Loading...
DAC logo

Danaos CorporationNYSE:DAC Voorraadrapport

Marktkapitalisatie US$2.4b
Prijs aandeel
US$134.63
US$109
23.5% overgewaardeerd intrinsieke korting
1Y58.3%
7D9.8%
Portefeuillewaarde
Bekijk

Danaos Corporation

NYSE:DAC Voorraadrapport

Marktkapitalisatie: US$2.4b

Danaos (DAC) Aandelenoverzicht

Danaos Corporation bezit en exploiteert via haar dochterondernemingen containerschepen en drogebulkschepen in Australië, Europa en de Verenigde Staten. Meer informatie

DAC Community Fair Values

Create Narrative

See what 42 others think this stock is worth. Follow their fair value or set your own to get alerts.

Danaos Corporation Concurrenten

Prijsgeschiedenis en prestaties

Overzicht van hoogtepunten, dieptepunten en veranderingen in de aandelenkoersen voor Danaos
Historische aandelenkoersen
Huidige aandelenkoersUS$132.27
52 Week HoogtepuntUS$132.70
52 Week LaagUS$81.47
Bèta0.90
1 maand verandering14.76%
3 maanden verandering29.57%
1 Jaar Verandering58.26%
3 jaar verandering133.45%
5 jaar verandering138.45%
Verandering sinds IPO-54.69%

Recent nieuws en updates

Nieuwe analyse May 06

Contracted Backlog And LNG Expansion Will Constrain Earnings While Cash Flows Remain Resilient

Catalysts About Danaos Danaos is a containership and dry bulk shipping company that charters vessels to liner and commodity customers and is expanding into LNG related energy transport. What are the underlying business or industry changes driving this perspective?
Analyse-update Apr 24

DAC: Cash Flow Visibility And Buybacks Will Support Balanced Future Returns

Analysts have kept Danaos' fair value estimate steady at $109, while a new $120 price target and Hold rating highlight their view that the stock offers cash flow visibility in the containership sector, but without a clear near-term rerating catalyst. Analyst Commentary Bullish Takeaways Bullish analysts highlight the $120 price target as consistent with a view that Danaos offers solid cash flow visibility in the containership sector, which helps support their fair value framework.
Analyse-update Apr 08

DAC: Cash Flow Visibility And LNG Partnership Will Drive Balanced Future Returns

Analysts have reiterated a $120 price target on Danaos, framing it as a hold idea, supported by views that its role in the containership sector offers appealing cash flow visibility. Analyst Commentary Analysts framing Danaos as a hold idea are largely anchored on the $120 price target and see the company as a cash flow focused way to gain exposure to the containership sector.
Analyse-update Mar 25

DAC: Cash Flow Visibility And LNG Partnership Will Shape Future Earnings Profile

Analysts have maintained Danaos' fair value estimate at $109, and a new $120 price target from recent Street research reflects steady assumptions for discount rate, revenue trajectory and profit margins, supported by views that the company offers compelling cash flow visibility in the containership sector. Analyst Commentary Bullish Takeaways Bullish analysts highlight the $120 price target as aligned with the maintained $109 fair value estimate, suggesting that current assumptions on discount rate and profitability are viewed as consistent and supportable.
Analyse-update Mar 11

DAC: Cash Flow Visibility And LNG Partnership Will Support Future Earnings Stability

Analysts have nudged their fair value estimate for Danaos up from $104 to $109, citing recent Street research that highlights the new $120 price target and describes the company as a compelling cash flow story in the containership sector. Analyst Commentary Analysts are framing Danaos as a cash flow focused containership owner with a fair value that is close to, but still below, the latest US$120 price target.

Recent updates

Nieuwe analyse May 06

Contracted Backlog And LNG Expansion Will Constrain Earnings While Cash Flows Remain Resilient

Catalysts About Danaos Danaos is a containership and dry bulk shipping company that charters vessels to liner and commodity customers and is expanding into LNG related energy transport. What are the underlying business or industry changes driving this perspective?
Analyse-update Apr 24

DAC: Cash Flow Visibility And Buybacks Will Support Balanced Future Returns

Analysts have kept Danaos' fair value estimate steady at $109, while a new $120 price target and Hold rating highlight their view that the stock offers cash flow visibility in the containership sector, but without a clear near-term rerating catalyst. Analyst Commentary Bullish Takeaways Bullish analysts highlight the $120 price target as consistent with a view that Danaos offers solid cash flow visibility in the containership sector, which helps support their fair value framework.
Analyse-update Apr 08

DAC: Cash Flow Visibility And LNG Partnership Will Drive Balanced Future Returns

Analysts have reiterated a $120 price target on Danaos, framing it as a hold idea, supported by views that its role in the containership sector offers appealing cash flow visibility. Analyst Commentary Analysts framing Danaos as a hold idea are largely anchored on the $120 price target and see the company as a cash flow focused way to gain exposure to the containership sector.
Analyse-update Mar 25

DAC: Cash Flow Visibility And LNG Partnership Will Shape Future Earnings Profile

Analysts have maintained Danaos' fair value estimate at $109, and a new $120 price target from recent Street research reflects steady assumptions for discount rate, revenue trajectory and profit margins, supported by views that the company offers compelling cash flow visibility in the containership sector. Analyst Commentary Bullish Takeaways Bullish analysts highlight the $120 price target as aligned with the maintained $109 fair value estimate, suggesting that current assumptions on discount rate and profitability are viewed as consistent and supportable.
Analyse-update Mar 11

DAC: Cash Flow Visibility And LNG Partnership Will Support Future Earnings Stability

Analysts have nudged their fair value estimate for Danaos up from $104 to $109, citing recent Street research that highlights the new $120 price target and describes the company as a compelling cash flow story in the containership sector. Analyst Commentary Analysts are framing Danaos as a cash flow focused containership owner with a fair value that is close to, but still below, the latest US$120 price target.
Seeking Alpha Feb 17

Danaos: Alaska LNG Investment - Smart Diversification Or Opportunity Cost?

Summary Danaos has surpassed $100/share, posting a record $266M quarter and boasting a $4.3B contracted revenue backlog. DAC's core containership business remains robust, with 100% of 2026 and 87% of 2027 operating days locked at high rates. The $50M Alaska LNG investment marks a strategic diversification but introduces operational risk and a capital allocation debate. DAC trades at a depressed 0.5x P/B, and while further repurchases could offer superior returns versus the new LNG venture, the move should prove decent. Read the full article on Seeking Alpha
Analyse-artikel Jan 08

At US$98.23, Is It Time To Put Danaos Corporation (NYSE:DAC) On Your Watch List?

While Danaos Corporation ( NYSE:DAC ) might not have the largest market cap around , it saw a decent share price growth...
Analyse-update Dec 05

DAC: Expanding Backlog And Newbuild Fleet Will Support Future Earnings Stability

Analysts have modestly increased their price target on Danaos to $104.00, citing largely unchanged assumptions around the discount rate, long term revenue contraction, and robust profit margins that continue to support a stable valuation profile. What's in the News Danaos declared a third quarter 2025 dividend of $0.90 per share of common stock, payable on December 11, 2025 to stockholders of record on December 2, 2025 (Key Developments).
Analyse-artikel Nov 21

Danaos (NYSE:DAC) Will Pay A Larger Dividend Than Last Year At $0.90

The board of Danaos Corporation ( NYSE:DAC ) has announced that the dividend on 11th of December will be increased to...
Analyse-update Nov 21

DAC: Rising Contracted Revenues and New Vessel Orders Will Drive Strength

Analysts have raised their price target for Danaos from $101.50 to $104.00 per share, citing improved revenue growth projections and a modest reduction in the discount rate, even though slightly lower anticipated profit margins are expected. What's in the News Danaos Corporation declared a dividend of $0.90 per share for Q3 2025.
Analyse-artikel Oct 01

Is Danaos (NYSE:DAC) A Risky Investment?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...
Analyse-artikel Sep 06

There's Been No Shortage Of Growth Recently For Danaos' (NYSE:DAC) Returns On Capital

To find a multi-bagger stock, what are the underlying trends we should look for in a business? In a perfect world, we'd...
Analyse-artikel Jul 29

Why Investors Shouldn't Be Surprised By Danaos Corporation's (NYSE:DAC) Low P/E

With a price-to-earnings (or "P/E") ratio of 3.7x Danaos Corporation ( NYSE:DAC ) may be sending very bullish signals...
Analyse-artikel Jul 08

When Should You Buy Danaos Corporation (NYSE:DAC)?

While Danaos Corporation ( NYSE:DAC ) might not have the largest market cap around , it saw a significant share price...
Analyse-artikel May 17

A Look At The Fair Value Of Danaos Corporation (NYSE:DAC)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Danaos fair value estimate is US$78.32 Current share price of...
Analyse-artikel Apr 28

Little Excitement Around Danaos Corporation's (NYSE:DAC) Earnings

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 17x, you may...
Seeking Alpha Apr 11

Danaos: +60% Discount To Book With A Reasonable Yield, Reiterate Buy

Summary Danaos Corporation broke a six-quarter streak of missing EPS estimates, ending Q4 2024 with a 41 bps beat and a yield above 4.7%. Despite volatile trading and tariff uncertainties, DAC's fundamentals remain strong with significant revenue growth, fleet expansion, and a $3.4 billion charter backlog. DAC's financial strength, including $671 million in current assets against $169 million in short-term liabilities, makes it a safe-haven investment amidst potential trade disruptions. With aggressive buybacks, a compelling risk-reward ratio, and undervaluation, DAC is rated a Buy, potentially a Strong Buy, if valuation imbalances worsen. Read the full article on Seeking Alpha
Analyse-artikel Apr 07

Is Now An Opportune Moment To Examine Danaos Corporation (NYSE:DAC)?

Danaos Corporation ( NYSE:DAC ), might not be a large cap stock, but it saw significant share price movement during...
Analyse-artikel Mar 20

Danaos (NYSE:DAC) Is Doing The Right Things To Multiply Its Share Price

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will...
Seeking Alpha Feb 20

Danaos: Stocks This Cheap Don't Come Around Often

Summary Danaos trades at 2.8x forward PE ratio, mirroring broader industry challenges, but ignoring its contracted revenue business model that shields it from short-term maritime industry volatility. A strong balance sheet with low debt, and fleet expansion and modernization with eco-friendly vessels, secures DAC's future. DAC's low valuation, growth potential, dividends, and share buybacks present a compelling opportunity for different investment strategies. Read the full article on Seeking Alpha
Analyse-artikel Feb 05

Is Danaos (NYSE:DAC) A Risky Investment?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Seeking Alpha Jan 14

Danaos: Undervalued With Strong Cash Flows

Summary Danaos Corporation owns 73 containerships and is expanding with 16 more ships under construction. Danaos is diversifying into drybulk with 10 vessels and a position in SBLK. The stock is undervalued given strong free cash flow generation and minimal net debt. Read the full article on Seeking Alpha
Analyse-artikel Jan 05

Should You Investigate Danaos Corporation (NYSE:DAC) At US$81.54?

Danaos Corporation ( NYSE:DAC ), might not be a large cap stock, but it received a lot of attention from a substantial...
Seeking Alpha Dec 30

Danaos: Dry Bulk Shipping In Focus + 3Q24 Earnings Update

Summary Danaos Corporation showcases strong financial fundamentals and strategic expansion into dry bulk shipping, despite maintaining a Hold rating based on intrinsic value assessment. DAC's strategic entry into dry bulk includes a 16.7% stake in Eagle Bulk Shipping and five Capesize bulkers, positioning for potential market recovery. DAC's Q3 2024 earnings highlight a robust $3.3B contracted revenue backlog, strong liquidity, and manageable debt levels, despite increased operating expenses. The Hold rating is due to current market prices not aligning with fundamental analysis, though potential exists if the dry bulk segment takes off or DAC’s multiple expands. Read the full article on Seeking Alpha
Analyse-artikel Dec 21

Danaos Corporation (NYSE:DAC) Shares Could Be 22% Below Their Intrinsic Value Estimate

Key Insights The projected fair value for Danaos is US$98.33 based on 2 Stage Free Cash Flow to Equity Danaos is...
Analyse-artikel Dec 04

Benign Growth For Danaos Corporation (NYSE:DAC) Underpins Its Share Price

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 20x, you may...
Analyse-artikel Nov 14

We Like These Underlying Return On Capital Trends At Danaos (NYSE:DAC)

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a...
Seeking Alpha Nov 12

Danaos Corporation: Providing A Long-Volatility Exposure To Geopolitics

Summary After a surge in containership charter rates during the pandemic, an important wave of new vessels is currently entering the market. One key reason why the market has been able to digest this new supply so far is geopolitics. In a scenario in which the geopolitical conditions de-escalate, the important supply of new vessels could lead to significant downward pressure on charter rates. However, the opposite is also true if the geopolitical landscape were to deteriorate further, especially around the Taiwan Strait and the South China Sea. The Q3-24 results could provide additional information regarding Danaos' contracting coverage in 2026 and 2027, an important element in evaluating the sustainability of current profitability levels. Read the full article on Seeking Alpha
User avatar
Nieuwe analyse Sep 13

Fleet Expansion And Diversification Promise Growth Amid Analysts' Concerns Over Shrinking Margins

Danaos' expansion with a newbuilding program and securing multiyear charters for new and existing vessels ensures revenue growth and stability.
Analyse-artikel Sep 04

Earnings Working Against Danaos Corporation's (NYSE:DAC) Share Price

With a price-to-earnings (or "P/E") ratio of 2.7x Danaos Corporation ( NYSE:DAC ) may be sending very bullish signals...
Seeking Alpha Aug 22

Danaos Corporation: Drybulk Debut Not The Only Attractive Aspect

Summary Danaos Corporation reported mixed Q2 earnings, missing on adjusted EPS but beating on revenue, with stock price fluctuating before rallying back. Despite missing analyst EPS estimates for four quarters, investors have sent DAC stock up by 30% between Q3 2023 and Q2 2024. It's not enough. DAC is a strong performer in the container shipping industry with a resilient model, strong balance sheet, and attractive valuation levels, but the stock price does not reflect fundamentals. Read the full article on Seeking Alpha
Analyse-artikel Aug 09

Is It Too Late To Consider Buying Danaos Corporation (NYSE:DAC)?

Danaos Corporation ( NYSE:DAC ), might not be a large cap stock, but it saw significant share price movement during...
Seeking Alpha Jul 29

Danaos Corporation: A Ship In Good Shape, But Is It Worth Boarding? Not Yet

Summary This is my initial coverage of Danaos Corporation and the marine shipping industry. DAC operates container and dry bulk ships, focusing on charter arrangements for revenue. Strong financial performance, fleet expansion, and shareholder returns, but valuation is stretched and industry risks present. Read the full article on Seeking Alpha
Analyse-artikel Jul 19

Danaos' (NYSE:DAC) Returns On Capital Are Heading Higher

What are the early trends we should look for to identify a stock that could multiply in value over the long term...
Seeking Alpha May 23

Danaos: Could A Take Private Deal Be In The Works?

Summary The Containership market has strengthened significantly in the past few months, with rates exceeding 2024 highs set earlier this year. With a strengthening containership market, Danaos low valuation and high cash flow make it a compelling target for a take-private or acquisition. DAC has underperformed competitor GSL by a large amount, despite their businesses being impacted by the same geopolitical events and performance being largely the same. After paying for 6 new containerships this year, Danaos has minimal obligations for its substantial cash flow in 2025 and 2026. Danaos could finish the year over $100/share, with further upside in 2025. Read the full article on Seeking Alpha
Analyse-artikel May 21

Lacklustre Performance Is Driving Danaos Corporation's (NYSE:DAC) Low P/E

Danaos Corporation's ( NYSE:DAC ) price-to-earnings (or "P/E") ratio of 2.9x might make it look like a strong buy right...
Analyse-artikel Apr 30

Is It Time To Consider Buying Danaos Corporation (NYSE:DAC)?

Danaos Corporation ( NYSE:DAC ), is not the largest company out there, but it saw a decent share price growth of 11% on...
Seeking Alpha Apr 29

Danaos: The Valuation Math Still Heavily Favors Bulls

Summary Danaos is a Greek containership company witnessing underlying "business value" growing faster than its stock quote. Core enterprise value vs. tangible book value readings have reached DAC's lowest point ever and represent the cheapest proportion for any blue-chip transportation stock trading on Wall Street. The company is approaching zero net debt in early 2024 and is projected to achieve $70 for EPS during 2024-26 vs. a $74 share price today. Read the full article on Seeking Alpha
Seeking Alpha Apr 01

Danaos: Feeling Frustrated? This Is Your Permission Slip To Get Out

Summary I have been bullish on Danaos for the past 2.5 years, but finally, I am feeling worn out and frustrated. The cost of holding Danaos stock, in terms of effort and disappointment, outweighs the potential reward. Nevertheless, my journey with Danaos provided me with a couple of insightful lessons. Read the full article on Seeking Alpha
Analyse-artikel Feb 16

Danaos Corporation (NYSE:DAC) Analysts Are Pretty Bullish On The Stock After Recent Results

Last week, you might have seen that Danaos Corporation ( NYSE:DAC ) released its full-year result to the market. The...
Seeking Alpha Feb 10

Danaos: Just Far Too Cheap, It's A Buy

Summary DAC is trading at half its tangible book value despite being net debt free and having almost $50/share in earnings contracted for 2024-2025. DAC has paid down so much debt, its Enterprise Value is back to the COVID lows. Negative sentiment from an oversupplied container shipping industry is weighing on sentiment and DAC's share price. DAC Management has done a great job over the last few years and deserves more credit for their capital allocation. Continued earnings and cash flow, along with share repurchases, could narrow the discount to book value and push the share price higher over the next year. Read the full article on Seeking Alpha
Analyse-artikel Feb 03

Danaos (NYSE:DAC) Has A Pretty Healthy Balance Sheet

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Seeking Alpha Jan 07

Danaos: Eagle Bulk Stake Pays Off Big Amid Merger With Star Bulk, Red Sea Blockade

Summary Danaos' strategic investment in Eagle Bulk, initially met with skepticism, has proven highly profitable. Eagle Bulk's merger with Star Bulk Carriers and a surge in dry bulk rates amid the Red Sea blockade have contributed to Danaos' share price rally. Still, significant upside prospects remain from Danaos' core investment case alone. Read the full article on Seeking Alpha
Analyse-artikel Dec 09

Is There Now An Opportunity In Danaos Corporation (NYSE:DAC)?

Danaos Corporation ( NYSE:DAC ), is not the largest company out there, but it received a lot of attention from a...
Seeking Alpha Nov 30

Danaos Q3: Dividends On The Rise, Buybacks Persist - Is It Enough?

Summary Danaos announced an increase in its dividend and the renewal of its share buyback program, reflecting a positive stance on returning value to shareholders. The company's strong performance persists, and with the ongoing surge in dry bulk rates, Danaos' debt-free vessels could further boost results. While certain investors may view Danaos' capital returns as underwhelming, the management has demonstrated prudence and a positive shift in the right direction. Read the full article on Seeking Alpha

Rendement voor aandeelhouders

DACUS ShippingUS Markt
7D9.8%2.9%2.1%
1Y58.3%58.1%30.6%

Rendement versus industrie: DAC presteerde slechter dan de US Shipping -sector, die het afgelopen jaar een rendement van 58.1 % opleverde.

Rendement versus markt: DAC overtrof de US markt, die het afgelopen jaar een rendement opleverde van 30.6 %.

Prijsvolatiliteit

Is DAC's price volatile compared to industry and market?
DAC volatility
DAC Average Weekly Movement3.9%
Shipping Industry Average Movement6.8%
Market Average Movement7.2%
10% most volatile stocks in US Market16.1%
10% least volatile stocks in US Market3.2%

Stabiele aandelenkoers: DAC heeft de afgelopen 3 maanden geen significante prijsvolatiliteit gekend vergeleken met de US markt.

Volatiliteit in de loop van de tijd: De wekelijkse volatiliteit ( 4% ) van DAC is het afgelopen jaar stabiel geweest.

Over het bedrijf

OpgerichtWerknemersCEOWebsite
19634John Coustaswww.danaos.com

Danaos Corporation bezit en exploiteert via haar dochterondernemingen containerschepen en drogebulkschepen in Australië, Europa en de Verenigde Staten. De onderneming is actief in twee segmenten, containerschepen en drogebulkschepen. Het bedrijf biedt zeetransportdiensten aan door schepen te exploiteren in de containerschepen- en drogebulksectoren van de scheepvaartindustrie.

Danaos Corporation Samenvatting

Hoe verhouden de winst en inkomsten van Danaos zich tot de beurswaarde?
DAC fundamentele statistieken
MarktkapitalisatieUS$2.38b
Inkomsten(TTM)US$494.61m
Inkomsten(TTM)US$1.04b
4.9x
Koers/Winstverhouding
2.3x
P/S-verhouding

Inkomsten en omzet

Belangrijkste winstgevendheidsstatistieken uit het laatste winstverslag (TTM)
DAC resultatenrekening (TTM)
InkomstenUS$1.04b
Kosten van inkomstenUS$315.91m
BrutowinstUS$726.54m
Overige uitgavenUS$231.93m
InkomstenUS$494.61m

Laatst gerapporteerde inkomsten

Dec 31, 2025

Volgende inkomensdatum

May 11, 2026

Winst per aandeel (EPS)27.17
Brutomarge69.70%
Nettowinstmarge47.45%
Schuld/Eigen Vermogen Verhouding30.4%

Hoe presteerde DAC op de lange termijn?

Bekijk historische prestaties en vergelijking

Dividenden

2.7%
Huidig dividendrendement
13%
Uitbetalingsratio

Bedrijfsanalyse en status van financiële gegevens

GegevensLaatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse2026/05/07 09:33
Aandelenkoers aan het einde van de dag2026/05/07 00:00
Inkomsten2025/12/31
Jaarlijkse inkomsten2025/12/31

Gegevensbronnen

De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.

PakketGegevensTijdframeVoorbeeld Amerikaanse bron *
Financiële gegevens bedrijf10 jaar
  • Resultatenrekening
  • Kasstroomoverzicht
  • Balans
Consensus schattingen analisten+3 jaar
  • Financiële prognoses
  • Koersdoelen analisten
Marktprijzen30 jaar
  • Aandelenprijzen
  • Dividenden, splitsingen en acties
Eigendom10 jaar
  • Top aandeelhouders
  • Handel met voorkennis
Beheer10 jaar
  • Leiderschapsteam
  • Raad van bestuur
Belangrijkste ontwikkelingen10 jaar
  • Bedrijfsaankondigingen

* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.

Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.

Analysemodel en Snowflake

Details van het analysemodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina. We hebben ook handleidingen over hoe je onze rapporten kunt gebruiken en tutorials op YouTube.

Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.

Industrie en sector

Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.

Bronnen van analisten

Danaos Corporation wordt gevolgd door 7 analisten. 2 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.

AnalistInstelling
Kenneth HoexterBofA Global Research
Christian WetherbeeCitigroup Inc
Fredrik DybwadFearnley Securities