KH Group: Subsidiaries showed their resilience
The net sales of KH Group’s largest holdings weakened as expected, but the subsidiaries' profitability held their own better than expected and HTJ put forward really strong performance. Our view of the value of the sum of the parts did not change significantly as the calculation indicated a value of some EUR 0.98 per share. KH Group’s short-term outlook is difficult, but looking beyond the cycle, the conditions for value creation are good thanks to the dismantling of the Group structure.
