TKH Group Attractive valuation, structural growth, temporary headwinds
In this note we highlight the difference between the sentiment and the underlying fundamentals. For each segment we go over 1H23 results, adjust our numbers for 2H23 and onwards. We provide per segment, relevant insights. Additionally, given the importance and focus on the energy market, we provide an in dept overview of the recent market dynamics onshore and offshore. We change our valuation method from the 3 individual DCF's to the Groups DCF (50%) and EV/EBITDA multiple approach (50%). This results in a TP of € 62.2 per share and therefore, reiterate our BUY recommendation.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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