Takkt

TAKKT AG is a German omnichannel direct-marketing company selling business equipment to small and medium B2B customers. Three divisions: Industrial and Packaging (forklifts, pallet equipment, packaging supplies — sold under brands like Ratioform, Ratioplast), Office Furniture and Displays (commercial seating, exhibit displays, office storage), and FoodService (commercial kitchen equipment under brands like Hubert Company). About 940 million euros revenue across Germany, US, and other European markets.

The market is pricing TAKKT for catastrophe. Trailing EPS minus 1.98 (likely from one-time impairments), forward P/E 5.4, P/B 0.46, and an eye-popping 22.86 percent dividend yield. The yield says either the dividend gets cut materially, or the market is wrong about the underlying business. Reality is probably somewhere in between: TAKKT will likely cut the dividend by 50 to 70 percent in 2026 (still leaving 7 to 10 percent yield), and the underlying B2B equipment business has cyclical pressure but is not in terminal decline.

Franz Haniel and Cie holds majority control — German Mittelstand industrial holding similar to family-controlled structures. No major hedge-fund whale. The Haniel-controlled structure means dividend policy is family-driven; cuts are possible but communicated transparently.

At 2.62 EUR with negative trailing EPS (impairment-driven), trailing P/E is meaningless. Forward P/E 5.4 on consensus 0.49 EUR forward EPS. P/B 0.46 and EV/EBITDA 144 (the high number reflects the cyclical-trough EBITDA) tell a value story. The thesis is dividend reset followed by recovery; the entry is at deep-discount, expect volatility.

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TAKKT is a high-conviction-but-volatile deep-value Mittelstand play. The dividend yield is a trap — assume it gets cut. What you are really buying is forward P/E 5.4 on a recovering B2B business with credible deleveraging path. I would size 0.5 to 1 percent in a deep-value sleeve, expect short-term volatility around the dividend reset, and hold for the multi-year recovery. Not income — capital appreciation play with optionality on dividend reinstatement.