TKH Group - H2 beats modestly, guides for growth in FY24
H2-23 modestly beats on adj. EBITA and adj. net profit and on dividendBacklog stable y/y, guides for organic growth in sales and EBITA in 2024Margin target 2025 will take longer to reach, but that was widely expected by the sell-sideWe will fine-tune our estimates, TP and Buy rating reiteratedTKH 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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