Announcement • Jun 13
Port of Hamburg Beteiligungsgesellschaft SE agreed to acquire remaining unknown minority stake in Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) from minority shareholders. Port of Hamburg Beteiligungsgesellschaft SE agreed to acquire remaining unknown minority stake in Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) from minority shareholders on June 11, 2026. As part of consideration each remaining share is valued at €21.16 per share. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: €0.01 (vs €0.10 in 1Q 2025) First quarter 2026 results: EPS: €0.01 (down from €0.10 in 1Q 2025). Revenue: €467.7m (up 6.9% from 1Q 2025). Net income: €858.0k (down 89% from 1Q 2025). Profit margin: 0.2% (down from 1.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • May 06
Hamburger Hafen und Logistik Aktiengesellschaft, Annual General Meeting, Jun 11, 2026 Hamburger Hafen und Logistik Aktiengesellschaft, Annual General Meeting, Jun 11, 2026, at 10:00 W. Europe Standard Time. New Risk • Mar 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.5% Last year net profit margin: 2.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.5% net profit margin). New Risk • Nov 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Earnings have declined by 18% per year over the past 5 years. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: €0.21 (vs €0.13 in 3Q 2024) Third quarter 2025 results: EPS: €0.21 (up from €0.13 in 3Q 2024). Revenue: €463.5m (up 9.3% from 3Q 2024). Net income: €15.9m (up 60% from 3Q 2024). Profit margin: 3.4% (up from 2.3% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. New Risk • Aug 18
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Earnings have declined by 17% per year over the past 5 years. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: €0.15 (vs €0.19 in 2Q 2024) Second quarter 2025 results: EPS: €0.15 (down from €0.19 in 2Q 2024). Revenue: €465.7m (up 17% from 2Q 2024). Net income: €11.2m (down 22% from 2Q 2024). Profit margin: 2.4% (down from 3.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 27
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 04 July 2025. Payment date: 08 July 2025. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (3.8%). New Risk • May 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Earnings have declined by 16% per year over the past 5 years. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: €0.10 (vs €0.01 loss in 1Q 2024) First quarter 2025 results: EPS: €0.10 (up from €0.01 loss in 1Q 2024). Revenue: €453.3m (up 24% from 1Q 2024). Net income: €7.87m (up €8.97m from 1Q 2024). Profit margin: 1.7% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Apr 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Earnings have declined by 17% per year over the past 5 years. Reported Earnings • Mar 26
Full year 2024 earnings released Full year 2024 results: Revenue: €1.68b (up 14% from FY 2023). Net income: €32.5m (up 63% from FY 2023). Profit margin: 1.9% (up from 1.4% in FY 2023). The increase in margin was driven by higher revenue. New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings have declined by 17% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 17% per year over the past 5 years. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €436.0m (up 20% from 3Q 2023). Net income: €9.93m (up 167% from 3Q 2023). Profit margin: 2.3% (up from 1.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Infrastructure industry in Europe. New Risk • Aug 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: €0.19 (vs €0.07 in 2Q 2023) Second quarter 2024 results: EPS: €0.19 (up from €0.07 in 2Q 2023). Revenue: €413.3m (up 14% from 2Q 2023). Net income: €14.3m (up 167% from 2Q 2023). Profit margin: 3.5% (up from 1.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 17
Price target decreased by 10% to €13.70 Down from €15.23, the current price target is provided by 1 analyst. New target price is 19% below last closing price of €16.98. Stock is up 48% over the past year. The company is forecast to post earnings per share of €0.80 for next year compared to €0.27 last year. Upcoming Dividend • Jun 07
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 18 June 2024. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (3.8%). New Risk • May 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • May 16
First quarter 2024 earnings released: €0.01 loss per share (vs €0.04 profit in 1Q 2023) First quarter 2024 results: €0.01 loss per share (down from €0.04 profit in 1Q 2023). Revenue: €376.0m (up 2.7% from 1Q 2023). Net loss: €1.11m (down 140% from profit in 1Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Mar 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.4% net profit margin). New Risk • Mar 22
New major risk - Revenue and earnings growth Earnings have declined by 8.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 161% Paying a dividend despite having no free cash flows. Earnings have declined by 8.1% per year over the past 5 years. Minor Risks High level of debt (65% net debt to equity). Profit margins are more than 30% lower than last year (2.3% net profit margin). Declared Dividend • Feb 22
Dividend of €0.08 announced Shareholders will receive a dividend of €0.08. Ex-date: 14th June 2024 Payment date: 18th June 2024 Dividend yield will be 0.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (161% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 79% to bring the payout ratio under control. EPS is expected to grow by 87% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Nov 24
Hamburger Hafen und Logistik Aktiengesellschaft to Report Fiscal Year 2023 Results on Mar 21, 2024 Hamburger Hafen und Logistik Aktiengesellschaft announced that they will report fiscal year 2023 results on Mar 21, 2024 Announcement • Nov 23
Hamburger Hafen und Logistik Aktiengesellschaft to Report First Half, 2024 Results on Aug 14, 2024 Hamburger Hafen und Logistik Aktiengesellschaft announced that they will report first half, 2024 results on Aug 14, 2024 New Risk • Nov 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 65% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 161% Paying a dividend despite having no free cash flows. Minor Risks High level of debt (65% net debt to equity). Profit margins are more than 30% lower than last year (2.3% net profit margin). Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €377.0m (down 4.6% from 3Q 2022). Net income: €3.71m (down 86% from 3Q 2022). Profit margin: 1.0% (down from 6.6% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Nov 16
Hamburger Hafen und Logistik Aktiengesellschaft to Report Q1, 2024 Results on May 15, 2024 Hamburger Hafen und Logistik Aktiengesellschaft announced that they will report Q1, 2024 results on May 15, 2024 Announcement • Nov 15
Hamburger Hafen und Logistik Aktiengesellschaft to Report Q3, 2024 Results on Nov 14, 2024 Hamburger Hafen und Logistik Aktiengesellschaft announced that they will report Q3, 2024 results on Nov 14, 2024 Price Target Changed • Sep 20
Price target increased by 32% to €15.23 Up from €11.55, the current price target is an average from 2 analysts. New target price is 9.1% below last closing price of €16.74. Stock is up 43% over the past year. The company is forecast to post earnings per share of €0.54 for next year compared to €1.23 last year. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 59% After last week's 59% share price gain to €17.20, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 15x in the Infrastructure industry in Europe. Total returns to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.91 per share. Major Estimate Revision • Aug 22
Consensus EPS estimates fall by 65% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €1.54b to €1.50b. EPS estimate also fell from €0.795 per share to €0.28 per share. Net income forecast to shrink 24% next year vs 17% growth forecast for Infrastructure industry in Germany . Consensus price target down from €11.55 to €11.25. Share price fell 6.2% to €10.52 over the past week. New Risk • Aug 18
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 63% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Cash payout ratio: 273% Minor Risks High level of debt (63% net debt to equity). Profit margins are more than 30% lower than last year (3.7% net profit margin). Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €379.3m (down 3.8% from 2Q 2022). Net income: €5.36m (down 75% from 2Q 2022). Profit margin: 1.4% (down from 5.3% in 2Q 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Jun 20
COSCO SHIPPING Ports Limited (SEHK:1199) completed the acquisition of a 24.9% stake in HHLA Container Terminal Tollerort GmbH from Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA). COSCO SHIPPING Ports Limited (SEHK:1199) entered into the Share Purchase Agreement to acquire 24.9% stake in HHLA Container Terminal Tollerort GmbH from Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) on September 21, 2021. As per the transaction, COSCO SHIPPING Ports Limited will pay the consideration for the sale of the sale shares of €65 million and the consideration for the sale of the closing shareholder loan in an amount equal to the nominal amount of the Closing Shareholder Loan and interest charged on €34,238,860.89, being 35% of the amount owed to Hamburger Hafen und Logistik Aktiengesellschaft by HHLA Container Terminal Tollerort GmbH. As on December 31, 2020, HHLA Container Terminal Tollerort GmbH generated net profits of €7.4 million and net assets of €21.4 million. The transaction is subject to competition and regulatory approval and is approved by Hamburger Hafen und Logistik Aktiengesellschaft’s supervisory board. As of October 26, 2022, the German government approved the transaction of a minority stake of less than 25% in the operating company HHLA Container Terminal Tollerort GmbH. As of September 20, 2022, the deal is expected to close on December 31, 2022. As of April 12, 2023, Germany is reconsidering its decision to allow Cosco to take a stake in one of logistics company HHLA's three terminals in the port of Hamburg. As of May 10, 2023, German government has approved the acquisition of a 24.9% stake. The government originally cleared the deal at the end of October 2022, but decided in April to re-examine it because the terminal was classified as critical infrastructure. The Chinese company initially agreed to purchase 35% of CTT, but the government limited in October the deal to a stake of 24.9%.
Helge Schäfer, Jonas Wittgens, Stefan Witte, Jonas Labinsky, Jan-Benedikt Fischer and Börries Ahrens of Allen & Overy LLP (Hamburg), Udo Olgemöller and Thomas Dieker of Allen & Overy LLP, Jonathan Hsui of Allen & Overy Hong Kong and Director Jing Li & Eva Jiang of Allen & Overy LLP acted as legal advisors to Hamburger Hafen und Logistik Aktiengesellschaft. Linklaters Oppenhoff & Rädler acted as legal advisor to Hamburger Hafen und Logistik Aktiengesellschaft.
COSCO SHIPPING Ports Limited (SEHK:1199) completed the acquisition of a 24.9% stake in HHLA Container Terminal Tollerort GmbH from Hamburger Hafen und Logistik Aktiengesellschaft (XTRA:HHFA) on June 19, 2023. Upcoming Dividend • Jun 09
Upcoming dividend of €0.75 per share at 6.0% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 20 June 2023. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 6.0%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.2%). Major Estimate Revision • Mar 28
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €1.45b to €1.50b. EPS estimate increased from €0.67 to €0.81 per share. Net income forecast to shrink 36% next year vs 7.2% growth forecast for Infrastructure industry in Germany . Consensus price target down from €13.27 to €12.07. Share price was steady at €11.14 over the past week. Price Target Changed • Mar 01
Price target decreased by 10% to €13.27 Down from €14.77, the current price target is an average from 3 analysts. New target price is 11% above last closing price of €11.98. Stock is down 32% over the past year. The company is forecast to post earnings per share of €1.23 for next year compared to €1.50 last year. Price Target Changed • Nov 29
Price target decreased to €14.60 Down from €15.77, the current price target is an average from 3 analysts. New target price is 25% above last closing price of €11.64. Stock is down 40% over the past year. The company is forecast to post earnings per share of €1.18 for next year compared to €1.50 last year. Reported Earnings • Aug 12
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €405.7m (up 12% from 2Q 2021). Net income: €21.1m (up 21% from 2Q 2021). Profit margin: 5.2% (up from 4.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 5.0% compared to a 19% growth forecast for the industry in Germany. Price Target Changed • Jun 17
Price target decreased to €17.40 Down from €18.85, the current price target is an average from 2 analysts. New target price is 22% above last closing price of €14.24. Stock is down 36% over the past year. The company is forecast to post earnings per share of €1.08 for next year compared to €1.50 last year. Upcoming Dividend • Jun 10
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 17 June 2022. Payment date: 21 June 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (2.6%). Reported Earnings • May 18
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: €0.30 (up from €0.29 in 1Q 2021). Revenue: €387.3m (up 11% from 1Q 2021). Net income: €22.8m (up 7.0% from 1Q 2021). Profit margin: 5.9% (down from 6.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 4.0% compared to a 28% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 10% per year and the company’s share price has also fallen by 10% per year. Major Estimate Revision • May 14
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €1.37b to €1.40b. EPS estimate increased from €0.95 to €1.06 per share. Net income forecast to shrink 32% next year vs 4.5% growth forecast for Infrastructure industry in Germany . Consensus price target up from €18.85 to €19.30. Share price rose 4.1% to €16.12 over the past week. Major Estimate Revision • Apr 01
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €1.42b to €1.37b. EPS estimate also fell from €1.28 per share to €0.95 per share. Net income forecast to shrink 39% next year vs 4.6% growth forecast for Infrastructure industry in Germany . Consensus price target down from €19.48 to €18.85. Share price fell 2.3% to €15.92 over the past week. Price Target Changed • Mar 29
Price target decreased to €18.85 Down from €20.40, the current price target is an average from 4 analysts. New target price is 15% above last closing price of €16.37. Stock is down 18% over the past year. The company is forecast to post earnings per share of €1.28 for next year compared to €1.50 last year. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €1.50 (up from €0.58 in FY 2020). Revenue: €1.47b (up 13% from FY 2020). Net income: €112.3m (up 164% from FY 2020). Profit margin: 7.6% (up from 3.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 3.2% compared to a 31% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 04
Price target decreased to €19.48 Down from €21.05, the current price target is an average from 4 analysts. New target price is 42% above last closing price of €13.73. Stock is down 35% over the past year. The company is forecast to post earnings per share of €1.31 for next year compared to €0.58 last year. Major Estimate Revision • Nov 27
Consensus EPS estimates increase to €1.22 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €1.39b to €1.42b. EPS estimate increased from €1.08 to €1.22 per share. Net income forecast to grow 12% next year vs 13% growth forecast for Infrastructure industry in Germany. Consensus price target broadly unchanged at €20.48. Share price fell 6.8% to €19.30 over the past week. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.54 (vs €0.32 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €370.7m (up 12% from 3Q 2020). Net income: €40.6m (up 76% from 3Q 2020). Profit margin: 11% (up from 6.9% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Price Target Changed • Sep 03
Price target decreased to €19.90 Down from €21.46, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €19.13. Stock is up 23% over the past year. Reported Earnings • Aug 13
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €372.3m (up 27% from 2Q 2020). Net income: €17.5m (up 340% from 2Q 2020). Profit margin: 4.7% (up from 1.4% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. 
