Paris: French box analysts Alphaliner have dampened speculation regarding the possible listing of Germany’s Hapag-Lloyd.
Investment banks Deutsche Bank, Goldman Sachs and Joh Berenberg, Gossler & Co for the IPO, Dow Jones reported on July 15, something Hapag-Lloyd refused to confirm when contacted by Splash.
Sources had told Dow Jones that Hapag-Lloyd, which merged last year with Chile’s CSAV, valued itself at $5.5bn, Alphaliner has disputed this figure.
“[T]he prospects of securing such a high valuation are low,” Alphaliner said in a report.
CSAV, which owns 34% of Hapag-Lloyd’s share capital, has a market capitalisation of only $977m based on its current share price on the Chilean stock exchange, Alphaliner noted. This implies a market valuation of less than $3.0bn for Hapag-Lloyd, the French company wrote.
As well as the mooted IPO, Hapag-Lloyd has been linked with taking over Singapore’s Neptune Orient Lines, which runs boxline APL.