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MarketScreener Homepage  >  Equities  >  Xetra  >  ThyssenKrupp    TKA   DE0007500001

THYSSENKRUPP

(TKA)
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Thyssenkrupp : Shares Fall on Fresh Profit Warning

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11/09/2018 | 03:55am EDT

By Nathan Allen

Thyssenkrupp AG (TKA.XE) trades sharply lower Friday morning after the company issued its second profit warning since July, citing the need to book provisions against the outcome of an investigation into alleged cartel activity.

The steel and technology group cut its 2018 net profit forecast to 0.1 billion euros ($114.1 million) from a previous estimate that net income would be "significantly better" than the prior year's result of EUR271 million.

Thyssenkrupp also lowered its outlook for adjusted earnings before interest and taxes to EUR1.6 billion from its earlier projection of EUR1.8 billion.

0837 GMT Thyssenkrupp was trading 7.8% lower at EUR17.57

The company had already disclosed it was the subject of an investigation into alleged cartel activity relating to the pricing of heavy plate and flat carbon steel products, but hadn't warned of any financial fallout.

On Thursday the group said it had decided to take out risk provisions due to new developments in the investigation process.

"This news is clearly negative for TKA but does not come as a complete surprise following cautious recent commentary," Jefferies analyst Seth Rosenfeld said.

Thyssenkrupp also said unspecified quality issues at its automotive and industrial components business, lower-than-expected earnings at its elevator unit and shipping restrictions at its steel business contributed to the guidance cut.

Mr. Rosenfeld said production and shipping issues with the steel business, due to low water levels on the River Rhine and reduced automotive demand, likely accounted for more than half of the hit.

Write to Nathan Allen at nathan.allen@dowjones.com

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Financials (€)
Sales 2019 33 672 M
EBIT 2019 1 083 M
Net income 2019 818 M
Debt 2019 4 351 M
Yield 2019 1,65%
P/E ratio 2019 10,44
P/E ratio 2020 8,65
EV / Sales 2019 0,37x
EV / Sales 2020 0,36x
Capitalization 8 143 M
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Technical analysis trends THYSSENKRUPP
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 18,1 €
Spread / Average Target 39%
EPS Revisions
Managers
NameTitle
Guido Kerkhoff Chief Executive & Financial Officer
Martina Merz Chairman-Supervisory Board
Martin Holz Chief Information Officer
Bernhard Pellens Member-Supervisory Board
Wilhelm Segerath Member-Supervisory Board
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1st jan.Capitalization (M$)
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