLAG   DE000HLAG475

HAPAG-LLOYD AG

(HLAG)
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Hapag Lloyd : first-half profit gain lifts shares, optimistic on 2019

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08/07/2019 | 07:10am EDT
FILE PHOTO: A Hapag-Lloyd container is pictured at a loading terminal in the port of Hamburg

FRANKFURT (Reuters) - Rising freight-rate income and transport volumes boosted Hapag-Lloyd's performance in the first half of 2019, allowing it to remain optimistic about full-year earnings and pushing its share price up more than 10%.

"We expect stable or higher growth in transport volumes in the second half. Freight rates may perhaps be a touch higher, and we are keeping our costs under control," Chief Executive Rolf Habben Jansen told Reuters, adding low order books for ships supported profitability.

Its shares were 10.2% higher at 42.5 euros by 1030 GMT.

Hapag-Lloyd, the world's fifth-biggest container shipping group, reported a 146 million euro (£134.5 million) net profit in the first half of 2019, versus a year-earlier loss of 101 million euros.

Freight rates in the six-month period increased to $1,071 per 20-foot equivalent unit (TEU) from $1,020 previously, it said.

First-half earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 956 million euros, up from 427 million. Transport volumes increased by 2% to 5,966 TEU.

Hapag-Lloyd maintained guidance for EBITDA to rise to 1.6-2.0 billion euros from 1.138 billion in 2018.

Bankhaus Lampe maintained a buy rating, saying, "With capacity discipline still strong in the sector and in light of robust demand despite the slowdown of the global economy, we believe that Hapag-Lloyd will achieve a sharp rise in earnings in 2019."

The CEO noted risks to the global shipping industry - which is still on a consolidation course - from escalating trade tensions between the United States and China.

But while some customers appeared reluctant to place orders, he said he believed the market would rebound after a few sluggish months.

"I don't see it falling off a cliff by any stretch of the imagination when you look at a 12- to 24-month horizon," he said in a call with analysts.

Ship fuel costs were a concern, increasing by 7% in the first six months to $158 per TEU.

However, Berenberg bank said in a research note that the industry saw bunker costs go up 9% in the same period, showing Hapag-Lloyd managed costs well.

Hapag-Lloyd also saw debt declining, with its net debt to EBITDA ratio reaching 3.5 in the 12 months that ended in June.

Habben Jansen said a good medium-term level would be 2.5 to 3.

(Reporting by Vera Eckert; Editing by Michelle Martin and Dale Hudson)

By Vera Eckert

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Financials (EUR)
Sales 2019 12 589 M
EBIT 2019 711 M
Net income 2019 230 M
Debt 2019 5 585 M
Yield 2019 0,60%
P/E ratio 2019 50,0x
P/E ratio 2020 30,2x
EV / Sales2019 1,36x
EV / Sales2020 1,25x
Capitalization 11 583 M
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Technical analysis trends HAPAG-LLOYD AG
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 12
Average target price 34,98  €
Last Close Price 63,80  €
Spread / Highest target -26,3%
Spread / Average Target -45,2%
Spread / Lowest Target -60,8%
EPS Revisions
Managers
NameTitle
Rolf Habben Jansen Chief Executive Officer
Michael Behrendt Chairman-Supervisory Board
Anthony James Firmin Chief Operating Officer
Nicolás Burr Garcia de la Huerta Chief Financial Officer
Karl Gernandt Member-Supervisory Board
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