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ernst russ

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Ernst Russ

Market outlook supports further repositioning

Update | Financials | 28 Sep 2018

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 EUR 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 EUR 3.9m.

Ernst Russ

Focus on real estate and shipping markets

Update | Financials | 13 Jun 2018

Ernst Russ (ERAG) continued its efforts towards a strategic shift, with real estate (revenues grew by c five times y-o-y in FY17) and shipping (sales up 8.1% y-o-y) acting as the key drivers post acquisition. Management guided to modest revenue growth powered by ship and asset management, and real estate but flat operating earnings in FY18 vs FY17 (EUR 3.9m). Due to the previous volatility in shipping markets and lack of immediate earnings momentum implied by current management guidance, ERAG’s market cap/AUM ratio continues to lag the peer average.

Ernst Russ

Preparing for a rebound in maritime market

Update | Financials | 04 Oct 2017

Ernst Russ (ERAG) continued its efforts related to the shift in strategy, with the key drivers of the new group post acquisition being ship management (revenues more than doubled y-o-y in H117) and asset management (sales up 35.2% y-o-y). Management maintained its guidance for 2017 operating earnings at least in line with FY16 (EUR 3.3m), amid some recovery in the container ships and bulker markets. ERG’s market cap/AUM ratio remains below the peer average, suggesting investor caution partly related to ongoing volatility in shipping markets.

Ernst Russ

Maritime investment solutions

Initiation | Financials | 28 Jun 2017

In the past 18 months Ernst Russ (ERAG) (formerly HCI) has been transformed into an investment and asset manager focused on the maritime sector. The 2016 acquisitions of Konig & Cie, Ernst Russ Reederei and WestFonds have completed the group's full service ship management offering and built scale in asset management and trustee services. The group's ability to win new investment and asset management mandates across a range of asset classes should be significantly enhanced, offsetting the drag of legacy closed end (KG) fund run-off. A recovery in shipping markets would have a strong positive effect on the group's consolidated earnings.