TKH Group What to expect for 2H25
We revised our 2025 forecasts to reflect recent performance and updated guidance across TKH's divisions. Smart Vision showed strong momentum in 1H25, which is expected to continue in 2H25. Smart Manufacturing outlook decreased following a sharper than expected decline in 1H25 and a 12.5% drop in the order book. Smart Connectivity saw better than expected revenue in 1H25, but EBITA disappointed due to lower GPm and elevated OpEx. We expect a recovery in 2H25, driven by the subsea segment and lower costs. Our valuation remains unchanged at € 42. We remain positive on the long-term growth potential. While short-term execution remains a risk. The uncertainty is already reflected in the valuation and given the expected recovery in 2H25, 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.
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