thyssenkrupp : Limited positive triggers ahead – New € 6.1 TP (€ 7.0) & Neutral confirmed
>Q1 review – Impairments in SE = technicality, more cautious on MX & automotive - Q1 2023-24 adj. EBIT declined by 50% y-o-y to € 84m (group adj. EBIT margin 1.0%), while adj. EBIT margin in MX improved slightly y-o-y (+30bp to 0.9%) fuelled by lower freight costs and cost-cutting measures. The adj. EBIT margin of 2.8% in SE (down 30bp y-o-y) was burdened by significantly lower spot market prices, although lower energy and raw material costs provided a tailwind. In SE...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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