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1. Company Snapshot

1.a. Company Description

Ernst Russ AG is a publicly owned investment manager.It invest in shipping, alternative investments, real estate, private equity and renewable energy.Within ship participation, the firm invests in part-owning ships and funds for ship participation and dormant investments with conversion options.


In property investment funds, it seeks to invest in closed ended property investment funds.Within private equity the firm seeks to invest in private equity and venture capital funds.It also invests in real estate investments.


Ernst Russ AG formerly known as HCI Capital AG.Ernst Russ AG was founded in 1985 and is based in Hamburg, Germany.

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1.b. Last Insights on HXCK

Ernst Russ AG's recent performance was driven by a strong first quarter 2025 earnings release, with EPS increasing to €0.73, a 77% year-over-year growth. The company's revenue, although down 13% from the same period last year, still demonstrated resilience in a challenging market environment. Additionally, the easing inflation and potential ECB rate cuts in Europe have created a cautiously optimistic market sentiment, positioning Ernst Russ AG to capitalize on these evolving conditions.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Results: Ernst Russ AG Exceeded Expectations And The Consensus Has Updated Its Estimates

Nov -15

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Ernst Russ Reports Second Quarter 2025 Earnings

Aug -29

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Ernst Russ Announces Financial Results for the First Half of 2025

Aug -28

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Discovering Europe's Undiscovered Gems In June 2025

Jun -06

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Ernst Russ First Quarter 2025 Earnings: EPS: €0.73 (vs €0.41 in 1Q 2024)

May -23

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Ernst Russ (ETR:HXCK) Has Announced That Its Dividend Will Be Reduced To €0.20

Apr -14

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Ernst Russ Full Year 2024 Earnings: Revenues Beat Expectations

Mar -26

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Captain of Container Ship That Crashed Near UK Was Russian

Mar -12

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

Shipping

Expected Growth: 4.83%

Ernst Russ AG's 4.83% growth in shipping is driven by increasing global trade, rising demand for dry bulk commodities, and strategic fleet expansion. Additionally, the company's focus on operational efficiency, cost savings, and strong relationships with charterers contribute to its growth momentum.

Management Services

Expected Growth: 4.83%

Ernst Russ AG's Management Services segment growth of 4.83% is driven by increasing demand for vessel management and optimization services, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and cost-saving initiatives has improved operational efficiency, contributing to the segment's growth.

Consolidation

Expected Growth: 4.83%

Consolidation with Ernst Russ AG driven by strategic expansion into shipping and logistics, increasing market share, and cost synergies. Additionally, growing demand for maritime transportation and infrastructure development in Europe contribute to the 4.83% growth.

Other

Expected Growth: 8.5%

Ernst Russ AG's 8.5% growth is driven by increasing demand for maritime services, strategic acquisitions, and expansion into new markets. The company's diversified revenue streams, including ship management, chartering, and logistics, contribute to its growth. Additionally, cost savings from operational efficiencies and a strong balance sheet support the company's growth momentum.

7. Detailed Products

Ship Management

Ernst Russ AG provides comprehensive ship management services, including technical management, crew management, and commercial management, ensuring the safe and efficient operation of vessels.

Ship Brokerage

Ernst Russ AG offers ship brokerage services, connecting buyers and sellers of vessels, and facilitating the sale and purchase of ships.

Newbuilding and Conversion

Ernst Russ AG provides newbuilding and conversion services, designing and building new vessels, and converting existing ones to meet specific requirements.

Ship Financing

Ernst Russ AG provides ship financing solutions, offering tailored financing options for ship owners and operators.

Investment and Asset Management

Ernst Russ AG offers investment and asset management services, providing strategic guidance and management of ship-related investments.

8. Ernst Russ AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Ernst Russ AG is medium due to the availability of alternative shipping companies and logistics providers.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong market position and long-term contracts with customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the company's dependence on a few large suppliers for fuel and equipment.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the shipping industry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the shipping industry, with many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.31%
Debt Cost 12.13%
Equity Weight 98.69%
Equity Cost 12.13%
WACC 12.13%
Leverage 1.33%

11. Quality Control: Ernst Russ AG passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Danaos

A-Score: 7.1/10

Value: 8.5

Growth: 6.4

Quality: 7.6

Yield: 6.9

Momentum: 5.5

Volatility: 7.7

1-Year Total Return ->

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Euroseas

A-Score: 7.0/10

Value: 7.6

Growth: 8.2

Quality: 7.8

Yield: 8.1

Momentum: 8.5

Volatility: 1.7

1-Year Total Return ->

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Ernst Russ

A-Score: 6.2/10

Value: 8.4

Growth: 9.6

Quality: 8.8

Yield: 3.1

Momentum: 5.5

Volatility: 2.0

1-Year Total Return ->

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MPC Container Ships

A-Score: 6.2/10

Value: 8.6

Growth: 6.9

Quality: 7.8

Yield: 10.0

Momentum: 1.5

Volatility: 2.3

1-Year Total Return ->

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d'Amico Shipping

A-Score: 5.8/10

Value: 7.8

Growth: 7.9

Quality: 6.7

Yield: 9.4

Momentum: 0.5

Volatility: 2.7

1-Year Total Return ->

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Höegh Autoliners

A-Score: 5.1/10

Value: 8.4

Growth: 2.0

Quality: 7.3

Yield: 10.0

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.9$

Current Price

6.9$

Potential

-0.00%

Expected Cash-Flows