Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on THYSSENKRUPP AG. We currently have 12 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
Currency movements help stabilise 2015/16 profits
24 Nov 16
The group’s order inflow fell by 9.4% to €37.4bn in the last fiscal year (-9.7% in Q4) while revenue decreased by 8.2% to €39.3bn (-5.3% in Q4). At the same time, EBITDA was unchanged at €2.45bn and EBIT was up by 13% to €1.19bn. However, ‘adjusted’ EBIT fell by 12% to €1.47bn and net profit by 4.2% to €296m. Compared to our expectations, the final numbers were rather mixed. While revenue fell some €500m short, operating earnings were higher but net earnings lower than what we had projected as both net financing costs and tax charges were higher.
No stabilisation, not to mention improvement in sight
11 Aug 16
In Q3 15/16, order inflow, revenue, profit, and shareholders’ funds have all continued to head south while pension provisions again headed north. The group’s order inflow was down by 12% to €9.4bn (-9.3% to €28.2bn ytd), revenue by 12% to €9.87bn (-9.2% to €29.3bn), EBITDA by 15.7% to €666m (-15.5% to €1.74bn), and shareholders’ funds by another €476m to €2.22bn (-€961m since the beginning of the current fiscal year). At the same time, pension provisions increased by another €401m to more than €8.5bn (+€858m since September 2015) and net debt rose by €1.36bn during the first nine months. Whereas EBITDA is only €37m below our projection, the other numbers are clearly lower.
Dismal H1 numbers and poor outlook for full year
10 May 16
Order inflow fell by a good 8% to €18.8bn and revenue by slightly less than 8% to €19.4bn. EBITDA was down by 15% to €1.07bn while (stated) EBIT fell by 1% to €474m. Net profit after minorities collapsed by 62% to €37m. Revenue is clearly lower than our projected €20.35bn but EBITDA came in almost as expected (€1.05bn). However, our net profit forecast was €124m, i.e. the final result is considerably lower.
ThyssenKrupp buys Vale’s minority stake in Steel Americas back
05 Apr 16
The purchase price for this 26.87% stake is a symbolic one. In addition, Vale receives a debtor warrant if ThyssenKrupp finds a buyer for the entire operation. According to ThyssenKrupp, this transaction will not result in any revaluation of its stake. We wonder why this deal does not result in an impairment charge. All existing contracts between the two companies (e.g. for the delivery of iron ore) will be renegotiated.
Another disaster will hopefully be avoided by ThyssenKrupp
01 Apr 16
Media speculations (Rheinische Post) suggest that negotiations between Tata Steel and ThyssenKrupp are well advanced. Tata is desperately trying to find a buyer for its British steel activities (what about the Dutch operations?) and ThyssenKrupp seems to be willing to make another mistake (after its unfortunate Brazilian venture). These British steel activities have one advantage to the Brazilian operation: they have clients whereas Steel Brazil was constructed without having any clients.
All Q1 numbers headed south
12 Feb 16
The group’s Q1 EBITDA and net profit numbers are the third lowest generated in the current century with net profit again in the red. All the numbers are worse than we had expected. Order inflow was down by 3% to €9.81bn and revenue fell by 5% to €9.5bn. This resulted in a 15% EBITDA fall to €489m and net earnings turned around from a profit of €50m to a loss of €23m. Management’s ‘adjusted’ EBIT also fell by 16% to €234m (stated EBIT fell by 31% to €193m). Both EBIT numbers are lower than our ‘unadjusted’ EBIT projection of €250m.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare