Ernst Russ

DB: HXCK

€27.2m market cap

€0.82 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) continues to reposition itself to focus on the shipping and real estate segments, while at the same time retaining a focus on cost efficiencies and funding restructuring. However, the weakness in the shipping markets seen in the second half of 2018 (as illustrated by the decline in charter rates) has provided some headwinds. Having said that, these markets seem relatively balanced now. In the real estate area, Ernst Russ was able to conclude a number of successful transactions and is exploring new opportunities in the area of subsidised housing.

Share price graph
Price performance
%
1m
3m
12m
Actual 2.4 0.5 (21.5)
Relative* 1.3 (0.2) (20.1)
52-week high/low €1.1/€0.7
*% relative to local index
Key management
Jens Mahnke CEO
Ingo Kuhlmann CFO