Reducing ThyssenKrupp's FVE: Breakup Could Offer Upside on Elevator Business
We are reducing our fair value estimate for no-moat ThyssenKrupp to EUR 20 per share from EUR 26 after rolling our model forward but lowering our forecasts for some of the company's businesses, including project business related to plant engineering in the industrial solutions division as well as lower expectations for the company's components business.ÂSeparately, as the company announced a split earlier this year, we have looked at the valuation from a sum-of-the parts basis, arriving at a EU...
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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