Morningstar | Thyssenkrupp Under Review
We are placing no-moat-rated Thyssenkrupp under review. The company issued a profit warning in advance of its expected full-year 2017-18 results announcement Nov. 21. Thyssenkrupp expects to report EUR 100 million in net income, down from EUR 271 million a year ago. The profit warning was prompted by unexpected special provisions that the company will take related to a German government probe into suspected cartel price fixing on certain steel products. Worryingly, the company separately included key division-driven items in its profit warning, specifically weakness in its components and elevator divisions, the latter of which contributes 50% to group EBIT. The warning was shy on details, both on the scope of the probe and the divisional weakness. We expect to review and update our model after the full-year results release Nov. 21.ThyssenKrupp is the parent company of the ThyssenKrupp Group. Co. has six business areas: Components Technology, which provides components for the automotive and machinery sectors; Elevator Technology, which supplies passenger and freight elevators, escalators and moving walks, passenger boarding bridges, stair and platform lifts; Industrial Solutions, which comprises the System Engineering and Marine Systems units; Materials Services, which focuses on materials distribution and technical services; Steel Europe, which develops, produces and markets flat carbon steel in the European market; and Steel Americas, which produces, processes and markets steel products in North and South America.
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