TKH | Hardware |OEM SELL – TP EUR33 Struggling to move away from cyclical businesses
• AN INDUSTRIAL CONGLOMERATE THAT DIVERSIFIED INTO NEW MARKETS SUCH AS MACHINE VISION, TIRE MACHINE BUILDING• GROUP’S LEGACY BUSINESSES TO HAMPER F23E GROWTH AND AMPLIFY SALES CYCLICITY
• TKH TRANSFORMATION PLAN HAS BEEN EXECUTED SLOWER THAN EXPECTED OVER TIME
• TKH LIKELY TO STRUGGLE FURTHER TO EXECUTE ITS DIVERSIFICATION PLAN, AFFECTING GROWTH AND PROFITABILITY
• PREMIUM OVER MAIN TRADE PEER BELDEN COULD BE REASSESSED. OUR DCF POINTS TO EUR33 A SHARE SELL
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.