Thyssenkrupp Elevator : Value elevating higher

The persistent weakness of new installations in China is more than offset by the rest: TK Elevator continues to improve its margins, FCF and leverage, although there is still much to be done on these last two points. Q1 2024/25 results (tomorrow, 19 February) should not come as a surprise, while we expect a return to the primary market in H2 2025 for the refinancing of the 2027/28 debt wall. We are taking advantage of this study to take stock of the company's value, which continues to climb: shareholders are sitting on a very lucrative investment that they could monetise via an IPO by 2028.