On 29 August, TransContainer PAO (BE:TRCNq) announced Q218 IFRS results. The results showed further growth, with a 6% increase in revenue and 16% growth in EBITDA. We think the main point of interest is how TransContainer has continued to increase productivity by improving the ratio of ‘profit-making runs’ by its containers. The further acceleration in market container volumes in July bodes well for Q3. We have maintained our 2018 EPS but increased our DCF valuation by 2%.
Market data in July bodes well for outlook
TransContainer’s revenue showed further growth in Q218 of 6%. Growth was supported by a further improvement in the Russian rail container market, which increased by 11.9% in Q218. The market grew by 16.5% in July, which will provide a helpful tailwind for TransContainer’s Q3 revenue. We believe that the improvement in market container volumes reflects the sequential improvement in the Russian economy.
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