Ernst Russ

DB: HXCK

€27.1m market cap

€0.83 last close

Ernst Russ (formerly HCI Group) is a listed asset and investment manager, with AUM of c €6.5bn, focused on shipping. The group was transformed in 2016 by the acquisitions of Ernst Russ Reederei and König & Cie, positioning it as a provider of a full range of services including technical and commercial ship management.

Investment summary

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 operating profit close to the FY17 figure of €3.9m.

Share price graph
Price performance
%
1m
3m
12m
Actual (1.4) 7.5 (38.5)
Relative* (5.2) (3.4) (36.3)
52-week high/low €1.4/€0.7
*% relative to local index
Key management
Jens Mahnke CEO
Ingo Kuhlmann CFO