Thyssenkrupp Sets August Showdown for Materials Spin-Off as tk accelis Valuation Tops €3.6 Billion
Published on 06/18/2026 at 06:22 | Redaktion boerse-global.de
Thyssenkrupp's transformation into a holding company faces its next major test in August, with an extraordinary general meeting scheduled for the 7th to decide the fate of its materials spin-off, tk accelis. Just six days later, the group will release third-quarter results, creating a dense calendar that will test investor patience. The supervisory board has already cleared the demerger, and the plan now goes to shareholders for a final vote. If approved, a Frankfurt listing for the division is expected by year-end 2026. Under the structure, Thyssenkrupp will retain a 51% controlling stake while distributing the remaining 49% directly to existing shareholders.
Analysts are broadly constructive on the move. Jefferies assigns a standalone enterprise value of roughly €3.6 billion to tk accelis and maintains its "Buy" rating on Thyssenkrupp stock, with a price target of €13.00. JPMorgan's Dominic O'Kane called the demerger the next milestone in unlocking shareholder value. The stock, however, edged lower midweek, closing at €11.05 as a cautious market environment and interest-rate jitters prompted profit-taking. Despite the dip, the shares have climbed about 14.25% since the start of the year and trade around 7% above their 50-day moving average and roughly 10% above the 200-day line. The relative strength index stands at 51.6, suggesting no near-term overheating.
tk accelis is no lightweight. In the 2024/25 fiscal year it generated €11.4 billion in revenue and employs approximately 15,500 people. Led by CEO Ilse Henne, the division has carved out a niche in specialised distribution for aviation, defence and data-centre infrastructure. The financial trajectory is improving: in the second quarter of the current fiscal year (2025/26), adjusted EBIT surged 179% to €81 million. Thyssenkrupp itself is scheduled to report third-quarter group numbers on 13 August, with consensus forecasts pencilling in revenue of €8.58 billion and earnings per share of €0.18.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
The demerger of tk accelis is the third major unbundling step for Thyssenkrupp, following the listings of hydrogen subsidiary Nucera and the planned separation of the naval unit TKMS. The strategy is aimed at chipping away at the conglomerate discount that has long weighed on the parent company's valuation. With the board's approval secured, all eyes now turn to the 7 August vote — a result that will determine whether Thyssenkrupp can follow through on its promise to unlock hidden value in its sprawling portfolio.
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