TKH GROUP NV : Capex dependency has impact in a recession
>Lowering to Neutral, TP €42 - We are lowering our rating from Outperform to Neutral, price target from €66 to €42 per share. We are assuming a recession in 2023 with the capex related businesses (c. 75% of sales) of TKH’s business being impacted by delays/cancellations, followed by a strong recovery (but from a lower base) in 2024. As a result, we are lowering our 2023-2024 sales and EBITDA estimates by 12% and 8% and 26% and 10% respectively with modest declines in...TKH Group creates and supplies Telecom, Building and Industrial Solutions. Telecom Solutions develops, produces and supplies systems ranging from outdoor infrastructure for telecom and CATV networks through to indoor home networking applications. Building Solutions develops, produces and supplies solutions in the field of electro-technology ranging from applications within buildings through to technical systems that - combined with software - provide solutions for the care and security sectors. Industrial Solutions develops, produces and supplies solutions ranging from specialty cable, "plug and play" cable systems through to integrated systems for the production of car and truck tires.
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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