Mixed Thyssenkrupp 2Q Results; Elevator Business Solid; Shares Attractive
No-moat Thysssenkrupp reported lackluster second-quarter results across the company's disparate divisions. Group orders and revenue were flat year over year, on an organic basis, and the group EBIT margin was down 270 basis points year over year (both including the steel business which, due to regulatory pushback, will no longer be contributed to a joint venture with Tata). We are maintaining our EUR 20 fair value estimate, and see upside to the shares from the newly announced potential IPO of t...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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