Santos Brasil: 1Q18 Update: Market Share on the Rise – Is It Enough to Push up the Stock Price?

Santos Brasil 2Q17 – Market Share Loss Amid Intense Competition

Santos Brasil: Valuation Decouples from Fundamentals

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

Santos Brasil Participacoes Sa. / Equity Bottom-Up

Santos Brasil Participacoes Sa. (STBP11 BZ)

<p><strong>Earnings revival on accounting gains:</strong> In 4Q17, Santos Brasil’s (STBP3 BZ) results reversed from a net loss position to record a USD 6.2m (BRL 20.4m) gain, helped by a one-off tax credit of USD 5.0m (BRL 16.5m). For the full year, net income stood at USD 0.8m (BRL 2.5m) compared with negative USD 6.0m (negative BRL 19.9m) in FY16. Operationally, the highlight was on the restructuring efforts that bore fruits, increasing the quarterly EBITDA margin of ports segment from 17.5% to 20.0%. The…</p>

Earnings revival on accounting gains: In 4Q17, Santos Brasil’s (STBP3 BZ) results reversed from a net loss position to record a USD 6.2m (BRL 20.4m) gain, helped by a one-off tax credit of USD 5.0m (BRL 16.5m). For the full year, net income stood at USD 0.8m (BRL 2.5m) compared with negative USD 6.0m (negative BRL 19.9m) in FY16. Operationally, the highlight was on the restructuring efforts that bore fruits, increasing the quarterly EBITDA margin of ports segment from 17.5% to 20.0%. The…

Santos Brasil - FY17 Update - Share Price Stays Afloat, While Its Market Dominance Gets Chipped Away