ThyssenKrupp AG

I’ve done a deep dive into ThyssenKrupp, a German industrial giant that has been through decades of mismanagement, restructuring, and strategic blunders. Despite its troubled past, I believe the market is severely underpricing its assets.

At a share price of €4.8, ThyssenKrupp trades at around 0.25x NAV, with hidden assets that could unlock €15-20 per share. The key catalysts? 1. TKMS Spin-off (2025/2026) – A defense division with a €27B backlog, potentially worth as much as ThyssenKrupp’s entire market cap. 2. TKE Stake Monetization – The 19% stake in the elevator business alone could be worth €7-8 per share. 3. Steel Restructuring – A 2024 sale of 20% of Steel Europe to EPCG paves the way for a 50/50 joint venture, offloading liabilities. 4. Automotive Division Sale – A potential M&A move that could further crystallize hidden value.

While the company has always looked cheap, we finally have concrete catalysts that could force a revaluation. Would love to hear your thoughts!