Thyssenkrupp Scraps Split in Favour of Potential Elevator Business IPO--an Even Better Plan We Think
No-moat Thyssenkrupp's proposed revised restructuring plan to spin out the elevator business instead of the previously announced split, still offers the opportunity for upside. The new plan offers a more straightforward way to realize the fundamental value of the moaty elevator business through a pure-play investment vehicle. We are maintaining our EUR 20 fair value estimate, which still offers upside after the sharp rally recently.After indications from the European Union that it would not app...
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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