TKH GROUP NV : Upping estimates and TP but Neutral remains
>2023 EBITA likely to be only modestly up versus 2022 - We are raising estimates for 2022 (very modestly), 2023 (materially) and 2024 (very modestly) as we no longer assume that a recession will impact TKH’s capex businesses Smart Manufacturing (SM) and Smart Vision (SV) . We had incorporated such an effect in our model in July of 2022 when we downgraded TKH to Neutral. We now forecast modest 2023 volume gains for SM on the back of the strong order intake of 2022 and ...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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