2025 ahead ayondo Franchise coming soon
Happy 
xMas Holidays
xMas Holidays
xMas Holidays
|
Original-Research: Rosenbauer International AG - from NuWays AG
Classification of NuWays AG to Rosenbauer International AG
Strong Q3 results // guidance confirmed; chg. est.
Topic: Last Friday, Rosenbauer released strong Q3 results with top- and bottom-line above our estimates. Further, the company confirmed its FY24e guidance, which looks achievable for us. Q3 sales increased 28.6% yoy to € 307m, clearly above our estimates (eNuW: € 271m) thanks to a higher volume of vehicle deliveries (9M: +22.6% yoy), significant price increases and restored supply chains. While sales in the Customer Service, Equipment and Preventive Fire Protection segments improved only modestly or even declined in Q3 (+7.5% yoy; +3.9% yoy; -33.9% yoy), Vehicle revenues increased by 38.4% yoy to € 234m. Q3 EBIT came in at € 15.0m, a 43.6% yoy disproportional increase and above our estimates (eNuW: € 14.1m). EBIT margin improved 0.5ppts yoy to a solid 4.9% mainly due to operating leverage and price increases. Order intake continued to be strong and came in at € 489m, 35.3% above last year, leading to a new record high order backlog of € 2.2bn. As a result of the strong demand and the challenging supply chain situation in recent years, the order backlog was already at an elevated level. Rosenbauer intends now to reduce the book-to-bill to a level of 1.0x (1.60x in Q3’24) to decrease lead times and with that the implied risk in the order book of increases on the cost side like in FY21 & FY22. Capital increase: the capital increase (company news: 20 June) is still conditional to competition and merger control approval. Nevertheless, management expects the deal to close in 2024. Guidance specified: Rosenbauer specified its FY24e outlook to sales above € 1.2bn (previously: around € 1.2bn) and an EBIT margin of 5%. € 1.2bn sales are well in reach, given that Rosenbauer achieved already 70% of its target and Q4, which is by far the strongest quarter, is not in the books yet. In the past five years, Q4 was responsible for 31.6%-37.2% of FY sales. In consideration of the fact that Rosenbauer (1) has a strong order backlog, (2) price increases are successively reflected in sales and (3) supply chains improved over the course of the year, we estimate FY24e sales of € 1,25m with an EBIT margin of 5.0%. We reiterate BUY with an unchanged PT of € 50 based on DCF.
You can download the research here: http://www.more-ir.de/d/31341.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||||
2031657 18.11.2024 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.
