{"id":7862,"date":"2026-08-12T15:00:27","date_gmt":"2026-08-12T13:00:27","guid":{"rendered":"https:\/\/mumak.me\/?p=7862"},"modified":"2026-09-22T11:43:54","modified_gmt":"2026-09-22T09:43:54","slug":"valuation-analysis-tkms","status":"publish","type":"post","link":"https:\/\/mumak.me\/en\/research-insights\/valuation-analysis\/valuation-analysis-tkms\/","title":{"rendered":"Valuation Analysis: TKMS"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7862\" class=\"elementor elementor-7862 elementor-7861\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ab0bcff e-flex e-con-boxed e-con e-parent\" data-id=\"ab0bcff\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cf66051 elementor-widget elementor-widget-mumak_score_card\" data-id=\"cf66051\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"overall\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail mumak-score-card__detail--overall\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">TKMS AG &amp; Co. KGaA<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tAnalysis result: 5 out of 5 MUMAKS\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cecee3 elementor-widget elementor-widget-text-editor\" data-id=\"7cecee3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"0\" data-end=\"336\">TKMS is one of Europe&#8217;s most strategically important maritime defense groups. The Kiel-based company develops and builds conventional submarines, surface combatants, and specialized naval vessels. Through Atlas Elektronik, TKMS also supplies sonar systems, sensors, torpedoes, guidance systems, and maritime electronics.<\/p><p data-start=\"338\" data-end=\"688\">The company&#8217;s prospects are increasingly shaped by rising procurement programs in Europe and NATO&#8217;s maritime defense sector. TKMS&#8217;s order backlog amounted to approximately <strong data-start=\"603\" data-end=\"620\">\u20ac20.1 billion<\/strong> after the first nine months of fiscal year 2025\/26, compared to \u20ac18.2 billion at the end of fiscal year 2024\/25.<\/p><p data-start=\"690\" data-end=\"938\">The <strong data-start=\"694\" data-end=\"731\">Canadian Patrol Submarine Project<\/strong> represents one of the largest potential business opportunities in the company&#8217;s history. Canada has selected TKMS as the preferred bidder for up to twelve submarines based on the Type 212CD platform.<\/p><p data-start=\"940\" data-end=\"1094\" data-is-last-node=\"\" data-is-only-node=\"\">Operational momentum has significantly increased. In the first nine months of fiscal year 2025\/26, revenue rose by <strong data-start=\"1066\" data-end=\"1093\">19% to \u20ac1.890 billion<\/strong>.<\/p><h2 class=\"PDq2pG_selectionAnchorContainer\" data-start=\"0\" data-end=\"293\">Assessment<\/h2><p><span data-contrast=\"none\">This analysis evaluates TKMS according to the UMBRELLA strategy using the MUMAK method. <\/span><\/p><p><span data-contrast=\"none\">The evaluation is carried out across five decision phases: <strong>Geopolitics<\/strong>, <strong>Industry<\/strong>, <strong>Fundamentals<\/strong>, <strong>Market Sentiment<\/strong>, and <strong>Technical Analysis.<\/strong><\/span><\/p><p><span data-contrast=\"none\">The goal is not to predict the future precisely. The goal is to provide orientation. We classify facts, show their interdependencies, and structure a comprehensible decision logic.<\/span><span data-ccp-props=\"{\"> <\/span><\/p> <p><b><span data-contrast=\"none\">We explain \u2013 you decide.<\/span><\/b><span data-ccp-props=\"{\"> <\/span><\/p><h3>Geopolitics<\/h3><h4><strong>Context <\/strong><\/h4><p style=\"font-weight: 400\">TKMS benefits from the rebuilding of European and NATO naval forces. Submarines, anti-submarine warfare systems, maritime surveillance, and the protection of vital sea lanes in the Atlantic and Baltic Seas have gained significant priority in defense spending.<\/p><p style=\"font-weight: 400\">The Type 212CD submarine program is a central growth driver for TKMS. Germany and Norway are already utilizing the program, and Norway increased its order to six submarines in January 2026. In July, Canada selected Team 212CD as the preferred bidder for up to twelve submarines. If a final agreement is reached, Germany, Norway, and Canada could operate submarines based on the same platform.<\/p><h5>Opportunities<\/h5><ul><li><strong>Rising European defense spending: <\/strong>Higher defense budgets support demand for submarines, frigates, and naval systems.<\/li><li><strong>Growing NATO cooperation: <\/strong>Germany, Norway, and potentially Canada could deploy the Type 212CD submarine.<\/li><li><strong>Opportunity in Canada: <\/strong>Canada has selected TKMS as the preferred bidder for its new submarine program.<\/li><li><strong>Modernization of the German Navy: <\/strong>Germany is investing in new submarines and frigates.<\/li><li><strong>Strategic importance: <\/strong>Maritime defense is gaining importance in the Baltic Sea and the North Atlantic.<\/li><li><strong>International expansion: <\/strong>Projects in Canada and India could reduce dependence on the German market.<\/li><\/ul><h5>Risks<\/h5><ul><li><strong>Dependence on government budgets: <\/strong>The majority of TKMS orders depend on public defense spending.<\/li><li><strong>Political delays: <\/strong>Large military projects can be postponed.<\/li><li><strong>Long procurement processes: <\/strong>The conclusion of large contracts can take several years.<\/li><li><strong>Changing priorities: <\/strong>Elections or political shifts can influence defense spending.<\/li><li><strong>Export restrictions: <\/strong>European regulations can restrict sales to certain countries.<\/li><\/ul><p style=\"font-weight: 400\"><strong>Key Takeaway: <\/strong>Higher defense spending and stronger NATO cooperation support TKMS, but large orders remain dependent on political decisions.<\/p><p style=\"font-weight: 400\"><strong>MUMAK.me Rating Phase 1: Positive = 1 MUMAK<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01f5628 elementor-widget elementor-widget-mumak_score_card\" data-id=\"01f5628\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"geopolitik\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">TKMS AG &amp; Co. KGaA<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Geopolitics: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7538b74 elementor-widget elementor-widget-text-editor\" data-id=\"7538b74\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Industry<\/h3><h4><b><span data-contrast=\"none\">Classification<\/span><\/b><span data-ccp-props=\"{\"> <\/span><\/h4><p style=\"font-weight: 400\">After years of limited investment in many NATO fleets, maritime defense is entering a phase of significantly higher spending. Demand for submarines, frigates, sonar systems, underwater weapons, and naval electronics is rising \u2013 all core business areas for TKMS.<\/p><p style=\"font-weight: 400\">TKMS is expanding its capacities in Wismar and working with international shipyards and technology partners. Atlas Elektronik also strengthens the Group&#8217;s position in naval electronics and integrated systems.<\/p><div><h5><span lang=\"EN-GB\">Valuation Comparison<\/span><\/h5><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-770b280 elementor-widget elementor-widget-Table\" data-id=\"770b280\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-b16eac5\"   >TKMS 2026e<\/th><th class=\"elementor-inline-editing elementor-repeater-item-1a47c6c\"   >European Defense\/Marine Peer Group*<\/th><th class=\"elementor-inline-editing elementor-repeater-item-0c5e4fd\"   >Valuation<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Key Figure\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>P\/E Ratio <\/b><\/td><td data-label=\"TKMS 2026e\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" >39.5x<\/td><td data-label=\"European Defense\/Marine Peer Group*\"   class=\"elementor-repeater-item-26f1dfd td-content-type-default\" >approx. 24-32x<\/td><td data-label=\"Valuation\"   class=\"elementor-repeater-item-14b594b td-content-type-default\" >Weaker<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>EBIT Margin<\/b><\/td><td data-label=\"TKMS 2026e\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >6.5%<\/td><td data-label=\"European Defense\/Marine Peer Group*\"   class=\"elementor-repeater-item-7eb8762 td-content-type-default\" >approx. 8-12%<\/td><td data-label=\"Valuation\"   class=\"elementor-repeater-item-85dbf8a td-content-type-default\" >Weaker<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e1ec6c0 td-content-type-default\" ><b>Net Margin<\/b><\/td><td data-label=\"TKMS 2026e\"   class=\"elementor-repeater-item-90c6fa4 td-content-type-default\" >6%<\/td><td data-label=\"European Defense\/Marine Peer Group*\"   class=\"elementor-repeater-item-a4e4bad td-content-type-default\" >approx. 6-9%<\/td><td data-label=\"Valuation\"   class=\"elementor-repeater-item-5adf397 td-content-type-default\" >Weaker<\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-2879866 td-content-type-default\" ><b>Revenue Growth<\/b><\/td><td data-label=\"TKMS 2026e\"   class=\"elementor-repeater-item-0ac056d td-content-type-default\" >approx. 5%<\/td><td data-label=\"European Defense\/Marine Peer Group*\"   class=\"elementor-repeater-item-0f25fcf td-content-type-default\" >approx. 7-12%<\/td><td data-label=\"Valuation\"   class=\"elementor-repeater-item-211fb5e td-content-type-default\" >Weaker<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45a3293 elementor-widget elementor-widget-text-editor\" data-id=\"45a3293\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400\"><em>*The peer group includes selected European defense and naval companies, including BAE Systems, Fincantieri, Saab, and Thales. Source: MarketScreener consensus.<\/em><\/p><h5><strong>Opportunities<\/strong><\/h5><ul><li><strong>Growing market for maritime defense: <\/strong>European countries are increasing investment in submarines, frigates, and naval technology.<\/li><li><strong>Strong market position: <\/strong>TKMS is one of the leading providers of non-nuclear submarines.<\/li><li><strong>High barriers to entry: <\/strong>Building modern submarines requires advanced technology and decades of experience.<\/li><li><strong>Large order backlog: <\/strong>An order backlog of more than EUR 20 billion offers high visibility for future business.<\/li><li><strong>Naval electronics: <\/strong>Sensors, sonar, and electronic systems broaden the TKMS product portfolio.<\/li><li><strong>Long-term service business: <\/strong>Maintenance and modernization can generate revenue for decades after delivery.<\/li><\/ul><h5><strong>Risks<\/strong><\/h5><ul><li><strong>Limited production capacities: <\/strong>Shipyards can only build a limited number of vessels simultaneously.<\/li><li><strong>Shortage of skilled labor: <\/strong>Naval shipbuilding requires highly specialized employees.<\/li><li><strong>Complex supply chains: <\/strong>Delays in components can slow down large projects.<\/li><li><strong>Strong competition: <\/strong>European and international shipbuilders compete for large naval contracts.<\/li><li><strong>Long delivery times: <\/strong>Building submarines and frigates can take many years.<\/li><li><strong>Rising costs: <\/strong>Higher labor and material costs can weigh on profitability.<\/li><\/ul><p style=\"font-weight: 400\"><strong>Key Takeaway: <\/strong>Rising naval spending and TKMS&#8217;s strong position in the submarine sector support the company, while production capacities and complex projects remain key challenges.<\/p><p style=\"font-weight: 400\"><strong>MUMAK.me Rating Phase 2: Positive = 1 MUMAK<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-639e29c elementor-widget elementor-widget-mumak_score_card\" data-id=\"639e29c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"branche\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">TKMS AG &amp; Co. KGaA<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Industry: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9d3a8f elementor-widget elementor-widget-text-editor\" data-id=\"e9d3a8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3><b><span data-contrast=\"none\">Fundamentals<\/span><\/b><\/h3><h4><span data-contrast=\"none\">Context<\/span><span data-ccp-props=\"{\"> <\/span><\/h4><p data-start=\"509\" data-end=\"627\">TKMS achieved revenue of approximately <strong data-start=\"545\" data-end=\"561\">\u20ac1.9 billion<\/strong>, representing a <strong data-start=\"585\" data-end=\"615\">19% increase year-over-year<\/strong>.<\/p><p data-start=\"629\" data-end=\"736\">Adjusted EBIT rose to <strong data-start=\"666\" data-end=\"682\">\u20ac110 million<\/strong>, compared to <strong data-start=\"699\" data-end=\"714\">\u20ac98 million<\/strong> in the prior-year period.<\/p><p data-start=\"738\" data-end=\"954\">Particularly important is the significant upward revision of the full-year revenue forecast. TKMS now expects revenue growth of <strong data-start=\"893\" data-end=\"904\">10\u201312%<\/strong> for fiscal year 2025\/26, compared to the previous forecast of <strong data-start=\"944\" data-end=\"953\">2\u20135%<\/strong>.<\/p><p data-start=\"956\" data-end=\"1206\">The more optimistic outlook particularly reflects the positive development at <strong data-start=\"1036\" data-end=\"1056\">ATLAS ELEKTRONIK<\/strong> and in the <strong data-start=\"1072\" data-end=\"1091\">Surface Vessels<\/strong> segment, while moderate growth is expected for the submarine business.<\/p><h5>Financial Performance &#8211; 9M FY 2025\/26<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e6a982 elementor-widget elementor-widget-Table\" data-id=\"7e6a982\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Key Figure<\/th><th class=\"elementor-inline-editing elementor-repeater-item-b16eac5\"   >9M FY 2025\/26<\/th><th class=\"elementor-inline-editing elementor-repeater-item-1a47c6c\"   >9M FY 2024\/25<\/th><th class=\"elementor-inline-editing elementor-repeater-item-0c5e4fd\"   >Change<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Key Figure\"   class=\"elementor-repeater-item-24f6e54 td-content-type-default\" ><b>Revenue <\/b><\/td><td data-label=\"9M FY 2025\/26\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" ><b>EUR 1.890 billion <\/b><\/td><td data-label=\"9M FY 2024\/25\"   class=\"elementor-repeater-item-26f1dfd td-content-type-default\" >EUR 1.587 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-7075330 td-content-type-default\" ><b>+19% <\/b><\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Adjusted EBIT<\/b><\/td><td data-label=\"9M FY 2025\/26\"   class=\"elementor-repeater-item-c12d830 td-content-type-default\" ><b>EUR 110 million <\/b><\/td><td data-label=\"9M FY 2024\/25\"   class=\"elementor-repeater-item-14b594b td-content-type-default\" >EUR 98 million<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-817efd6 td-content-type-default\" ><b>+13%<\/b><\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-e1ec6c0 td-content-type-default\" ><b>Adjusted EBIT Margin<\/b><\/td><td data-label=\"9M FY 2025\/26\"   class=\"elementor-repeater-item-9d48715 td-content-type-default\" ><b>5.8% <\/b><\/td><td data-label=\"9M FY 2024\/25\"   class=\"elementor-repeater-item-90c6fa4 td-content-type-default\" >6.1%<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-9572fbb td-content-type-default\" ><b>\u22120.3 percentage points<\/b><\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-2879866 td-content-type-default\" ><b>Order Intake<\/b><\/td><td data-label=\"9M FY 2025\/26\"   class=\"elementor-repeater-item-f15cbca td-content-type-default\" ><b>EUR 3.409 billion <\/b><\/td><td data-label=\"9M FY 2024\/25\"   class=\"elementor-repeater-item-0ac056d td-content-type-default\" >EUR 5.597 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-4926920 td-content-type-default\" ><b>\u221239%<\/b><\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-3b6a5a3 td-content-type-default\" ><b>Order Backlog<\/b><\/td><td data-label=\"9M FY 2025\/26\"   class=\"elementor-repeater-item-a43de40 td-content-type-default\" ><b>EUR 20.6 billion <\/b><\/td><td data-label=\"9M FY 2024\/25\"   class=\"elementor-repeater-item-bfd0ffa td-content-type-default\" >EUR 18.2 billion<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-a508478 td-content-type-default\" ><b>+13% <\/b><\/td><\/tr><tr><td data-label=\"Key Figure\"   class=\"elementor-repeater-item-ddb86d7 td-content-type-default\" ><b>Free Cash Flow<\/b><\/td><td data-label=\"9M FY 2025\/26\"   class=\"elementor-repeater-item-cb5221f td-content-type-default\" ><b>\u2212EUR 72 million <\/b><\/td><td data-label=\"9M FY 2024\/25\"   class=\"elementor-repeater-item-fd6a3ae td-content-type-default\" >+EUR 756 million<\/td><td data-label=\"Change\"   class=\"elementor-repeater-item-06d7165 td-content-type-default\" ><b>\u2212EUR 828 million  <\/b><\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e23bcd0 elementor-widget elementor-widget-text-editor\" data-id=\"e23bcd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"560\" data-end=\"682\">The decline in order intake should not be interpreted as a deterioration of underlying demand.<\/p><p data-start=\"684\" data-end=\"914\">The prior-year comparison was exceptionally high, as TKMS received several major orders, including the expansion of the German-Norwegian <strong data-start=\"826\" data-end=\"850\">Type 212CD program<\/strong> and the order for the new research vessel <strong data-start=\"899\" data-end=\"913\">Polarstern<\/strong>.<\/p><h5 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1exvk13\" data-start=\"0\" data-end=\"32\">Historical Financial Performance<\/h5><p data-start=\"34\" data-end=\"183\" data-is-last-node=\"\" data-is-only-node=\"\">TKMS recorded <strong data-start=\"56\" data-end=\"91\">continuous revenue growth<\/strong> and was able to <strong data-start=\"120\" data-end=\"182\">significantly increase profitability compared to previous years<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<a href=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS_Finanzdaten-1-scaled.png\" target=\"_self\" class=\"e-image-link-base\" data-interaction-id=\"6e9fb1b\"\n\t><img fetchpriority=\"high\" decoding=\"async\" class=\"e-image-base \" data-e-type=\"widget\" data-id=\"6e9fb1b\" id=\"8022\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS_Finanzdaten-1-scaled.png\" width=\"2560\" height=\"1072\" srcset=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS_Finanzdaten-1-scaled.png 2560w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS_Finanzdaten-1-300x126.png 300w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS_Finanzdaten-1-1024x429.png 1024w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS_Finanzdaten-1-768x321.png 768w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS_Finanzdaten-1-1536x643.png 1536w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS_Finanzdaten-1-2048x857.png 2048w\" alt=\"tkms-financial-data\"\/>\t<\/a>\t\t\t\t<div class=\"elementor-element elementor-element-9e02959 elementor-widget elementor-widget-text-editor\" data-id=\"9e02959\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"40a3rg\" data-start=\"0\" data-end=\"26\">Updated Outlook<\/h5><p data-start=\"28\" data-end=\"144\">Following the strong results of the first nine months, TKMS has raised its forecast for fiscal year 2025\/26.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd6a2e0 elementor-widget elementor-widget-Table\" data-id=\"dd6a2e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   >Forecast<\/th><th class=\"elementor-inline-editing elementor-repeater-item-f44885d\"   >New Outlook<\/th><th class=\"elementor-inline-editing elementor-repeater-item-23de24f\"   >Previous Outlook<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<\/tr><tr><td data-label=\"Forecast\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Revenue Growth<\/b><\/td><td data-label=\"New Outlook\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" ><b>+10\u201312%<\/b><\/td><td data-label=\"Previous Outlook\"   class=\"elementor-repeater-item-7647d0a td-content-type-default\" >+2\u20135%<\/td><\/tr><tr><td data-label=\"Forecast\"   class=\"elementor-repeater-item-d27b099 td-content-type-default\" ><b>Adjusted EBIT Margin <\/b><\/td><td data-label=\"New Outlook\"   class=\"elementor-repeater-item-08a1df6 td-content-type-default\" ><b>up to 6.5%<\/b>\n<\/td><td data-label=\"Previous Outlook\"   class=\"elementor-repeater-item-3dfb4de td-content-type-default\" >over 6%<\/td><\/tr><tr><td data-label=\"Forecast\"   class=\"elementor-repeater-item-b414230 td-content-type-default\" ><b>Mid-term Revenue Growth <\/b><\/td><td data-label=\"New Outlook\"   class=\"elementor-repeater-item-0a56049 td-content-type-default\" ><b>Confirmed<\/b><\/td><td data-label=\"Previous Outlook\"   class=\"elementor-repeater-item-c2d4219 td-content-type-default\" >approx. 10% annually<\/td><\/tr><tr><td data-label=\"Forecast\"   class=\"elementor-repeater-item-4c27e4e td-content-type-default\" ><b>Mid-term EBIT Margin<\/b><\/td><td data-label=\"New Outlook\"   class=\"elementor-repeater-item-1a20c12 td-content-type-default\" ><b>Confirmed<\/b><\/td><td data-label=\"Previous Outlook\"   class=\"elementor-repeater-item-2efbd22 td-content-type-default\" >above 7%<\/td><\/tr><tr><td data-label=\"Forecast\"   class=\"elementor-repeater-item-6a116f6 td-content-type-default\" ><b>Strategic Investments<\/b><\/td><td data-label=\"New Outlook\"   class=\"elementor-repeater-item-92246a6 td-content-type-default\" ><b>Unchanged\n<\/b><\/td><td data-label=\"Previous Outlook\"   class=\"elementor-repeater-item-18da94a td-content-type-default\" >approx. \u20ac200 million<\/td><\/tr><tr><td data-label=\"Forecast\"   class=\"elementor-repeater-item-762de5a td-content-type-default\" ><b>Dividend Policy<\/b><\/td><td data-label=\"New Outlook\"   class=\"elementor-repeater-item-8d30f57 td-content-type-default\" ><b>First distribution targeted for 2027\n<\/b><\/td><td data-label=\"Previous Outlook\"   class=\"elementor-repeater-item-bc9e011 td-content-type-default\" >30\u201350% of net profit<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a31c95 elementor-widget elementor-widget-text-editor\" data-id=\"6a31c95\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1rg8syy\" data-start=\"0\" data-end=\"11\">Opportunities<\/h5><ul data-start=\"13\" data-end=\"659\"><li data-section-id=\"vjarhg\" data-start=\"13\" data-end=\"102\"><strong data-start=\"15\" data-end=\"49\">Accelerated Revenue Growth:<\/strong> Revenue in the first nine months increased by 19%.<\/li><li data-section-id=\"1w7iil7\" data-start=\"180\" data-end=\"291\"><strong data-start=\"182\" data-end=\"206\">Raised Forecast:<\/strong> Management increased the forecast for revenue growth in fiscal year 2025\/26.<\/li><li data-section-id=\"k94rzk\" data-start=\"292\" data-end=\"406\"><strong data-start=\"294\" data-end=\"320\">High Order Backlog:<\/strong> Orders totaling approximately <strong data-start=\"349\" data-end=\"366\">\u20ac20.1 billion<\/strong> ensure high revenue visibility.<\/li><li data-section-id=\"nvguhj\" data-start=\"407\" data-end=\"549\"><strong data-start=\"409\" data-end=\"439\">Large Future Orders:<\/strong> Programs in Canada, Germany, India, and other countries could significantly increase the order backlog.<\/li><li data-section-id=\"1e3ngih\" data-start=\"550\" data-end=\"659\"><strong data-start=\"552\" data-end=\"586\">Growth at Atlas Elektronik:<\/strong> The marine electronics segment offers an additional growth driver.<\/li><\/ul><h5 data-section-id=\"1x6f6cn\" data-start=\"661\" data-end=\"672\">Risks<\/h5><ul data-start=\"674\" data-end=\"1165\"><li data-section-id=\"yspss7\" data-start=\"674\" data-end=\"798\"><strong data-start=\"676\" data-end=\"698\">Margin Development:<\/strong> The adjusted EBIT margin declined in the first nine months despite strong revenue growth.<\/li><li data-section-id=\"1suwn0l\" data-start=\"799\" data-end=\"900\"><strong data-start=\"801\" data-end=\"829\">Long Project Durations:<\/strong> Revenues from naval orders are realized over many years.<\/li><li data-section-id=\"10ghoz6\" data-start=\"901\" data-end=\"1027\"><strong data-start=\"903\" data-end=\"933\">Cash Flow Volatility:<\/strong> Milestone payments from customers can lead to significant fluctuations in free cash flow.<\/li><li data-section-id=\"ktxubq\" data-start=\"1028\" data-end=\"1165\"><strong data-start=\"1030\" data-end=\"1070\">High Implementation Requirements:<\/strong> Current forecasts assume a successful expansion of production capacities.<\/li><\/ul><p><strong>Key Takeaway: <\/strong>The Q3 results significantly strengthen TKMS&#8217;s fundamental outlook.<\/p><p style=\"font-weight: 400\"><strong>MUMAK.me Rating Phase 3: Positive = 1 MUMAK<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a7c9c8 elementor-widget elementor-widget-mumak_score_card\" data-id=\"9a7c9c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"fundamentals\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">TKMS AG &amp; Co. KGaA<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Fundamentals: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c15ab35 elementor-widget elementor-widget-text-editor\" data-id=\"c15ab35\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>News, Analysts, and Market Sentiment<\/h3><h4>Context<\/h4><p style=\"font-weight: 400\">Recent news has strengthened TKMS&#8217;s position. The most significant development occurred in July when Canada selected Team 212CD as the preferred bidder for a potential program of twelve submarines. Delivery of the first submarine is currently scheduled for 2033.<\/p><p style=\"font-weight: 400\">Germany has also advanced plans to purchase four MEKO A-200 DEU frigates with an option for additional vessels. TKMS is also pursuing projects and partnerships in markets such as India, Spain, Greece, and Brazil.<\/p><p style=\"font-weight: 400\">The Q3 results provide another positive impetus for market sentiment.<\/p><h5><span data-contrast=\"none\">Analyst Consensus<\/span><span data-ccp-props=\"{\"> <\/span><\/h5> \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3193062 elementor-widget elementor-widget-Table\" data-id=\"3193062\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-3f3f2e0\"   ><\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"\"   class=\"elementor-repeater-item-12cb466 td-content-type-default\" ><b>Average Recommendation<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-e2f92fe td-content-type-default\" ><b>ACCUMULATE<\/b>\n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-e050aa7 td-content-type-default\" ><b>Number of Analysts <\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-f98ac57 td-content-type-default\" >7<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-bba0bf7 td-content-type-default\" ><b>Average Price Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-35f1c12 td-content-type-default\" >approx. EUR 100 \n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-e9b18d8 td-content-type-default\" ><b>Potential to Average Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-19a0849 td-content-type-default\" >approx. +13%<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-91165f8 td-content-type-default\" ><b>Highest Price Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-8833fb8 td-content-type-default\" >EUR 140 \n<\/td><\/tr><tr><td data-label=\"\"   class=\"elementor-repeater-item-85848b8 td-content-type-default\" ><b>Lowest Price Target<\/b><\/td><td data-label=\"\"   class=\"elementor-repeater-item-da32a54 td-content-type-default\" >EUR 76 \n<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d8310e elementor-widget elementor-widget-text-editor\" data-id=\"6d8310e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><i><span data-contrast=\"none\">Source: MarketScreener, retrieved August 2026.<\/span><\/i><span data-ccp-props=\"{}\"> <\/span><\/p><h5><strong>Interesting Fact<\/strong><\/h5><p style=\"font-weight: 400\">The Canadian program alone could increase TKMS&#8217;s existing order backlog of \u20ac20.6 billion by more than 50%. If the contract is signed, it would be the largest single order in TKMS&#8217;s history and could support production, maintenance, and partnership revenues for decades.<\/p><h5><strong>Opportunities<\/strong><\/h5><ul data-start=\"13\" data-end=\"231\" data-is-last-node=\"\" data-is-only-node=\"\"><li data-section-id=\"1n6q4mr\" data-start=\"13\" data-end=\"111\"><strong data-start=\"15\" data-end=\"40\">Strong Q3 Results:<\/strong> Revenue increased by 19%, while adjusted EBIT grew by 13%.<\/li><li data-section-id=\"1jrmpe7\" data-start=\"112\" data-end=\"231\" data-is-last-node=\"\"><strong data-start=\"114\" data-end=\"138\">Raised Forecast:<\/strong> Management significantly increased its growth expectations for fiscal year 2025\/26.<\/li><li data-section-id=\"1jrmpe7\" data-start=\"112\" data-end=\"231\" data-is-last-node=\"\"><strong>Canadian Submarine Project: <\/strong>TKMS was selected as the preferred bidder for up to twelve Type 212CD submarines.<\/li><li data-section-id=\"1jrmpe7\" data-start=\"112\" data-end=\"231\" data-is-last-node=\"\"><strong>Order Backlog Potential: <\/strong>The Canadian project could increase the current order backlog by more than 50%.<\/li><li data-section-id=\"1jrmpe7\" data-start=\"112\" data-end=\"231\" data-is-last-node=\"\"><strong>German Frigate Program: <\/strong>Germany approved four MEKO A-200 DEU frigates with an option for additional units.<\/li><\/ul><h5><strong>Risks<\/strong><\/h5><ul><li><strong>Canada not yet final: <\/strong>The status as preferred supplier is important, but the final contract still needs to be concluded.<\/li><li><strong>High expectations: <\/strong>Positive news has already raised expectations for future growth.<\/li><li><strong>News sensitivity: <\/strong>Delays in major defense projects could quickly dampen market sentiment.<\/li><li><strong>Limited stock market history: <\/strong>TKMS has only been listed since 2025, making long-term market behavior still difficult to assess.<\/li><\/ul><p style=\"font-weight: 400\"><strong>Key takeaway: <\/strong>Q3 strengthens the positive market sentiment surrounding TKMS.<\/p><p style=\"font-weight: 400\"><strong>MUMAK.me Rating Phase 4: Positive = 1 MUMAK<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6761952 elementor-widget elementor-widget-mumak_score_card\" data-id=\"6761952\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"sentiment\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">TKMS AG &amp; Co. KGaA<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-default\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Market Sentiment: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c81523 elementor-widget elementor-widget-text-editor\" data-id=\"1c81523\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Technical Analysis<\/h3><h4>Context<\/h4><p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"0\" data-end=\"222\">The TKMS share has recovered significantly after the recent consolidation phase. After finding support in the range of <strong data-start=\"107\" data-end=\"122\">\u20ac79.5\u201383<\/strong>, the share rose sharply and is currently trading at approximately <strong data-start=\"209\" data-end=\"221\">\u20ac99.4<\/strong>.<\/p><p data-start=\"224\" data-end=\"489\">The recent price movement is technically significant, as the share has broken above the previous resistance area at <strong data-start=\"341\" data-end=\"354\">\u20ac93\u201394<\/strong> and is now testing the important resistance at approximately <strong data-start=\"424\" data-end=\"436\">\u20ac99.7<\/strong>, which roughly corresponds to the previous high.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e450a5 elementor-widget elementor-widget-Table\" data-id=\"7e450a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-a4af3fd\"   >Indicator <\/th><th class=\"elementor-inline-editing elementor-repeater-item-3b3ef9b\"   >Rating<\/th><th class=\"elementor-inline-editing elementor-repeater-item-03c62f4\"   >Interpretation<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Indicator\"   class=\"elementor-repeater-item-ca181a9 td-content-type-default\" ><b>RSI (14)<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-24148b1 td-content-type-default\" >Positive<\/td><td data-label=\"Interpretation\"   class=\"elementor-repeater-item-5505f4d td-content-type-default\" >The daily RSI has risen to around 71, placing it slightly in overbought territory.<\/td><\/tr><tr><td data-label=\"Indicator\"   class=\"elementor-repeater-item-750ef14 td-content-type-default\" ><b>MACD<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-b92892f td-content-type-default\" >Positive <\/td><td data-label=\"Interpretation\"   class=\"elementor-repeater-item-a6f194f td-content-type-default\" >The MACD provides a bullish signal.<\/td><\/tr><tr><td data-label=\"Indicator\"   class=\"elementor-repeater-item-da9ce5b td-content-type-default\" ><b>Bollinger Bands <\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-9492819 td-content-type-default\" >Positive<\/td><td data-label=\"Interpretation\"   class=\"elementor-repeater-item-e322fbd td-content-type-default\" >The share price has risen sharply towards the upper Bollinger Band and slightly exceeded it. This is another sign of strong buying momentum.<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e719596 elementor-widget elementor-widget-text-editor\" data-id=\"e719596\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5><span class=\"TextRun SCXW195081715 BCX4\" lang=\"DE-AT\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW195081715 BCX4\" data-ccp-parastyle=\"heading 2\">Performance over the last weeks\/months<\/span><\/span><span class=\"EOP Selected SCXW195081715 BCX4\" data-ccp-props=\"{\"> (as of Aug 12, 2026)<\/span><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<a href=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS-1-Tag-3-scaled.png\" target=\"_self\" class=\"e-image-link-base\" data-interaction-id=\"1d329ce\"\n\t><img decoding=\"async\" class=\"e-image-base \" data-e-type=\"widget\" data-id=\"1d329ce\" id=\"8023\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS-1-Tag-3-scaled.png\" width=\"2560\" height=\"1086\" srcset=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS-1-Tag-3-scaled.png 2560w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS-1-Tag-3-300x127.png 300w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS-1-Tag-3-1024x435.png 1024w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS-1-Tag-3-768x326.png 768w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS-1-Tag-3-1536x652.png 1536w, https:\/\/mumak.me\/wp-content\/uploads\/2026\/08\/TKMS-1-Tag-3-2048x869.png 2048w\" alt=\"TKMS 1 Day\"\/>\t<\/a>\t\t\t\t<div class=\"elementor-element elementor-element-8039a02 elementor-widget elementor-widget-text-editor\" data-id=\"8039a02\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div class=\"\" data-turn-id-container=\"d68cad71-da10-4f4a-adc3-4842f4233d44\" data-is-intersecting=\"true\"><section class=\"text-token-text-primary w-full focus:outline-none has-data-writing-block:pointer-events-none [&amp;:has([data-writing-block])&gt;*]:pointer-events-auto R6Vx5W_threadScrollVars scroll-mb-[calc(var(--scroll-root-safe-area-inset-bottom,0px)+var(--thread-response-height))] scroll-mt-(--sticky-padding-top)\" dir=\"auto\" data-turn-id=\"d68cad71-da10-4f4a-adc3-4842f4233d44\" data-turn-id-container=\"d68cad71-da10-4f4a-adc3-4842f4233d44\" data-testid=\"conversation-turn-13\" data-turn=\"user\"><div class=\"text-base my-auto mx-auto pt-12 [--thread-content-margin:var(--thread-content-margin-xs,calc(var(--spacing)*4))] @w-sm\/main:[--thread-content-margin:var(--thread-content-margin-sm,calc(var(--spacing)*6))] @w-lg\/main:[--thread-content-margin:var(--thread-content-margin-lg,calc(var(--spacing)*16))] px-(--thread-content-margin)\"><div class=\"[--thread-content-max-width:40rem] @w-lg\/main:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group\/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col\" data-conversation-screenshot-content=\"\"><div class=\"flex max-w-full flex-col gap-4 grow\"><div class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal outline-none keyboard-focused:focus-ring [.text-message+&amp;]:mt-1\" dir=\"auto\" data-message-author-role=\"user\" data-message-id=\"d68cad71-da10-4f4a-adc3-4842f4233d44\"><div class=\"flex w-full flex-col gap-1 empty:hidden items-end rtl:items-start\"><div class=\"flex flex-col w-fit max-w-(--user-chat-width,70%) items-start self-end rtl:items-end rtl:self-start\"><div class=\"corner-superellipse\/0.98 relative min-w-0 overflow-hidden rounded-[22px] px-4 py-2.5 leading-6 user-message-bubble-color w-full\"><div class=\"A_HxFq_root\" data-custom-highlighting-behavior=\"boundary\" data-collapsed=\"\" data-testid=\"collapsible-user-message-root\" data-can-expand=\"\"><div id=\"_r_4p7_\" class=\"A_HxFq_content\" data-testid=\"collapsible-user-message-content\"><div class=\"markdown prose dark:prose-invert wrap-break-word light markdown-new-styling _0QcAJW_root\"><h5>RSI (14)<\/h5><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div><div class=\"\" data-turn-id-container=\"request-WEB:87fc110c-0740-47f7-898e-739ded8a5375-42\" data-is-intersecting=\"true\"><section class=\"text-token-text-primary w-full focus:outline-none has-data-writing-block:pointer-events-none [&amp;:has([data-writing-block])&gt;*]:pointer-events-auto R6Vx5W_threadScrollVars scroll-mb-[calc(var(--scroll-root-safe-area-inset-bottom,0px)+var(--thread-response-height))] scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]\" dir=\"auto\" data-turn-id=\"request-WEB:87fc110c-0740-47f7-898e-739ded8a5375-42\" data-turn-id-container=\"request-WEB:87fc110c-0740-47f7-898e-739ded8a5375-42\" data-testid=\"conversation-turn-14\" data-turn=\"assistant\"><div class=\"text-base my-auto mx-auto pb-8 [--thread-content-margin:var(--thread-content-margin-xs,calc(var(--spacing)*4))] @w-sm\/main:[--thread-content-margin:var(--thread-content-margin-sm,calc(var(--spacing)*6))] @w-lg\/main:[--thread-content-margin:var(--thread-content-margin-lg,calc(var(--spacing)*16))] px-(--thread-content-margin)\"><div class=\"[--thread-content-max-width:40rem] @w-lg\/main:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group\/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col agent-turn\" data-conversation-screenshot-content=\"\"><div class=\"flex max-w-full flex-col gap-4 grow\"><div class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal outline-none keyboard-focused:focus-ring [.text-message+&amp;]:mt-1\" dir=\"auto\" tabindex=\"0\" data-message-author-role=\"assistant\" data-message-id=\"6b744b37-12d9-4422-b7a6-4c586e55867f\" data-message-model-slug=\"gpt-5-6\" data-turn-start-message=\"true\"><div class=\"flex w-full flex-col gap-1 empty:hidden\"><div class=\"safari-katex-mathml markdown prose dark:prose-invert wrap-break-word w-full light markdown-new-styling\"><p data-start=\"13\" data-end=\"34\"><strong data-start=\"13\" data-end=\"34\">Positive<\/strong><\/p><ul data-start=\"36\" data-end=\"255\"><li data-section-id=\"129cmph\" data-start=\"36\" data-end=\"95\"><strong data-start=\"38\" data-end=\"58\">RSI at approx. 71:<\/strong> Buying momentum has increased.<\/li><li data-section-id=\"etiusp\" data-start=\"96\" data-end=\"173\"><strong data-start=\"98\" data-end=\"110\">Above 70:<\/strong> The indicator has slightly entered the overbought zone.<\/li><li data-section-id=\"t5608a\" data-start=\"174\" data-end=\"255\"><strong data-start=\"176\" data-end=\"197\">Strong Momentum:<\/strong> The high RSI confirms the strength of the recent breakout.<\/li><\/ul><p data-section-id=\"16153u4\" data-start=\"257\" data-end=\"275\"><strong>Interpretation<\/strong><\/p><p data-section-id=\"16153u4\" data-start=\"257\" data-end=\"275\">The RSI confirms strong upward momentum.<\/p><h5 data-section-id=\"172efdd\" data-start=\"326\" data-end=\"343\">MACD (12\/26\/9)<\/h5><p data-start=\"345\" data-end=\"356\"><strong data-start=\"345\" data-end=\"356\">Positive<\/strong><\/p><ul data-start=\"358\" data-end=\"604\"><li data-section-id=\"1he1uls\" data-start=\"358\" data-end=\"419\"><strong data-start=\"360\" data-end=\"379\">Positive MACD:<\/strong> The MACD remains above the zero line.<\/li><li data-section-id=\"1xk17p5\" data-start=\"420\" data-end=\"494\"><strong data-start=\"422\" data-end=\"450\">Bullish Positioning:<\/strong> The MACD line remains above the signal line.<\/li><li data-section-id=\"1fm4ois\" data-start=\"495\" data-end=\"604\"><strong data-start=\"497\" data-end=\"521\">Increasing Momentum:<\/strong> Recent developments show a renewed acceleration of positive momentum.<\/li><\/ul><p data-section-id=\"16153u4\" data-start=\"606\" data-end=\"624\"><strong>Interpretation<\/strong><\/p><p data-start=\"626\" data-end=\"681\">The MACD provides a clear positive technical signal.<\/p><h5 data-section-id=\"1ulac7e\" data-start=\"683\" data-end=\"707\">Bollinger Bands (20)<\/h5><p data-start=\"709\" data-end=\"720\"><strong data-start=\"709\" data-end=\"720\">Positive<\/strong><\/p><ul data-start=\"722\" data-end=\"998\"><li data-section-id=\"1fwzfaq\" data-start=\"722\" data-end=\"800\"><strong data-start=\"724\" data-end=\"745\">Strong Breakout:<\/strong> The stock has risen above the upper Bollinger Band.<\/li><li data-section-id=\"66icka\" data-start=\"801\" data-end=\"890\"><strong data-start=\"803\" data-end=\"828\">Increasing Momentum:<\/strong> The breakout confirms strong short-term buying pressure.<\/li><li data-section-id=\"mcpvdg\" data-start=\"891\" data-end=\"998\"><strong data-start=\"893\" data-end=\"916\">Higher Volatility:<\/strong> The widening bands reflect the recent stronger price movements.<\/li><\/ul><p data-section-id=\"16153u4\" data-start=\"1000\" data-end=\"1018\"><strong>Interpretation<\/strong><\/p><p data-start=\"1020\" data-end=\"1295\" data-is-last-node=\"\" data-is-only-node=\"\">The Bollinger Bands confirm the strength of the current price movement. However, the position above the upper band also suggests that the stock is technically overextended and could consolidate before another sustained upward impulse occurs.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div><h5 data-section-id=\"1rg8syy\" data-start=\"2244\" data-end=\"2255\">Opportunities<\/h5><ul><li><strong data-start=\"14\" data-end=\"42\">Breakout above \u20ac93\u201394:<\/strong> The stock has overcome an important resistance zone.<\/li><li><strong data-start=\"101\" data-end=\"122\">Strong Momentum:<\/strong> Both price performance and MACD support the current uptrend.<\/li><li><strong data-start=\"212\" data-end=\"242\">Testing Previous High:<\/strong> TKMS is approaching the important resistance level at <strong data-start=\"296\" data-end=\"308\">\u20ac99.7<\/strong>.<\/li><\/ul><h5 data-section-id=\"1x6f6cn\" data-start=\"2600\" data-end=\"2611\">Risks<\/h5><ul data-start=\"2613\" data-end=\"3134\"><li data-section-id=\"148rgv1\" data-start=\"2613\" data-end=\"2715\"><strong data-start=\"2615\" data-end=\"2636\">High Volatility:<\/strong> TKMS shares can react strongly to order and company news.<\/li><li data-section-id=\"148rgv1\" data-start=\"2613\" data-end=\"2715\"><strong data-start=\"325\" data-end=\"341\">RSI above 70:<\/strong> The stock has slightly entered the overbought zone.<\/li><li data-section-id=\"148rgv1\" data-start=\"2613\" data-end=\"2715\"><strong data-start=\"405\" data-end=\"455\">Overextended Position on Bollinger Bands:<\/strong> The quotation above the upper Bollinger Band increases the likelihood of short-term consolidation.<\/li><\/ul><p data-section-id=\"1va804k\" data-start=\"3136\" data-end=\"3152\"><strong>Key Takeaway: <\/strong>The technical picture for TKMS has significantly improved.<\/p><p data-start=\"3327\" data-end=\"3373\" data-is-last-node=\"\" data-is-only-node=\"\"><strong data-start=\"3327\" data-end=\"3373\" data-is-last-node=\"\">MUMAK.me Rating Phase 5: Positive = 1 MUMAK<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f0abe4 elementor-widget elementor-widget-mumak_score_card\" data-id=\"1f0abe4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"charttechnik\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">TKMS AG &amp; Co. KGaA<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-inactive-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tRating Technical Analysis: positiv\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a3f9ae elementor-widget elementor-widget-text-editor\" data-id=\"2a3f9ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Rating According to the MUMAK Method<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-afade06 elementor-widget elementor-widget-text-editor\" data-id=\"afade06\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1tbb8vm\" data-start=\"0\" data-end=\"23\">What speaks for TKMS?<\/h5><ul data-start=\"25\" data-end=\"610\"><li data-section-id=\"1ft8fmb\" data-start=\"25\" data-end=\"126\">An <strong data-start=\"31\" data-end=\"68\">order backlog of EUR 20.1 billion <\/strong>provides TKMS with high revenue visibility for many years.<\/li><li data-section-id=\"1u1ve0o\" data-start=\"127\" data-end=\"234\">Revenue increased by <strong data-start=\"176\" data-end=\"184\">19%<\/strong> in the first nine months, while adjusted EBIT grew by <strong data-start=\"217\" data-end=\"225\">13%<\/strong>.<\/li><li data-section-id=\"1d3kx6u\" data-start=\"235\" data-end=\"342\">Management has significantly raised its forecast for <strong data-start=\"279\" data-end=\"322\">revenue growth in fiscal year 2025\/26<\/strong>.<\/li><li data-section-id=\"1788pgi\" data-start=\"343\" data-end=\"462\"><strong data-start=\"345\" data-end=\"365\">Atlas Elektronik<\/strong> offers additional growth potential in marine electronics, sensor technology, and software.<\/li><li data-section-id=\"kdsibm\" data-start=\"463\" data-end=\"610\">Potential major projects in <strong data-start=\"493\" data-end=\"527\">Canada, India, and Germany<\/strong> could significantly increase the existing order backlog in the coming years.<\/li><\/ul><h5>What speaks against TKMS?<\/h5><ul data-start=\"643\" data-end=\"1270\"><li data-section-id=\"1cy2mx4\" data-start=\"643\" data-end=\"724\">The adjusted EBIT margin slightly decreased despite strong revenue growth.<\/li><li data-section-id=\"zye5ob\" data-start=\"725\" data-end=\"887\">The Canadian submarine program is <strong data-start=\"762\" data-end=\"809\">not yet a final contract<\/strong>, so its scope, timeline, and financial terms remain uncertain.<\/li><li data-section-id=\"flf0ry\" data-start=\"888\" data-end=\"1103\">The stock is trading at a premium compared to several established European defense companies. High expectations increase the downside potential if future developments disappoint.<\/li><li data-section-id=\"1w3y178\" data-start=\"1104\" data-end=\"1270\">TKMS has only a short history as an independently listed company, which limits long-term comparisons and technical analyses.<\/li><\/ul><h5 data-section-id=\"1nghdqr\" data-start=\"1538\" data-end=\"1559\">What we are monitoring<\/h5><ul data-start=\"26\" data-end=\"281\"><li data-section-id=\"zfe8za\" data-start=\"26\" data-end=\"95\">The further progress of the <strong data-start=\"58\" data-end=\"94\">MEKO A-200 DEU Frigate Program<\/strong>.<\/li><li data-section-id=\"wu2mkx\" data-start=\"96\" data-end=\"148\">The development of the <strong data-start=\"118\" data-end=\"147\">Indian submarine project<\/strong>.<\/li><li data-section-id=\"1wq9el2\" data-start=\"149\" data-end=\"196\">Progress on the <strong data-start=\"169\" data-end=\"195\">F127 Frigate Program<\/strong>.<\/li><li data-section-id=\"pmlilu\" data-start=\"197\" data-end=\"281\">The reactions and <strong data-start=\"218\" data-end=\"256\">new analyst assessments<\/strong> after the Q3 results.<\/li><\/ul><p><span data-ccp-props=\"{}\"> <\/span><\/p><h2>Summary<\/h2><p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"303\" data-end=\"587\">The Q3 results further strengthen TKMS&#8217;s fundamental outlook. Revenue growth has accelerated, management has significantly raised its forecast for FY2025\/26, and the <strong data-start=\"490\" data-end=\"527\">order backlog of \u20ac20.1 billion<\/strong> provides high revenue visibility for the coming years.<\/p><p data-start=\"589\" data-end=\"881\" data-is-last-node=\"\" data-is-only-node=\"\">Major projects in <strong data-start=\"605\" data-end=\"639\">Canada, Germany, and India<\/strong> could further increase the order backlog and create additional long-term growth potential. The crucial question now is whether TKMS can successfully convert this potential into new orders, increasing revenues, and higher profits.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0cb027 elementor-widget elementor-widget-Table\" data-id=\"e0cb027\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"Table.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"tafe-table \">\n\t\t\t<thead  class=\"tafe-table-header\">\n\t\t\t\t<tr>\n\t\t\t\t\t<th class=\"elementor-inline-editing elementor-repeater-item-a4af3fd\"   >Category<\/th><th class=\"elementor-inline-editing elementor-repeater-item-3b3ef9b\"   >Rating<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t<tbody class=\"tafe-table-body\">\n\t\t\t\t<tr>\n\t\t\t\t\t<td data-label=\"Category\"   class=\"elementor-repeater-item-ca181a9 td-content-type-default\" ><b>Geopolitics<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-24148b1 td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-750ef14 td-content-type-default\" ><b>Industry<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-b92892f td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-da9ce5b td-content-type-default\" ><b>Fundamentals<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-9492819 td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-6f870ed td-content-type-default\" ><b>News &amp; Sentiment<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-1c7f62f td-content-type-default\" >Positive<\/td><\/tr><tr><td data-label=\"Category\"   class=\"elementor-repeater-item-ca1b684 td-content-type-default\" ><b>Technical Analysis<\/b><\/td><td data-label=\"Rating\"   class=\"elementor-repeater-item-5f69e06 td-content-type-default\" >Positive<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11acf94 elementor-widget elementor-widget-text-editor\" data-id=\"11acf94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3>Overall Rating<\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55e1c51 elementor-widget elementor-widget-mumak_score_card\" data-id=\"55e1c51\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"mumak_score_card.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"mumak-score-card is-detail\" data-view=\"overall\" style=\"--mumak-mammoth-mask: url(&quot;https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Mammut-Clean-2.svg&quot;);\">\n\t\t\t\t\t\t\t\t\t<div class=\"mumak-score-card__detail mumak-score-card__detail--overall\">\n\t\t\t<div class=\"mumak-score-card__detail-compass-wrap\">\n\t\t\t\t<img decoding=\"async\" class=\"mumak-score-card__detail-compass\" src=\"https:\/\/mumak.me\/wp-content\/uploads\/2026\/03\/Compass-Circle.svg\" alt=\"\" aria-hidden=\"true\">\n\t\t\t<\/div>\n\t\t\t<div class=\"mumak-score-card__detail-content\">\n\t\t\t\t<h4 class=\"mumak-score-card__company\">TKMS AG &amp; Co. KGaA<\/h4>\n\t\t\t\t<div class=\"mumak-score-card__detail-mammoths\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"mumak-score-card__detail-mammoth is-active-positive\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"mumak-score-card__detail-result\">\n\t\t\t\t\tAnalysis result: 5 out of 5 MUMAKS\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>TKMS increases revenue by 19% and raises guidance. The high order backlog supports long-term growth prospects.<\/p>\n","protected":false},"author":2,"featured_media":2318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[183,227],"tags":[420,550,549,545,353],"aktie":[544],"class_list":["post-7862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-valuation-analysis","category-watchlist","tag-defense-stocks-2","tag-nato","tag-submarines","tag-tkms","tag-verteidigung","aktie-tkms"],"acf":[],"_links":{"self":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/7862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/comments?post=7862"}],"version-history":[{"count":14,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/7862\/revisions"}],"predecessor-version":[{"id":9619,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/7862\/revisions\/9619"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media\/2318"}],"wp:attachment":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media?parent=7862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/categories?post=7862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/tags?post=7862"},{"taxonomy":"aktie","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/aktie?post=7862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}