TKH GROUP NV : Lots of uncertain factors in 2023
>Minor changes in estimates., Neutral maintained, TP unchanged - We are making only modest changes to our 2023-2024 estimates and maintain our Neutral rating and €49.50 per share price target. Although the order book is solid, we are not fully convinced that TKH will be able to convert that order book into materially higher EBITA margins in 2023. We continue to be much more cautious on Smart Vision, Smart Manufacturing (supply chain issues may persist in 2023) and Sma...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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