TKH GROUP: Vertical take-off TWEKA NA
On 12 June 2019, TKH Group hosted its Capital Markets Day, providing an update of its mid-term strategy and financial targets. In this report, we’ve taken a closer look at the highlights of its “simplify and accelerate†program and the upgrading of revenue targets for three of its vertical growth markets. We have raised our EPS forecasts for the period 2019-2022 by 3-13% excluding the impact of future divestments and by 2-9% including them. Based on our SOTP and DCF valuation, we increase our TP to € 62 (from € 57) and reiterate 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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