Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on THYSSENKRUPP AG. We currently have 13 research reports from 1 professional analysts.
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Hardly visible profit recovery in Q1 16/17
09 Feb 17
The group showed 1.5% order inflow growth to slightly less than €10bn and revenue growth of 5.6% to just above €10bn. Stated EBIT improved by 25% to €240m, but the bottom line turned around from a loss of €23m to an invisible profit of €8m. Cash from operations, based on management’s definition, was a negative €1.45bn, the highest negative cash flow number since the beginning of the current century.
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Taking the bull by the horns
15 Feb 17
Avon Rubber announced this morning that CEO Rob Rennie has left and been replaced with Paul McDonald, formerly managing director of Avon’s Dairy division. This news comes as a surprise and is likely to raise some questions over the CEO and CFO transition, with the CEO only being in post for just over a year. However, the group has appointed an executive already known to many who have followed the business, and as such should be seen as a good appointment with a track record of decisiveness and getting things done.