Original-Research: Ernst Russ AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: Ernst Russ AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Ernst Russ AG
Solid H1 Result - Strong Charter Rates Despite ongoing geopolitical disruptions and a softer macro backdrop, Ernst Russ delivered solid H1 2025 results. Rerouting around the Suez/Red Sea corridor due to the middle east conflicts still extends voyage distances and holds charter rates elevated. For H1 2025, revenue was EUR 79.8m (-8.9% yoy), mainly caused by the reduced ship fleet (current fleet 26 ships). Ernst Russ reported EBIT of EUR 55.6m (+19% yoy.). Given a non-operating result of EUR -9.8m (including non cash FX valuation losses) we calculate an QPB EBIT of EUR 45.8m (+22% yoy). Besides the operating contribution, EBIT was largely influenced by disposal gains of EUR 32.3m (MS Wasl EUR 27.1m; MS Andante 5.2m). Hence, adjusted EBIT (ex-disposals) was EUR 13.5m. The current average remaining charter duration stands at 18.6 months and the current average charter rate as of stands at USD 18,749 per day. Technical availability of the fleet remains high at 99.9%. The balance sheet further strengthened with an equity ratio of 80% (FY24: 75%). ER’s net cash position stands largely unchanged at EUR 111.7m (FY24: EUR 107m). Investments of around EUR 15m included the buyout of minorities within the current fleet according to the new strategic approach to increase transparency and focus on capital market attractiveness. We have adjusted our full FY25e EBIT estimates slightly down to EUR 75m. This anticipates the currency changes of H1/25 as well as upcoming non-recurring income of positive disposal proceeds of around EUR 8.5m (Solong). Our medium-term estimates remain unchanged and are based on the current ship fleet. Based on our DCF valuation and peer group analysis we reiterate our BUY recommendation with a TP of EUR 10.00. You can download the research here: Ernst Russ AG For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/
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2192734 03.09.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 58,79 | 55,57 | 92,29 | 191,74 | 202,67 | 172,72 | 157,00 | |
| EBITDA1,2 | 9,00 | 9,70 | 40,13 | 122,29 | 116,60 | 93,00 | 0,00 | |
| EBITDA-Margin3 | 15,31 | 17,46 | 43,48 | 63,78 | 57,53 | 53,84 | 0,00 | |
| EBIT1,4 | 4,00 | 2,30 | 30,80 | 90,10 | 86,60 | 67,70 | 94,70 | |
| EBIT-Margin5 | 6,80 | 4,14 | 33,37 | 46,99 | 42,73 | 39,20 | 60,32 | |
| Net Profit (Loss)1 | 1,77 | 4,74 | 26,29 | 83,90 | 81,61 | 71,78 | 0,00 | |
| Net-Margin6 | 3,01 | 8,53 | 28,49 | 43,76 | 40,27 | 41,56 | 0,00 | |
| Cashflow1,7 | 12,25 | 8,03 | 39,72 | 98,75 | 90,18 | 98,47 | 0,00 | |
| Earnings per share8 | 0,05 | 0,12 | 0,49 | 1,46 | 1,66 | 1,26 | 1,75 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,20 | 1,00 | 0,20 | 0,30 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Deloitte
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| INVESTOR-INFORMATION | ||||||
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| Ernst Russ | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A16107 | DE000A161077 | AG | 235,15 Mio € | 06.10.2005 | Kaufen | 9F5FGVX3+PC |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 8,31 | 7,29 | 1,14 | 9,43 | 1,35 | 2,39 | 1,36 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,00 | 0,20 | 0,30 | 4,34% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 23.05.2025 | 21.05.2025 | 28.08.2025 | 11.11.2025 | 25.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +2,59% | +6,99% | +20,98% | +20,14% | -66,24% |
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