Thyssenkrupp Elevator : More optimism in a still-fragile environment

The TK Elevator bonds, which had already slightly outperformed their market in 2022, continued their positive trend since the beginning of the year. A resilience that we owe to a good business visibility stemming from large backlog and a high 60% share of recurrent services/modernisation fees in revenues, and despite numerous headwinds (Chinese property market, margin erosion, delayed cost savings programme…). Although the market for new installations remains fragile in many part...