Thyssenkrupp faces valuation shifts ahead of tk accelis spin-off

Thyssenkrupp is preparing for the spin-off of its materials division, tk accelis, which is scheduled to begin trading on October 28, 2026. Financial analysts from Jefferies and Bank of America have provided updated valuations for the company following this restructuring.

Jefferies maintains a buy recommendation for Thyssenkrupp with a price target of 16.50 euros, noting that the transaction may provide additional valuation drivers. The firm estimates the value of the 49 percent stake in the materials division to be between 2.20 and 3.10 euros per Thyssenkrupp share.

Bank of America has set a higher price target of 22 euros for Thyssenkrupp. In its breakdown of the company's components, Bank of America values the steel business at 7 billion euros and material services at 3.7 billion euros. After accounting for various business units, net cash, and pension liabilities, the bank calculates an equity value of approximately 13.5 billion euros, or 21.75 euros per share. For the tk accelis division specifically, the bank estimates a potential share price between 24.80 and 45.30 euros based on various enterprise value scenarios.