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Investing.com - Kepler Cheuvreux has raised its price target on Thyssenkrupp AG (ETR:TKA) (OTC:TYEKF) to €13.80 from €13.40 while maintaining a Buy rating on the stock.
The adjustment follows the successful market debut of Thyssenkrupp Marine Systems (TKMS), which was partially spun off from the parent company. TKMS shares opened at €60 and closed at €81.10 on their first trading day, after briefly exceeding €100 during the session.
The initial market performance of TKMS implies an enterprise value of €4.4 billion, which Kepler Cheuvreux notes is above both their estimates and the upper end of consensus expectations, demonstrating strong investor interest in the asset.
Kepler Cheuvreux’s revised price target incorporates TKMS’s current trading level in their sum-of-the-parts valuation model, along with updated peer multiples, revised steel financing assumptions, and an adjustment to Thyssenkrupp Elevator’s net debt.
The firm maintains its Buy rating on Thyssenkrupp, citing an improving European steel framework and continued portfolio optionality as supporting factors for the recommendation.
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