Jefferies upgrades Thyssenkrupp on EU policy boost and restructuring milestones

TKMS AG & Co KgaA

20/02/2026 08:03

** Jefferies upgrades Thyssenkrupp  TKAG.DE to "buy" from "hold" on EU policy tailwinds and restructuring opportunities

** The broker says the German conglomerate is set to profit in the mid-term from a more supportive EU legislation on steel import quotas

** The broker sees potential for unlocking shareholder value from the ongoing restructuring into an industrial holding with autonomous segments

** Following the successful spin off of Marine Systems TKMS.DE, the broker says the potential sale of Steel Europe to Jindal Steel JINT.NS, a possible sale or IPO of the elevators unit and a potential spin off of the materials services unit are key event catalysts

** Despite negative cash flow in Q1, the co's balance sheet is "solid" and its forecast for H2 could push net cash up to 4.7 billion euros, boosting flexibility and defence against market volatility and supporting dividend, the broker notes

** Shares are up around 3% in early Frankfurt trade

** Out of 14 analysts that cover thyssenkrupp AG, seven rate the stock "strong buy" or "buy,"​five rate "hold" and two​ rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Emanuele Berro)

 ((emanuele.berro@thomsonreuters.com))