Kaufen
Original-Research: Knaus Tabbert AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Knaus Tabbert AG
Company Name: Knaus Tabbert AG
ISIN: DE000A2YN504
Reason for the research: vorläufiger Umsatz
Recommendation: Kaufen
from: 22.02.2024
Target price: €86
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Ellis Acklin
First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN504) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 86,00.
Zusammenfassung:
Der vorläufige Umsatz für 2023 erreichte €1,44 Mrd. und entsprach dem
oberen Ende der Umsatzprognose (€1,35 Mrd. bis €1,45 Mrd.) sowie unserer
Schätzung (€1,44 Mrd.). Der Umsatz ist im Jahresvergleich um etwa 37%
gestiegen und hat das Wachstum des deutschen Sektors (+8,8%) bei weitem
übertroffen. KTA wird seine Ergebnisse am 31. März vorlegen, und wir
erwarten, dass das Unternehmen auch seine EBITDA-Margenprognose für 2023
(8,5% bis 9,0%) erreichen wird. Wie kürzlich angemerkt, dürfte sich die
Caravaning-Branche nach dem Pandemie-Boom im Jahr 2024 normalisieren, aber
wir sehen reichlich Spielraum für KTA, um den Umsatz zu steigern und die
Margen bis 2025 zu erhöhen, wenn auch in einem bescheideneren Tempo als im
letzten Jahr. Wir bekräftigen unsere Kaufempfehlung und unser Kursziel von
€86.
First Berlin Equity Research has published a research update on Knaus Tabbert AG (ISIN: DE000A2YN504). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 86.00 price target.
Abstract:
Preliminary revenue for 2023 reached €1.44bn, was in line with the upper
end of sales guidance (€1.35bn to €1.45bn), and matched FBe (€1.44bn). The
topline grew some 37% Y/Y and eclipsed German sector growth (+8.8%) by a
wide margin. KTA will report earnings on 31 March, and we expect the
company to also hit its 2023 EBITDA margin guide (8.5% to 9.0%). As
recently noted, the caravanning industry is expected to normalise in 2024
after the pandemic boom, but we see ample scope for KTA to grow revenue and
expand margins through 2025, albeit at a more modest pace than last year.
We stick to our Buy rating and €86 TP.
Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/28963.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
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