Reviewed listing: XETR:ERAG · Analysis dated Oct 26, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
Ernst Russ owns and operates ships, primarily container ships, and earns most of its revenue by chartering them to other shipping companies. It also provides ship management and holds interests in joint ventures.
What supports the business?
In the first half of 2026, the ships were utilized at 98.3%. This shows that the fleet was busy despite the weaker result.
What could improve?
Two planned container ships are each expected to enter a ten-year charter contract upon delivery. If construction proceeds as planned, the long-term contracted revenue could make planning easier.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 9 €, the stock seems reasonable but not cheap: its market value is around 17% above the audited common shareholders’ equity at year-end 2025. A strong fleet does not make every price attractive, and weaker first-half earnings limit the margin for error.
What is the main risk?
First-half EBIT fell significantly; moreover, 2025 earnings included substantial gains from ship sales. Weaker charter markets could therefore put further pressure on earnings.
What is the overall assessment?
At 9 €, the valuation is still defensible, but declining first-half results and one-time ship sales make the earnings trajectory less certain. Ernst Russ therefore remains on the watchlist rather than representing a substantiated opportunity.
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