valueanalysis

home

Madison Howard

[email protected]

Profile
Inbox
Activity

Setting
Sing out

?>

timeline
about
photos
friends
more

page you may like

Casino Plus

casino plus login
PHFun casino

Claim Your Bonus
PHFun

PHFun login
Glory Casino

Glory Casino লগইন - Bangladesh

Share Your Mood

valueanalysis

2025-02-03 17:34:08

ThyssenKrupp AG

valueanalysis

2025-02-01 13:28:30

ThyssenKrupp AG

valueanalysis

2024-05-29 15:24:08

HelloFresh

Recent Notifications

Thanks & true but for example inventory was 7bn which I can‘t count 1:1 in the event of liquidation. Then it would be written off substantially so I would include it with a heavy mark down in that calculation

1738502394
You make a valid point about the inventory valuation - the €7bn would face substantial markdowns in a liquidation scenario, likely 40-80% depending on the type of inventory. However, ThyssenKrupp has a large real estate portfolio which they own and is carried at historical cost on the balance sheet and likely worth significantly more at current market values (Even in a challenging European industrial environment).In a real liquidation scenario, I think this is worth more than the markdowns in inventory. When considering the overall investment case, there’s substantial downside protection in my view. What worries me here isn’t the value - there’s plenty of it, but rather the execution: getting the catalysts right and successfully separating the steel business. That’s where the real challenge lies.

1738505343
The TKE stake is really interesting… is there any indication of the valuation of such business since 2020? Or any indication that they actually plan to sell their 19% stake?

1738514244
I have shown peer average valuation in my analysis. Quite easy to compare to Kone, Otis and Schindler. Same business. Likely to be sold within a few years, depending on the PE-market.

1738520726