Amundi and Deutsche Bank Double Down on Thyssenkrupp as Submarine Orders Pile Up
Published on 07/27/2026 at 18:12 | Redaktion boerse-global.de
Thyssenkrupp is drawing a rare convergence of bullish signals. Within the span of a few days, the French asset manager Amundi has disclosed a significant stake in the Essen-based industrial conglomerate, while analysts at Deutsche Bank have lifted their price target on the stock to €16.00. The twin endorsements arrive as the group’s naval arm, TKMS, locks in billion-euro contracts that stretch its order book deep into the 2040s.
Shares of Thyssenkrupp have surged roughly 32% since the start of the year, closing at €12.24 on Friday. The stock now trades about 22% above its 200-day moving average of €10.01, and sits just 8% shy of its 52-week high of €13.24. The rally marks a dramatic turnaround from September 2024, when the equity was changing hands below €2.
Amundi’s Stake Signals Institutional Conviction
Amundi S.A., the French asset manager, reported a voting rights stake of 4.82% in Thyssenkrupp as of July 21, according to a mandatory disclosure filed under German securities law. Of that total, 4.60% is held via shares and 0.22% through financial instruments. The disclosure comes just a day after a separate filing showed Amundi had increased its holding to 5.06% as of July 20, up from 4.69% previously.
The back-to-back filings suggest the asset manager has been actively building its position during a period of structural change at the conglomerate. Market participants view the move as a vote of confidence in Thyssenkrupp’s ongoing transformation into a financial holding company under the “ACES 2030” strategy.
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Deutsche Bank Sees €16 Potential
Adding to the positive sentiment, Deutsche Bank analyst Bastian Synagowitz raised his price target on Thyssenkrupp from €14.50 to €16.00 on July 22, maintaining a “Buy” rating. Synagowitz pointed to two primary catalysts: the value-creation potential from the planned spin-off of the materials division tk accelis, and the robust order pipeline at TKMS.
The materials unit held a capital markets day on July 20, where it laid out medium-term targets including an EBITDA margin of 4% to 5%. Shareholders are expected to vote on the spin-off at an extraordinary general meeting scheduled for August 2026.
TKMS: A Submarine Powerhouse in the Making
The marine division is emerging as the crown jewel of Thyssenkrupp’s portfolio. TKMS CEO Oliver Burkhard has been publicly advocating for greater consolidation of European shipyards under a project dubbed “Seabus,” and recently announced a strategic partnership with Spain’s Navantia for the production of future submarine components.
The order book is swelling fast. On July 8, the German parliament’s budget committee approved the construction of four Type 128 anti-submarine frigates. Just eight days later, Sweden’s Saab signed a contract worth approximately €787 million to supply the command and weapon deployment systems for those vessels — underscoring the deepening ties between international defense contractors and TKMS.
In early July, the Canadian government named TKMS as the preferred supplier for the “Canadian Patrol Submarine Project,” a program covering up to twelve Type 212CD submarines. It ranks among the largest defense procurement initiatives in Canadian history.
Burkhard also expects a contract from India for six submarines, with an option for three more, to be finalized by year-end. The TKMS stock itself traded at €79.80 on Monday, down 2.33%, though analysts note that the division’s backlog is so extensive it could keep operations running into the 2040s.
Financing Questions Remain Open
Despite the flurry of positive developments, questions linger over how Thyssenkrupp will fund the marine unit’s expansion. Contrary to earlier speculation, U.S. private equity firm Carlyle is not currently involved in talks regarding a TKMS stake — it withdrew from the bidding process in October 2024 and has not changed its position since.
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Thyssenkrupp continues to explore various paths to independence for the naval division, including a potential state-backed stake via Germany’s KfW development bank. Such an arrangement would help secure the investment needed to service the growing order pipeline.
For investors who recall Thyssenkrupp’s crisis years, the current trajectory is striking. A hypothetical €10,000 investment three years ago, when the stock traded at €5.41, would now be worth €22,712.52 — a gain of 127.13%, excluding dividends and capital adjustments. The group’s market capitalization currently stands at €7.64 billion.
The coming months will test whether the promised contracts and partnerships translate into tangible financial results. The next major milestone is the extraordinary general meeting in August 2026, where shareholders will decide the fate of the materials division spin-off — a vote that could reshape Thyssenkrupp’s structure for decades to come.
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