TKH Group Revised projections after the recent setback
We lower our estimates after the weak 3Q24 results. Lower demand for 3D Machine vision drives lower FY24 estimates. We also lower revenue growth forecasts for FY25 and FY26 as we expect no strong recovery in the vision end markets. This has a negative impact on the margins given an operational deleverage effect. Modest changes in our Smart Manufacturing estimates as this segment performed as expected. The largest disappointment was in Smart Connectivity. We reduce revenues and margins due to lower fibre optic demand, production issues and weaker demand in the Netherlands for onshore. We reduce our target price from € 55 to € 42 per share. Given the fundamental upside we maintain our Buy rating.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
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.