Analyst research

The following is a list of material analyses and (short) studies from the past twelve months. For obvious reasons we are unable to provide a neutral overview of all the research available in the market on ThyssenKrupp shares.

Analyst report

January 2012 |
December 2011 |
November 2011 |
October 2011 |
September 2011 |
August 2011 |
July 2011 |
June 2011 |
May 2011 |
April 2011 |
March 2011 |
February 2011

January 2012

Broker	Analyst	Title	Date
Citigroup	Anindya Mohinta	“Getting ready for Valentine’s Day”	January 30, 2012
Commerzbank	Ingo-Martin Schachel	“Two best-in-class divisions for the price of one”	January 26, 2012
Credit Suisse	Michael Shillaker	“Timeline to a Major rerating”	January 20, 2012
Steubing	Michael Broeker	“Quo Vadis Brasilien?”	January 19, 2012
Cheuvreux	Alexander Haissl	“Management poised to take action on SteelAmericas' ongoing problems”	January 09, 2012

Top

December 2011

Broker	Analyst	Title	Date
UBS	Carsten Riek	"Technology now in focus; but Materials remains the short-term swing factor "	December 21, 2011
MainFirst	Alexander Hauenstein	"Feedback Tech CMD"	December 09, 2011
Commerzbank	Ingo-Martin Schachel	"Technologies in the driver's seat"	December 08, 2011
Bankhaus Lampe	Marc Gabriel	„FY 2010/11 - VERLUSTE STATT GEWINNE"	December 08, 2011
Citigroup	Anindya Mohinta	“Delayed, Not Dead”	December 06, 2011
Bank of America/Merrill Lynch	Cedar Barnes	"Steel America's still dragging"	December 06, 2011
Deutsche Bank	Bastian Synagowitz	"Q4 review – outlook a disappointment"	December 05, 2011

Top

November 2011

Broker	Analyst	Title	Date
NoveCitigroup	Anindya Mohinta	“ThyssenKrupp AG - Event: Full-Year Earnings“	November 30, 2011
Credit Suisse	Michael Shillaker	“ThyssenKrupp AG - PRE RESULTS COMMENT PRE RESULTS COMMENT”	November 29, 2011
Bankhaus Metzler	Lars Hettche	“ThyssenKrupp”	November 28, 2011
Societe Generale	Alain William	“ThyssenKrupp - FY12e earnings should be down despite Steel Americas ramp-up”	November 25, 2011
Deutsche Bank	Bastian Synagowitz	“ThyssenKrupp - Q4 preview”	November 24, 2011
Bankhaus Lampe	Marc Gabriel	„ThyssenKrupp – FY 2010/11 PREVIEW	November 10, 2011

Top

October 2011

Broker	Analyst	Titel	Datum
UBS	Carsten Riek	"Best long-term story for patient investors"	October 31, 2011
Citigroup	Anindya Mohinta	“CSA site visit – what we saw, and learnt”	October 20, 2011
HSBC	Thorsten Zimmermann	"OW: Notes from the road – feedback from CSA site visit"	October 18, 2011
MM Warburg	Björn Voss	"ThyssenKrupp"	October 17, 2011
Deutsche Bank	Bastian Synagowitz	"Feedback from CSA visit"	October 16, 2011

Nach oben

September 2011

Broker	Analyst	Title	Date
MainFirst	Alexander Hauenstein	"Adjusting estimates to flattish 2012 after CFO roadshow"	September 16, 2011

Top

August 2011

Broker	Analyst	Title	Date
Bankhaus Lampe	Marc Gabriel	"Q3-Review – Verbesserungen bei Steel Americas"	August 17, 2011
Citigroup	Anindya Mohinta	“Guidance Maintained + No Extra Americas Losses = Short Covering”	August 16, 2011
MM Warburg	Björn Voss	"ThyssenKrupp"	August 15, 2011
Credit Suisse	Michael Shillaker	"Refocus on Structural Value"	August 15, 2011
Deutsche Bank	Bastian Synagowitz	"Structural story intact – reiterating Buy"	August 03, 2011

Top

July 2011

Broker	Analyst	Title	Date
Citigroup	Anindya Mohinta	“It’s time to have another look”	July 26, 2011
Commerzbank	Ingo-Martin Schachel	“Strong performance: Dilution from placing, but EPS still up”	July 22, 2011
UBS	Saurabh Kothari	"Still more upside”	July 21, 2011
HSBC	Thorsten Zimmermann	“OW: Buying flexibility, which has value”	July 13, 2011
Royal Bank of Canada	Timothy Huff	“Great Expectations”	July 08, 2011

Top

June 2011

Broker	Analyst	Title	Date
HSBC	Thorsten Zimmermann	"OW: Curb your divestment enthusiasm, focus on value"	June 23, 2011
Unicredit	Christian Obst	"Upgrade to Hold"	June 20, 2011
Berenberg	John Philipp Klein	"The new ThyssenKrupp"	June 15, 2011
CA Cheuvreux	Alexander Haissl	"Divestments and efficiency gains accelerate re-rating; TP raised to EUR60"	June 06, 2011
Credit Suisse	Michael Shillaker	"History defines the future?"	June 06, 2011

Top

May 2011

Broker	Analyst	Title	Date
DZ Bank	Dirk Schlamp	"ThyssenKrupp"	May 20, 2011
MaynFirst Bank AG	Alexander Hauenstein	"ThyssenKrupp"	May 19, 2011
Bankhaus Lampe	Marc Gabriel	"Q2 mit Wachstum/Portfolio wird verschlankt"	May 18, 2011
Deutsche Bank	Bastian Synagowitz	"ThyssenKrupp: Into a new era; raising target price to E4"	May 17, 2011
Société Générale	Alain William	"Strategic realignment will take time to materialise"	May 17, 2011
Nomura	Jeff Largey	"Raising estimates and raising PT to €40"	May 16, 2011
Kepler	Rochus Brauneiser	"hyssenKrupp: Better than simply more"	May 16, 2011
Commerzbank	Ingo-Martin Schachel	"Next part of the re-rating: Best-in-class margins in focus"	May 16, 2011
MM Warburg	Björn Voss	"ThyssenKrupp"	May 16, 2011
Exane BNP Paribas	Vincent Lepine	"Superior short-term earnings visibility - Restructuring plans moving into execution"	May 16, 2011
Bank of America/Merrill Lynch	Nik Oliver	"Strong Q2 but reality check on restructuring"	May 16, 2011
JP Morgan	Alessandro Abate	"Revolutionary thinking: upgrade TP to €44"	May 16, 2011
Credit Suisse	Michael Shillaker	"ThyssenKrupp: Special Structural Story"	May 16, 2011
Goldman Sachs	Kartik Swaminathan	"hyssenKrupp: First Take: Beats expectations; guidance reiterated"	May 13, 2011
Citi	Anindya Mohinta	"ThyssenKrupp"	May 13, 2011
BHF-Bank	Hermann Reith	"ThyssenKrupp: - 2Q10/11 earnings better than expected"	May 13, 2011
CA Cheuvreux	Alexander Haissl	"Strong Q2-10/11; outlook confirmed"	May 13, 2011
WestLB	Ralf Dörper	"ThyssenKrupp Q2 at first glance: still on track to reach an ambitious target"	May 13, 2011

Top

April 2011

Broker	Analyst	Title	Date
Deutsche Bank	Bastian Synagowitz	"Strategy update due; reiterating Buy"	April 20, 2011
JP Morgan	Alessandro Abate	"ThyssenKrupp"	April 20, 2011
Commerzbank	Ingo-Martin Schachel	"Attractive value, fundamentals improving further"	April 18, 2011
HSBC	Thorsten Zimmermann	"Upgrade to OW: New strategy = lower discount?"	April 06, 2011

Top

March 2011

Broker	Analyst	Title	Date
Credit Suisse	Michael Shillaker	"Year of catalysts ahead"	March 22, 2011
Cheuvreux	Alexander Haissl	"Alabama welcomes Detroit's trek south"	March 21, 2011
Bankhaus Lampe	Marc Gabriel	"Fortsetzung des positiven Trends"	March 15, 2011

Top

February 2011

Broker	Analyst	Title	Date
Steubing	Michael Broeker	"Higher losses from Steel Americas were compensated"	February 22, 2011
DZ Bank	Dirk Schlamp	"ThyssenKrupp"	February 15, 2011
Credit Suisse	Michael Shillaker	"Q1 2010-11 results review"	February 14, 2011
Exane	Vincent Lepine	"Robust fundamentals and value unlocking ahead, despite (very) short-term issues"	February 14, 2011
Bank of America/Merrill Lynch	Nik Oliver	"Strong Q1 but cutting EPS 15%. ReMayn Neutral"	February 14, 2011
JP Morgan	Alessandro Abate	"ThyssenKrupp"	February 14, 2011
Nomura	Jeff Largey	"TKA attractive; near-term disappointment on Americas cost and FCF will pass"	February 14, 2011
Cheuvreux	Alexander Haissl	"Turnaround at Steel Americas and positive FCF provide huge upside; TP upped to EUR50"	February 08, 2011
HSBC	Thorsten Zimmermann	"Front-end loaded!"	February 08, 2011

Top

Disclaimer:
The list of analyses/(short) studies shown above are not based on analyses by ThyssenKrupp AG but on analyses, reports, recommendations or ratings of third parties, particularly equity research analysts. References to such recommendations and ratings are for informational purposes only and do not imply that ThyssenKrupp AG adopts, supports or confirms in any way the recommendations, opinions or conclusions of the equity research analysts. ThyssenKrupp AG accepts no liability for the selection, currency, completeness or correctness of the recommendations and estimates shown. None of the information on this website is intended as an offer or encouragement to buy ThyssenKrupp stocks. ThyssenKrupp AG accepts no liability for damages or losses incurred by third parties based on information published on this website.