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1. Company Snapshot

1.a. Company Description

Hamburger Hafen und Logistik Aktiengesellschaft operates as a port and transport logistics company in Germany, rest of European Union, and internationally.It operates through four segments: Container, Intermodal, Logistics, and Real Estate.The company operates three container terminals in Hamburg; and container terminals in Odessa, Ukraine, and Tallinn, Estonia, as well as in Trieste, Italy.


It also offers intermodal services that connect ports on the North and Baltic seas, and between the Northern Adriatic and its hinterland, as well as inland terminals.In addition, the company provides specialist handling, digital, and consulting and management services; and process automation, additive manufacturing, and airborne logistics services, as well as develops, rents, and manages real estate properties.The company was formerly known as Hamburger Hafen- und Lagerhaus-AG and changed its name to Hamburger Hafen und Logistik Aktiengesellschaft in 2005.


The company was founded in 1885 and is headquartered in Hamburg, Germany.Hamburger Hafen und Logistik Aktiengesellschaft is a subsidiary of HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH.

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1.b. Last Insights on HHFA

Hamburger Hafen und Logistik Aktiengesellschaft's recent performance was driven by strategic initiatives, including the completion of a digitisation project at O'Swaldkai in the Port of Hamburg, in collaboration with UNIKAI and AKQUINET. This project enhances operational efficiency and adapts to evolving land use. Although Q2 2025 earnings showed a decline in EPS to €0.15, the company's focus on digitalisation and adapting to changing demands positions it for long-term growth. The project underscores the company's efforts to meet increasing efficiency demands.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Uncovering 3 European Hidden Gems with Strong Fundamentals

Nov -19

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UNIKAI and AKQUINET complete digitisation project at O’Swaldkai in Port of Hamburg

Aug -22

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Hamburger Hafen und Logistik Second Quarter 2025 Earnings: EPS: €0.15 (vs €0.19 in 2Q 2024)

Aug -20

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Jeroen Eijsink to Become CEO of HHLA

Jul -30

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HHLA Shares Performance and Strategic Developments at Annual General Meeting

Jul -03

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Undiscovered Gems in Europe for May 2025

May -22

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Hamburger Hafen und Logistik First Quarter 2025 Earnings: EPS: €0.10 (vs €0.01 loss in 1Q 2024)

May -18

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Hamburger Hafen und Logistik AG (XTER:HHFA) (Q4 2024) Earnings Call Highlights: Resilience Amid ...

Apr -21

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.99%)

6. Segments

Container

Expected Growth: 5%

HHFA's 5% growth in container segment is driven by increasing demand for European imports, strategic investments in terminal expansion and modernization, and growing market share in the German container handling market. Additionally, the company's focus on digitalization and process optimization has improved operational efficiency, leading to higher volumes and revenue growth.

Intermodal

Expected Growth: 5%

Strong demand for eco-friendly transportation, increasing containerization, and strategic investments in digitalization and infrastructure expansion drive Intermodal's 5% growth at Hamburger Hafen und Logistik Aktiengesellschaft. Additionally, rising trade volumes, particularly in the European market, and the company's diversified customer base contribute to this growth.

Logistics

Expected Growth: 6%

HHLA's logistics segment growth is driven by increasing container volumes, strategic investments in digitalization and automation, and a strong focus on sustainability. Additionally, the company's diversified customer base, expansion into new markets, and growing demand for e-commerce logistics services contribute to its 6% growth rate.

Real Estate

Expected Growth: 4%

Hamburger Hafen und Logistik Aktiengesellschaft's Real Estate segment growth is driven by increasing demand for logistics and storage facilities, strategic location advantages, and growing e-commerce penetration. Additionally, the company's focus on sustainable and modernized infrastructure, as well as its diversified tenant base, contribute to its 4% growth rate.

Holding/Other

Expected Growth: 3%

Holding/Other segment of Hamburger Hafen und Logistik Aktiengesellschaft is driven by strategic investments, diversification of revenue streams, and optimization of operational costs. The 3% growth is attributed to effective management of subsidiaries, improved financial performance of associated companies, and a favorable business environment.

7. Detailed Products

Container Handling

HHLA's container handling services include the loading and unloading of containers from ships, as well as the storage and transportation of containers within the port area.

Multipurpose Handling

HHLA's multipurpose handling services include the handling of bulk cargo, project cargo, and other non-containerized goods.

Intermodal Services

HHLA's intermodal services include the coordination of transportation by rail, road, and sea, providing a seamless door-to-door logistics solution.

Warehouse Logistics

HHLA's warehouse logistics services include the storage, handling, and distribution of goods in modern warehouse facilities.

Terminal Operations

HHLA's terminal operations include the management of terminal facilities, including the allocation of berths, and the coordination of vessel traffic.

Rail Services

HHLA's rail services include the operation of rail terminals and the coordination of rail transportation services.

8. Hamburger Hafen und Logistik Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Hamburger Hafen und Logistik Aktiengesellschaft is moderate due to the availability of alternative ports and logistics services in the region.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong market position and limited alternatives for customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the company's dependence on a few large suppliers, but the company's size and market position also give it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the port and logistics industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the port and logistics industry, with several major 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 47.04%
Debt Cost 6.18%
Equity Weight 52.96%
Equity Cost 9.14%
WACC 7.75%
Leverage 88.81%

11. Quality Control: Hamburger Hafen und Logistik Aktiengesellschaft passed 0 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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Growth: 6.7

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Momentum: 1.0

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HHLA

A-Score: 5.0/10

Value: 6.0

Growth: 2.6

Quality: 2.4

Yield: 3.8

Momentum: 8.0

Volatility: 7.3

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Value: 7.8

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Cadeler

A-Score: 4.0/10

Value: 7.3

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Yield: 0.0

Momentum: 0.5

Volatility: 4.3

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DFDS

A-Score: 3.3/10

Value: 8.7

Growth: 5.3

Quality: 1.3

Yield: 1.2

Momentum: 0.5

Volatility: 2.7

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EuroDry

A-Score: 2.4/10

Value: 8.0

Growth: 2.9

Quality: 0.4

Yield: 0.0

Momentum: 0.5

Volatility: 2.3

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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

21.4$

Current Price

21.4$

Potential

-0.00%

Expected Cash-Flows