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1. Company Snapshot

1.a. Company Description

TAKKT AG operates as a B2B direct marketing company for business equipment in Germany, the rest of Europe, and the United States.The company operates in three segments: Industrial & Packaging, Office Furniture & Displays, and FoodService.The Industrial & Packaging segment offers pallet lifting trucks, universal cabinets, and swivel chairs, as well as special-purpose products, such as environmental cabinets and containers for hazardous materials under the KAISER+KRAFT brand; and office and business equipment to smaller corporate customers under the Certeo and Büromöbelonline brands.


The Office Furniture & Displays segment provides office equipment, including office chairs and desks, conference tables and furniture for reception areas under the National Business Furniture (NBF) and OfficeFurniture.com brands; and advertising banners, digital display stands, mobile trade booths, and fixtures under the Displays2Go's and Mydisplays brands.The Foodservice segment offers meal and food preparation and presentation products, such as pots, pans, ice machines, and deep fryers for hotels, restaurants, and catering.This segment also provides buffet equipment, including serving platters and food baskets under the Hubert brand; and various equipment and supplies required for the operation of small to mid-sized restaurants comprising kitchen stoves and freezers under the Central brand.


It offers its products through catalogs, webshops, and telephone sales.The company was founded in 1945 and is based in Stuttgart, Germany.TAKKT AG is a subsidiary of Franz Haniel & Cie.


GmbH.

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1.b. Last Insights on TTK

TAKKT AG faces challenges, with continued losses reported, and net income declining at a rate of 46.5% per year over the past five years. Despite this, the company focuses on strategic growth and efficiency improvements. A recent analysis estimates TAKKT AG's fair value at €6.24, indicating potential undervaluation. The company's Q3 2025 earnings call highlighted its efforts to navigate challenges and drive future success. TAKKT AG's projected annual earnings growth of 119.42% and return to profitability are key factors in its turnaround narrative.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Is There An Opportunity With TAKKT AG's (ETR:TTK) 38% Undervaluation?

Nov -27

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Takkt AG (FRA:TTK) Q3 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...

Oct -30

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TAKKT (XTRA:TTK) Losses Deepen, Challenging Bullish Turnaround Narrative

Oct -30

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.82%)

6. Segments

Industrial and Packaging

Expected Growth: 1.8%

TAKKT AG's Industrial and Packaging segment growth of 1.8% is driven by increasing demand for industrial supplies and packaging solutions, particularly in e-commerce and omnichannel retailing. Additionally, the company's focus on digitalization, process optimization, and strategic acquisitions contribute to its growth momentum.

Food Service

Expected Growth: 2.2%

TAKKT AG's Food Service segment growth of 2.2% is driven by increasing demand for online food ordering and delivery, expansion of meal kit services, and rising need for convenient and healthy food options. Additionally, growing popularity of ghost kitchens and increasing investments in food technology also contribute to the segment's growth.

Office Furniture and Displays

Expected Growth: 1.5%

TAKKT AG's Office Furniture and Displays segment growth of 1.5% is driven by increasing demand for ergonomic and space-saving solutions, rising investments in office renovations, and growing adoption of hybrid workspaces. Additionally, the segment benefits from the company's strong online presence, efficient logistics, and expanding product portfolio.

7. Detailed Products

Office Furniture

TAKKT AG offers a wide range of office furniture, including desks, chairs, tables, and shelving units, designed to provide comfort and functionality in the workplace.

Industrial Packaging

TAKKT AG provides industrial packaging solutions, including boxes, crates, and pallets, designed to protect and transport goods safely and efficiently.

Facility Management

TAKKT AG offers facility management services, including cleaning and hygiene products, waste management solutions, and maintenance equipment, to help maintain a clean and safe working environment.

Food Service Equipment

TAKKT AG supplies food service equipment, including commercial kitchen appliances, utensils, and disposables, designed to meet the needs of restaurants, cafes, and other food service providers.

Hotel and Hospitality Supplies

TAKKT AG provides hotel and hospitality supplies, including linens, toiletries, and amenities, designed to enhance the guest experience.

Janitorial and Sanitation Supplies

TAKKT AG offers janitorial and sanitation supplies, including cleaning chemicals, paper products, and waste management solutions, designed to maintain a clean and hygienic environment.

8. TAKKT AG's Porter Forces

Forces Ranking

Threat Of Substitutes

TAKKT AG operates in the B2B e-commerce industry, where substitutes are limited. However, the company faces competition from traditional offline wholesalers and distributors.

Bargaining Power Of Customers

TAKKT AG's customers are primarily small and medium-sized businesses, which have limited bargaining power. The company's e-commerce platform and wide product range also reduce customer bargaining power.

Bargaining Power Of Suppliers

TAKKT AG relies on a large network of suppliers, which can exert some bargaining power. However, the company's scale and long-term relationships with suppliers mitigate this risk.

Threat Of New Entrants

Entering the B2B e-commerce industry requires significant investment in technology, logistics, and marketing. This barrier to entry reduces the threat of new entrants for TAKKT AG.

Intensity Of Rivalry

The B2B e-commerce industry is highly competitive, with several established players. TAKKT AG faces intense competition from companies like Amazon Business, which can exert downward pressure on prices and margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.58%
Debt Cost 9.50%
Equity Weight 90.42%
Equity Cost 9.79%
WACC 9.76%
Leverage 10.60%

11. Quality Control: TAKKT AG passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
KSB

A-Score: 6.4/10

Value: 9.0

Growth: 5.4

Quality: 5.6

Yield: 3.8

Momentum: 9.0

Volatility: 5.7

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Jungfraubahn

A-Score: 6.3/10

Value: 3.1

Growth: 6.8

Quality: 6.9

Yield: 3.1

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

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Steelcase

A-Score: 5.5/10

Value: 6.9

Growth: 4.6

Quality: 4.5

Yield: 7.0

Momentum: 8.0

Volatility: 2.0

1-Year Total Return ->

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FILA

A-Score: 5.2/10

Value: 8.0

Growth: 5.1

Quality: 5.1

Yield: 3.8

Momentum: 3.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
TAKKT

A-Score: 4.6/10

Value: 9.3

Growth: 1.9

Quality: 3.4

Yield: 8.8

Momentum: 0.0

Volatility: 4.0

1-Year Total Return ->

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ITAB Shop Concept

A-Score: 3.5/10

Value: 6.7

Growth: 6.1

Quality: 4.7

Yield: 1.9

Momentum: 0.5

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.69$

Current Price

3.69$

Potential

-0.00%

Expected Cash-Flows