The Bear Case for Takkt
Lots of smoke but no alarm?
Company: Takkt AG
Ticker: TTK.DE
Share price as of publication (04/03/2026): € 3.00
Target price range: €0.74-€2.57
Implied downside: 14-75%
• We believe Takkt AG is a textbook structural value trap in terminal decline
• While management mainly blames temporary macroeconomic challenges for its recent sales decline, the reality is that the company is getting squeezed out by competition
• Management has failed to take the decisive, radical actions required for a turnaround
• Former employees reveal the extent of internal dysfunction
• Takkt‘s balance sheet, inflated by the questionable fair value of its Goodwill, points to rising financial risks
• We also allege that the company has been misleading its shareholders about the true state and realistic prospects of the company
• We see meaningful downside remaining; potential catalysts include further major goodwill impairments and tighter financing conditions
📎 Click here to download our short report
The Bear Case for Stellantis
Are the damages irreparable?
The ongoing disruption in the automotive industry, especially through fierce EV competition from China,
isn’t an issue unique to Stellantis. But the company’s problems aren’t only external: high management
turnover, recurring product recalls and quality issues, as well as a fragmented portfolio of legacy brands
further deepen its troubles.
Is the market still underestimating these risks? Or will Stellantis be the next great turnaround story?
Join us for our next event as we discuss our short thesis on Stellantis!
📍Where: Room 01-110, University of St. Gallen
🗓️ When: Wednesday, Nov 26, 2025 at 18.15
📎 Click here to view the presentation
Crazy, Stupid, Bitcoin.
The biggest bubble in human history?
At our first event, we will be talking about the hottest and most polarizing asset of our time: Bitcoin.
Is Bitcoin a revolution? Is it the future? Or will it go down as the biggest financial bubble in human history?
Whether you are bullish or bearish on Bitcoin, join us for an intense discussion of these topics!
📍Where: Room 01-113, University of St. Gallen
🗓️ When: Thursday, Oct 09, 2025 at 18.00
📎 Click here to view the presentation