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Lloyd Fonds

Project delays impairing results

Update | Financials | 13 Oct 2017

Lloyd Fonds (LF) is suffering from tough conditions in the shipping markets, lower trusteeship fees due to asset disposals and contract expiries, as well as delays in new projects. Following the recent FY17 guidance downgrade and subsequent sell-off, LF’s shares are trading at a P/E ratio for 2017e of 12.9x, broadly in line with peers. Key stock price drivers include progress updates of LF’s projects in the real estate segment, in particular in government-sponsored housing, as well as the supply-demand balance on container and tanker markets.

Lloyd Fonds

Taking shape

Update | Financials | 11 Oct 2018

Change is gathering pace at Lloyd Fonds. In line with its goal to become a leading asset manager in Germany over the medium term, it plans to launch its new business model, focused on open-end retail funds, in Q219. Growth may also be by acquisition (finances are robust) with assets under management targeted to exceed EUR 5bn within five years (EUR 1bn+ in 2019). Management is being further strengthened and strategic divestments are under review. Given likely c EUR 2.5m one-off restructuring costs, current year guidance is newly lowered to a net loss of EUR 1.5m. Continued weakness in H118 results only confirms the need to reposition.

Lloyd Fonds

On the front foot

Update | Financials | 30 Jul 2018

There is a new mood of optimism at Lloyd Fonds. After last year’s missed profit forecasts and strategic disagreement, current ambitious restructuring of its business activities and senior management has been welcomed by investors, as evident in the recent successful EUR 4m equity issue. By repositioning towards open-end liquid investment products, Lloyd Fonds seeks to reduce reliance in particular on its core shipping market, which remains very challenging. Pending implementation of these changes (further details due at the imminent AGM), 2018 guidance is for net profit slightly below the depressed level of 2017 (EUR 1.4m).

Lloyd Fonds

Positive performance sets platform for growth

Initiation | Financials | 07 Jun 2017

With earnings on an improved trend over the past three years and having considered its strategic options, Lloyd Fonds (LF) is looking to grow. The focus is now set on exploiting its experience and know-how in developing its established position in investment and asset management for real assets. It is targeting innovative fund offerings that will appeal to a competitive institutional market and a retail market that management believes will recover over time. The valuation is not building in a high expectation of AUM progress, and the shares offer an attractive dividend meanwhile.