TKMS Kept at Buy as Mwb Highlights Long-term Contracted Backlog

05:52 AM EDT, 08/20/2026 (MT Newswires) -- Mwb Research affirmed TKMS (TKMS.F) at buy, with a price target of 140 euros, highlighting nearly a decade of secured work for the German shipbuilder. "TKMS reports EUR 20,6bn of contracted backlog, so communicated and restated coverage are identical at 9.5x sales, the highest in the group. Against peers the headline understates rather than flatters. With more than a decade of secured work, the driver is throughput, not order intake," according to a Wednesday note. Analysts said investors should prioritize the contracted backlogs and implied rolling book-to-bill trends, while treating composite backlog metrics as supplementary data. "On this basis TKMS offers the strongest visibility in the group as of today, and its lead would widen further if the frame backlog it is likely to hold were disclosed," mwb wrote. On the earnings front, the research firm forecasts full-year 2026 sales of 2.42 billion euros, net profit of 131 million euros and reported EPS of 2.06 euros.