Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Treated as a mature, profitable company. None of the usual models had enough data, so this uses Analyst consensus instead.
ACCE opinionTKMS AG & Co KGaA (TKMS.DE)
Fair value
Not available
ACCE price target
€86.60
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: €82.90 at the close on 23 Oct 2026, 17:30 CEST.
Models: Analyst consensus.
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
ACCE score
55
out of 100
P/E
65.3x
forward 29.5x
1-year return
+18.1%
Dividend yield
0.00%
TKMS AG & Co KGaA in four questions
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Overview
ACCE thesis
TKMS builds naval vessels, submarines and related defence systems for European navies, making it a direct beneficiary of rearmament spending on the continent. Its order book is the core of the case: a 36.7% revenue growth rate points to a shipbuilder converting backlog into sales faster than most of its industrial peers, though a 6.7% operating margin and 17.9% gross margin show how thin the economics of large defence programmes remain. At 30.3 times forward earnings the market is already paying for a meaningful earnings ramp, against 66.9 times trailing, so the investment question is whether margins widen as the programme mix matures. The near-term catalysts are contract awards and delivery milestones from European navy procurement, which are lumpy and hard to time, so a deeper look should focus on the backlog conversion schedule and margin trajectory before anything else.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Earnings falling despite sales growth
Revenue rose 36.7% year on year, yet earnings fell 13.3%, so the extra volume is not reaching the bottom line. Net margin is only 3.3% and operating margin 6.7%.
moderate
Heavy insider ownership limits float
Insiders hold 51.0% of the shares, so a small free float can make the stock more volatile on modest trading and reduce liquidity for outside holders.
moderate
Valuation rests on forward earnings
The trailing P/E is 65.2 against a forward P/E of 29.5, so the price assumes a sharp earnings recovery. At €82.90 the stock leaves little room if that recovery slips.
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
Revenue grew 36.7% year over year in the latest interim report, far ahead of its 8.6% five-year yearly average.
The company generated EUR 827M of free cash flow over the last twelve months, a strong cash base.
Analysts' mean price target of EUR 107.00 sits 25.6% above the current share price.
Why it could disappoint
Net margin is just 3.3%, so most of each euro of sales is kept as profit only very thinly.
Return on equity of 6.5% is modest for a shareholder, so capital is earning little.
At a trailing P/E of 65.2x, the shares are priced for growth that may not materialise.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Dec 7, 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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Valuation
INVESTOR
Where TKMS.DE's valuation models land
Price
€82.90
Model fair valueConfidence: low
about €107
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