TKH Group Model update, reducing 2H24 outlook
In this note we update our 2024 numbers, with no adjustments in growth rates as of 2025. This results in a revenue reduction of 1.5% in 2024. Furthermore, we adjust our margins based on the recent developments. EBITA decreases with 7% in 2024, 4% in 2025 and 3% in 2026. However, no impact on our DCF based valuation, as 2% lower EBITA by 2030 is offset by lower interest rates. Therefore, we maintain our TP of € 55 per share and maintain our Buy Recommendation. We expect a revaluation in 2025, due to startup of the new facility and increased demand for onshore.TKH Group creates and supplies Telecom, Building and Industrial Solutions. Telecom Solutions develops, produces and supplies systems ranging from outdoor infrastructure for telecom and CATV networks through to indoor home networking applications. Building Solutions develops, produces and supplies solutions in the field of electro-technology ranging from applications within buildings through to technical systems that - combined with software - provide solutions for the care and security sectors. Industrial Solutions develops, produces and supplies solutions ranging from specialty cable, "plug and play" cable systems through to integrated systems for the production of car and truck tires.
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