Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>On October 30, 2025, Thyssenkrupp AG (TKA) spun off 49% of its stake in its naval/-marine defense-systems business, TKMS AG &amp; Co. (TKMS).</li><li>TKMS stands out as Germany’s only full-systems provider for non-nuclear submarines, surface vessels and maritime electronics.</li><li>The spin-off is part of a broader move by Thyssenkrupp to unlock shareholder value by simplifying its conglomerate structure.</li></ul>

On October 30, 2025, Thyssenkrupp AG (TKA) spun off 49% of its stake in its naval/-marine defense-systems business, TKMS AG &amp; Co. (TKMS).TKMS stands out as Germany’s only full-systems provider for non-nuclear submarines, surface vessels and maritime electronics.The spin-off is part of a broader move by Thyssenkrupp to unlock shareholder value by simplifying its conglomerate structure.

Thyssenkrupp Marine Systems (TKMS) Spin-off Deep Dive

<ul>
<li>Before I get into my regular update, I want to flag one chart that caught my eye.</li>
<li>The chart below shows that margins have held in there in the face tariffs. This is somewhat surprising to me.</li>
<li>This week was relatively quiet on the open-recommendations front, but I expect the news flow to pick up in the coming weeks as earnings season gets underway</li>
</ul>


Before I get into my regular update, I want to flag one chart that caught my eye.
The chart below shows that margins have held in there in the face tariffs. This is somewhat surprising to me.
This week was relatively quiet on the open-recommendations front, but I expect the news flow to pick up in the coming weeks as earnings season gets underway


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>Thyssenkrupp's recent financial performance and strategic progress provide a mixed outlook for investors.</li>
<li>The company is undergoing significant transformation, focusing on becoming a strategic holding entity with independently managed business segments.</li>
<li>A key element of this transformation is the planned spin-off of thyssenkrupp Marine Systems in 2025, which is on track and backed by strong shareholder support.</li>
</ul>


Thyssenkrupp's recent financial performance and strategic progress provide a mixed outlook for investors.
The company is undergoing significant transformation, focusing on becoming a strategic holding entity with independently managed business segments.
A key element of this transformation is the planned spin-off of thyssenkrupp Marine Systems in 2025, which is on track and backed by strong shareholder support.


Thyssenkrupp Is Reshaping Its Steel Future With 11,000 Job Cuts; What’s The Expected Margin Impact?

<ul>
<li>ThyssenKrupp's recent earnings call highlighted both challenges and opportunities as the company maneuvers through a tough market environment.</li>
<li>The strategic decision to spin off Marine Systems by 2025 is underscored as a pivotal move alongside receiving a significant cash inflow from the sale of Key Electrical Steel India, bolstering the company's financial stance.</li>
<li>Notably, there is a focus on restructuring and adapting to market conditions, evidenced by ongoing negotiations with IG Metall to reconfigure their Steel Europe operations.</li>
</ul>


ThyssenKrupp's recent earnings call highlighted both challenges and opportunities as the company maneuvers through a tough market environment.
The strategic decision to spin off Marine Systems by 2025 is underscored as a pivotal move alongside receiving a significant cash inflow from the sale of Key Electrical Steel India, bolstering the company's financial stance.
Notably, there is a focus on restructuring and adapting to market conditions, evidenced by ongoing negotiations with IG Metall to reconfigure their Steel Europe operations.


ThyssenKrupp - Hidden Value in Elevator Business—A Game Changer?

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>Conservative (CDU/CSU) chancellor-elect Merz should be able to form a stable coalition with SPD, but his "independence from America" requires massive constitutional amendments by 25Mar'25 allowing huge defense/infrastructure spending boosts. </li>
<li>This is a self-goal: the time for independence from America was 3 years ago, when instead Germany followed Biden's command to self-harm itself with a ban on Russian energy imports. </li>
<li>If Germany successfully leads an EU defense/infrastructure spending boom, Trump would still achieve his goal. But Germany would have missed the easier route to recovery via liberalized Russian energy imports. </li>
</ul>


Conservative (CDU/CSU) chancellor-elect Merz should be able to form a stable coalition with SPD, but his "independence from America" requires massive constitutional amendments by 25Mar'25 allowing huge defense/infrastructure spending boosts. 
This is a self-goal: the time for independence from America was 3 years ago, when instead Germany followed Biden's command to self-harm itself with a ban on Russian energy imports. 
If Germany successfully leads an EU defense/infrastructure spending boom, Trump would still achieve his goal. But Germany would have missed the easier route to recovery via liberalized Russian energy imports. 


Germany: Merz Call for 'independence from America' Could Be Ill-Timed Self-Goal

Germany

ThyssenKrupp AG manufactures industrial components.  The Company produces flat rolled and cast steel, automobile parts, elevators and escalators, machine tools, bearings, nonferrous metals and plastics, develops and manages real estate, and designs and constructs factories.

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ThyssenKrupp AG (TKA GR)

Thyssenkrupp Marine Systems (TKMS) Spin-off Deep Dive

On October 30, 2025, Thyssenkrupp AG (TKA) spun off 49% of its stake in its naval/-marine defense-systems business, TKMS AG & Co. (TKMS).

Richard Howe

Weekly Update (TKMS, NATL, HOH.V)

Before I get into my regular update, I want to flag one chart that caught my eye. The chart below shows that margins have held in there in the...

Richard Howe

Thyssenkrupp Is Reshaping Its Steel Future With 11,000 Job Cuts; What’s The Expected Margin Impact?

The company is undergoing significant transformation, focusing on becoming a strategic holding entity with independently managed business segments.

Baptista Research

ThyssenKrupp - Hidden Value in Elevator Business—A Game Changer?

hyssenKrupp's recent earnings call highlighted both challenges and opportunities as the company maneuvers through a tough market environment.

Baptista Research

Germany: Merz Call for 'independence from America' Could Be Ill-Timed Self-Goal

Chancellor-elect Merz is mounting an improbable bid to achieve 'independence from America', as the requisite boost to defence/infra spending...

Prasenjit K. Basu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thyssenkrupp Marine Systems (TKMS) Spin-off Deep Dive

On October 30, 2025, Thyssenkrupp AG (TKA) spun off 49% of its stake in its naval/-marine defense-systems business, TKMS AG & Co. (TKMS).

Richard Howe

Weekly Update (TKMS, NATL, HOH.V)

Before I get into my regular update, I want to flag one chart that caught my eye. The chart below shows that margins have held in there in the...

Richard Howe

Thyssenkrupp Is Reshaping Its Steel Future With 11,000 Job Cuts; What’s The Expected Margin Impact?

The company is undergoing significant transformation, focusing on becoming a strategic holding entity with independently managed business segments.

Baptista Research

ThyssenKrupp - Hidden Value in Elevator Business—A Game Changer?

hyssenKrupp's recent earnings call highlighted both challenges and opportunities as the company maneuvers through a tough market environment.

Baptista Research

Germany: Merz Call for 'independence from America' Could Be Ill-Timed Self-Goal

​Chancellor-elect Merz is mounting an improbable bid to achieve 'independence from America', as the requisite boost to defence/infra spending...

Prasenjit K. Basu

Chancellor-elect Merz is mounting an improbable bid to achieve 'independence from America', as the requisite boost to defence/infra spending...