Thyssenkrupp: Jefferies Sees 16.50 Euros as Accelis Listing Nears
Published on 10/26/2026 at 10:40 | Editorial boerse-global.de
Jefferies has reiterated its buy rating on Thyssenkrupp with a price target of 16.50 euros, and analyst Tommaso Castello sees extra valuation substance ahead of the planned flotation of the materials unit TK Accelis. The decisive factor is not the first day of trading on 28 October 2026 alone, but how the stake and the remaining group are valued.
Castello puts the fair value of Thyssenkrupp after the transaction at 16.80 to 18.70 euros per share — above the unchanged price target. That figure is the analyst's own assessment, not a value gain already banked by shareholders. The separation therefore makes two distinct quantities relevant: the standalone value of the materials division and the valuation of Thyssenkrupp once the transaction is complete. Neither can be equated with the group in its current shape.
For the 49% stake in the materials unit, Jefferies assigns a value of 2.20 to 3.10 euros per Thyssenkrupp share, giving a concrete order of magnitude for Accelis within the house's valuation. For investors, the distinction between a price target and a calculated stake value matters: a separately listed division attracts its own market valuation, but there is no guarantee the market will adopt the analysts' assumptions.
Bank of America Takes a Higher View
Bank of America's target stands at 22 euros. Its sum-of-the-parts approach, after financial adjustments, yields an equity value of 13.5 billion euros, or 21.75 euros per share. The calculation covers the steel business, materials trading and the marine division, and also factors in group costs, net cash, pension obligations and further deductions. The message: operational substance across the divisions is not the only thing that counts — the financial burden at group level does too.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
Both houses see valuation potential, yet their differing approaches are not a joint forecast for the future share price. Particularly ahead of the separation, investors should not mistake individual valuation assumptions for a guaranteed transaction gain.
Distribution Ratio Set, Prospectus Cleared
Thyssenkrupp announced the listing on a Wednesday, and Reuters reported that BaFin had approved the securities prospectus. Shareholders are to receive one tk accelis share for every 20 Thyssenkrupp shares held, a ratio that directly affects owners of the parent company. The start of trading in the Prime Standard of the Frankfurt stock exchange is scheduled for 28 October 2026.
The distinction between announcement and completion is key: the prospectus has been cleared, but the first quotation is still pending. The announced date is the next concrete reference point in the flotation of the materials trading subsidiary, and the allocation ratio is the central condition for existing shareholders — alongside the listing of a subsidiary, they stand to receive an additional security.
Steel Talks Remain a Separate Matter
In the steel business, by contrast, the Reuters report describes a possible staged sale of Thyssenkrupp Steel Europe to Jindal Steel International. An initial majority stake of probably 60% is under discussion, with a later acquisition of the remaining shares possible. Talks and due diligence are underway, according to the report, and the terms could still change. Neither the mooted stake size nor the possible later purchase of the rest should be treated as firmly agreed — and those caveats shape what the sale considerations mean for investors.
The two projects are therefore at different stages. For tk accelis, Thyssenkrupp has announced a listing date and named the allocation ratio; the next confirmed milestone concerns the materials trading subsidiary, while the steel deliberations must be judged separately.
Thyssenkrupp at a turning point? This analysis reveals what investors need to know now.
Accelis Chief Eyes North America
The operational side adds another piece. According to Handelsblatt, Accelis chief executive Ilse Henne intends to use the newly won independence for growth and acquisitions, with North America seen as a particularly promising market. Thyssenkrupp will retain 51% of the company, which employs around 15,500 people and most recently posted annual revenue of 11.4 billion euros — keeping the materials unit a weighty holding even after the IPO.
For Thyssenkrupp shareholders, then, more is at stake than the first day of trading. Analyst valuations hinge on the assigned values of the group's parts and the financial deductions, while Henne's growth plans concern Accelis's operating development. A standalone listing and successful growth are two different steps.
Ad
Thyssenkrupp Stock: New Analysis - 26 October
Fresh Thyssenkrupp information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
