2 models fit thyssenkrupp AG and they disagree: 0 of 2 land within 15% of the average. The price is below every model.
Two or more of our models back this value.
Large discount(i)Silver73
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionthyssenkrupp AG (TKA.DE)
Fair value (2 models)
€22.92
ACCE price target
€14.10
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: €13.61 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
40.6% below
+68.4% to fair value
ACCE score
58
out of 100
P/E
28.9x
forward 10.8x
1-year return
+53.1%
Dividend yield
1.05%
thyssenkrupp AG in four questions
Plain answers, details below
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Overview
ACCE thesis
thyssenkrupp runs a steel business (Steel Europe and Steel Americas) alongside Materials Services, Automotive Technology and Marine Systems, and it is mid-way through a long restructuring of that portfolio. Its advantage is scale and an integrated European steel footprint, but the economics are thin: a 13.5% gross margin and a 1.0% operating margin leave little cushion, and ROE of 3.3% reflects that. The near-term story rests on revenue growing 7.8% and a forward P/E of 10.8 against a trailing 29.1, which signals that earnings are expected to recover sharply from a depressed base rather than that the business is already earning its keep. At an 8.5B EUR market cap, the case depends on whether margin recovery in steel and the portfolio separations land as planned, and the thin current profitability is the first thing to test before going further.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Earnings collapse
Earnings fell 99.4% year on year, with net margin at just 0.9% and operating margin at 1.0%. Thin profitability leaves little cushion against further weakness.
moderate
Low return on equity
ROE of 3.3% is weak for the capital tied up in the business. The P/E of 30.9 reflects depressed earnings, so the multiple looks high on trailing numbers.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target of EUR 17.06 sits 23.0% above the current share price of €13.61.
Free cash flow over the last twelve months came to EUR 121M, and debt is low at 0.09 times equity.
Revenue grew 7.8% year over year in the latest interim report, well above its 2.6% five-year average pace.
Why it could disappoint
The latest quarter missed expectations badly, with earnings per share of -0.02 against 0.15 forecast.
Profitability is thin, with a net margin of 0.9% and return on equity of only 3.3%.
The trailing P/E of 30.9x and free cash flow yield of 1.4% leave little margin for error on earnings.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Dec 8, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Where TKA.DE's valuation models land
Price
€13.61
Model fair value
€22.92
Model range
€16.03 to €28.66
Fair value €22.92
Price €13.61
The price is below the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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