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MarketScreener Homepage  >  Equities  >  Xetra  >  ThyssenKrupp AG    TKA   DE0007500001

THYSSENKRUPP AG

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Thyssenkrupp must quickly present strategy, steel solution -Deka

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07/28/2020 | 11:31am EDT

* Elevator sale expected to close on Friday - sources

* Deal will give Thyssenkrupp 17.2 bln euros in proceeds

* Group must spell out how money will be spent - Deka

FRANKFURT, July 28 (Reuters) - Conglomerate Thyssenkrupp must soon find a solution for its struggling steel unit and say how it will spend the 17.2 billion euros ($20.2 billion) in proceeds from the sale of its elevator division, a top-20 investor said.

"There has to be a solution for steel in the near term. It would be good if there was clarity until the next annual general meeting," said Ingo Speich, head of sustainability and corporate governance at Deka Investment, Thyssenkrupp's 11th-largest shareholder, who has been an outspoken critic of Thyssenkrupp's performance in the past.

Speich's remarks come ahead of the deal's closing, which sources say is expected on Friday.

Thyssenkrupp's next AGM is scheduled for Feb. 5, 2021.

The group has said it might sell, keep or merge its steel division with a peer, with Salzgitter, Tata Steel , SSAB and Baoshan Iron & Steel all considered potential partners, sources have said.

"Completely divesting steel will be difficult," Speich said, adding a joint venture or merger with a peer would be the most likely options.

"Time is against Thyssenkrupp and in favour of its peers," Speich said.

The sale of elevators to a consortium of Advent, Cinven and Germany's RAG foundation will effectively hand Thyssenkrupp a financial lifeline to turn around its other business units, which range from car parts to submarines.

But the group has signalled that most of the proceeds will be used up by cutting down debt, paying off pension liabilities and for offsetting business lost thanks to the coronavirus pandemic, leaving little to fund future projects.

One of the people said that less than 2 billion euros might be available to invest in growth.

Thyssenkrupp's shareholders are not expected to get a share either, Speich said: "The company needs every cent."

Thyssenkrupp declined to comment.

($1 = 0.8527 euros) (Editing by Edward Taylor and David Evans)


Stocks mentioned in the article
ChangeLast1st jan.
BAOSHAN IRON & STEEL CO., LTD. 0.55% 5.46 End-of-day quote.-4.88%
SALZGITTER AG -1.30% 12.51 Delayed Quote.-35.58%
SSAB -0.31% 25.44 Delayed Quote.-22.28%
TATA STEEL LIMITED -2.12% 402.3 End-of-day quote.-14.77%
THYSSENKRUPP AG -2.87% 3.923 Delayed Quote.-66.38%
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Financials
Sales 2020 28 758 M 33 771 M 33 771 M
Net income 2020 6 646 M 7 805 M 7 805 M
Net cash 2020 5 203 M 6 110 M 6 110 M
P/E ratio 2020 0,31x
Yield 2020 0,34%
Capitalization 2 520 M 2 963 M 2 959 M
EV / Sales 2020 -0,09x
EV / Sales 2021 -0,06x
Nbr of Employees 155 446
Free-Float 58,2%
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 6,85 €
Last Close Price 4,05 €
Spread / Highest target 152%
Spread / Average Target 69,2%
Spread / Lowest Target 21,0%
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Managers
NameTitle
Martina Merz Chief Executive Officer
Siegfried Russwurm Chairman-Supervisory Board
Klaus Keysberg Chief Financial Officer
Martin Holz Chief Information Officer
Susanne Herberger Member-Supervisory Board
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