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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 EST

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 33 760 M
EBIT 2019 1 319 M
Net income 2019 711 M
Debt 2019 3 750 M
Yield 2019 1,07%
P/E ratio 2019 13,30
P/E ratio 2020 10,95
EV / Sales 2019 0,41x
EV / Sales 2020 0,38x
Capitalization 9 948 M
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Technical analysis trends THYSSENKRUPP
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 21,8 €
Spread / Average Target 37%
EPS Revisions
Managers
NameTitle
Guido Kerkhoff Chief Executive & Financial Officer
Bernhard Pellens Chairman
Martin Holz Chief Information Officer
Wilhelm Segerath Member-Supervisory Board
Susanne Herberger Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
THYSSENKRUPP6.68%11 301
ARCELORMITTAL10.31%23 301
POSCO--.--%20 346
NUCOR13.36%18 437
NIPPON STEEL & SUMITOMO METAL CORP7.10%17 169
NOVOLIPETSK STEEL PAO--.--%13 748