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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Asahi Kasei Corporation    3407   JP3111200006

ASAHI KASEI CORPORATION

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Exclusive: Thyssenkrupp could change tack and keep hydrogen champion Uhde - sources

11/12/2020 | 11:43am EST
German steelmaker Thyssenkrupp AG annual shareholders meeting in Bochum

By Tom Käckenhoff and Christoph Steitz

DUESSELDORF/FRANKFURT (Reuters) - Embattled conglomerate Thyssenkrupp is reviewing ways to keep its electrolysis unit Uhde as demand for large-scale production of hydrogen is expected to increase, three people familiar with the matter told Reuters.

Thyssenkrupp Uhde Chlorine Engineers (TKUCE) is currently part of Thyssenkrupp's Plant Technology division, which makes equipment for mining, chemicals and fertiliser plants and has been put up for sale.

A 66-34 joint venture of Thyssenkrupp and Italy's De Nora, TKUCE is the world's largest supplier of chlor-alkali membrane technologies needed to produce hydrogen.

The business will now likely be retained to help Thyssenkrupp build a strategy around hydrogen, the people said, citing plans by the European Union to push production of the fuel via renewables.

Thyssenkrupp, which will publish annual results on Nov. 19, declined to comment.

TKUCE could fetch a valuation of more than 1 billion euros (897.7 million pounds) in a strategic deal or initial public offering "as long as a constructive growth case can be struck", Deutsche Bank has said.

TKUCE holds roughly half of the global market, where it competes with Japan's Asahi Kasei (25%), China's Bluestar Beijing Chemical Machinery (19%) and Britain's chemicals group Ineos [INEOSE.UL] (6%).

Deutsche Bank in August said it was "surprised" that Thyssenkrupp had transferred TKUCE to its Multi-Tracks division, which comprises businesses for which the conglomerate sees no sustainable future prospects within the group.

"Given likely significant investments into hydrogen capabilities over the next few decades in order to meet climate targets and facilitate the energy transition, we believe that this asset could develop significant strategic value," it said.

TKUCE gets contracts worth more than 40 million tonnes of chlorine a year for both chlor-alkali and hydrochloric acid electrolysis plants.

While views differ over whether the hype around hydrogen is real, Germany has dedicated 9 billion euros to help create a national hydrogen industry, with firms such as RWE and E.ON pinning hopes on the technology.

One of the people said that potential suitors for Plant Technology were asked to submit bids by the end of November after the sales process, run by Citi, was delayed due to the coronavirus crisis.

Interest for parts of the unit is expected to come from Denmark's FLSmidth and Sweden's Sandvik, sources have said.

(Additional reporting by Arno Schuetze; Editing by Edward Taylor and Emelia Sithole-Matarise)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASAHI KASEI CORPORATION 0.09% 1144.5 End-of-day quote.8.53%
E.ON SE -0.73% 8.704 Delayed Quote.-3.27%
FLSMIDTH & CO -1.47% 234.1 Delayed Quote.2.06%
RWE AG -1.50% 36.87 Delayed Quote.8.27%
SANDVIK AB 0.60% 219 Delayed Quote.8.15%
THYSSENKRUPP AG -2.21% 9.558 Delayed Quote.20.31%
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Financials
Sales 2021 2 021 B 19 461 M 19 461 M
Net income 2021 93 342 M 899 M 899 M
Net Debt 2021 409 B 3 933 M 3 933 M
P/E ratio 2021 17,0x
Yield 2021 2,97%
Capitalization 1 588 B 15 337 M 15 290 M
EV / Sales 2021 0,99x
EV / Sales 2022 0,93x
Nbr of Employees 40 689
Free-Float 95,5%
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 1 104,00 JPY
Last Close Price 1 144,50 JPY
Spread / Highest target 31,1%
Spread / Average Target -3,54%
Spread / Lowest Target -23,1%
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Managers and Directors
NameTitle
Hideki Kobori Executive President & Representative Director
Yutaka Shibata Director, Head-Information Technology & Finance
Hiroshi Shirai General Manager-Research & Development
Masumi Shiraishi Independent Outside Director
Shuichi Sakamoto Director & Senior Managing Executive Officer
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