Added to YB: 2026-06-24
Pitch date: 2026-06-22
TKMS.DE [bullish]
TKMS AG & Co KGaA
Author Info
No bio for this author
Company Info
TKMS AG & Co KGaA, together with its subsidiaries, provides maritime technologies and solutions in Germany, Norway, Brazil, Israel, and internationally.
Market Cap
EUR 4.6B
Pitch Price
N/A
Price Target
140.00
Dividend
N/A
EV/EBITDA
17.76
P/E
18.51
EV/Sales
1.43
Sector
Aerospace and Defense
Category
value
TKMS: A Quiet German Submarine Maker Just Went on Sale
TKMS.DE: Europe's only vertically integrated naval defense co (subs, frigates, sonars). At €75 (down 30% from €107), trades 1.1x EV/sales vs Rheinmetall/Hensoldt 3.4-4.7x. €20.6B backlog (~9x rev) into 2040s, net cash. Q2 rev +10%, EBIT +14%; FCF -€72M on Wismar capex spooked market. Free option on $60B Canada sub bid (decision June 2026): win=€120-140, loss=€65-70. F127 vote, India P-75I sole bidder. European defense spend €130B→€170B+ 2026. Long.
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