TKMS Draws Twin 115-Euro Targets as Eight-Frigate Backlog Underpins the Bull Case
Published on 10/19/2026 at 11:30 | Editorial boerse-global.de
Two research houses issued fresh assessments of TKMS on Monday, and both landed on the same price objective: 115 euros per share. With the Kiel-based naval contractor trading at 83.40 euros, Deutsche Bank and Bernstein Research are each pointing to substantial upside from current levels.
The two calls diverge in direction even as they converge on the target. Deutsche Bank's Sriram Krishnan lifted his price target to 115 euros from 112, keeping a "Buy" rating, and expects a strong close to the 2025/26 fiscal year on the back of solid order intake and operating performance. Bernstein's Adrien Rabier trimmed his target to 115 euros from 120 but reaffirmed an "Outperform" rating, arguing that the shipyard's upcoming results will comfortably clear market expectations — a set of figures he sees as a key catalyst for the share price.
Momentum has already been building. The stock is up 26 percent since the start of the year, and the shared 115-euro objective implies room for further gains.
Should investors sell immediately? Or is it worth buying TKMS?
That optimism rests in part on public-sector demand. The MEKO A-200 DEU programme for the German Navy spans eight vessels worth roughly 11.6 billion euros in total, with a second batch of four ships accounting for about 5.3 billion euros of that sum. The Bundestag's budget committee approved the procurement of the additional four frigates, a decision TKMS officially confirmed, doubling the programme from the four units originally ordered. Media reports indicate the company intends to build all eight ships in rapid succession, with the first unit scheduled for completion at the end of 2029 — a multi-year workload that gives the shipyards a dependable base load in surface vessel construction.
The broader trading backdrop has been supportive as well. TKMS closed Friday at 83.30 euros, a gain of 3.5 percent, as the stock moved in step with the European defence sector. The advance owed nothing to company-specific news: aerospace and defence ranked among the market's strongest segments into the weekend, according to Dow Jones, and a Morgan Stanley industry study added fuel by predicting a pick-up in order awards toward year-end, citing expected disbursements from defence budgets — the German federal budget in particular. The analysts also floated the possibility of a seasonal rally in the sector, and traders responded by buying across a range of defence names, TKMS among them, as the overall market environment steadied.
Investors now have a firm date to circle: the company's annual financial report is scheduled for release on 7 December 2026, and the detailed figures are likely to determine whether the year's advance carries further.
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TKMS Stock: New Analysis - 19 October
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