SRC Research, the bank-independent analysts' house for Financials and Real Estate stocks, today releases a research update for the Hamburg based Lloyd Fonds AG

(PresseBox) ( Frankfurt, )
Today, the company published the 1H 2015 report. The numbers were in-line with our expectations. The net profit tripled from Euro 0.2m to Euro 0.7m. Thus, we feel confirmed that Lloyd Fonds will deliver a stable and positive result for 2015, even on the current business model without the transformation to a shipping company. The company managed to remain profitable even without the issue of new closed-end funds and is much more stable in terms of bottom line than in the years before. Furthermore, Lloyds Fonds managed to successfully deliver on two real estate project financings in the first half of the year. We also welcome the operating cash flow which surged by more than 100% from Euro 0.4m to Euro 0.9m.

The striking theme is the transformation of the company to a shipping company in the future, after the integration of 11 closed-end shipping funds failed in April. Lloyd Fonds was able to convice a majority of more than 50% to vote for this important strategic step but only one of eleven funds agreed with the necessary 75% qualified majority. That means that the Lloyd Fonds management could not execute its initial strategic plan to integrate these eleven ships.

The company still has the option to issue c. 13.7m new Lloyd Fonds share to get proceeds of about Euro 20m. Together with current cash and cash equivalents of Euro 8.3m this is a solid ground to acquire some ships to build up its own fleet. Another option would be the purchase or the fusion with an existing shipping company which would help to gather a ship portfolio and also some additional expertise.

Important for the sentiment could be the upcoming IPO of Hamburg-based container shipping company Hapag-Lloyd which might come in 4Q 2015. Thus, we expect further news flow regarding the Lloyd Fonds transformation to come in 4Q 2015 as well. For the moment we leave our Buy recommendation and our Euro 2.70 target unchanged. Please do not hesitate to contact us with any queries regarding this Lloyd Fonds update. Keep in mind that this research update in written in German language.
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