Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on THYSSENKRUPP AG. We currently have 14 research reports from 1 professional analysts.
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Steel Americas sold for €1.5bn and a loss of €0.9bn
22 Feb 17
The Brazilian steel mill will be sold to Ternium, a Buenos Aires based company with extensive steel activities in Middle (primarily in Mexico) and South America (primarily Argentina). Some of the production facilities are majority-owned with Nippon Steel being the minority partner. The transaction is expected to receive all necessary approvals before 30 September 2017.
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.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)