TKH GROUP NV : Near term headwind, TP to €47.5 (€49), Neutral maintained
>Headwind in Smart Vision and Connectivity lasts longer, lowering estimates - The headwind in Energy cable in Smart Connectivity and Smart Vision may last well into 2024 while there is a material risk that the new Subsea plant will face underutilisation in H2 2024 and 2025. This is only partially offset by a more robust recovery in Smart Manufacturing. As a result, we lower our estimates for 2023 to the low end of the guidance range meaning €230m in EBITA and €126m 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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