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Original-Research: Knaus Tabbert AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Knaus Tabbert AG
First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN504) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 69,00 auf EUR 54,00. Zusammenfassung: Eine ereignisreiche Woche bei Knaus Tabbert setzte sich gestern mit der Meldung fort, dass der Vorstandsvorsitzende Wolfgang Speck aus 'persönlichen Gründen' zum 31. Oktober aus dem Vorstand ausscheidet. Dies folgt auf die jüngste Gewinnwarnung - die zweite Senkung in H2/24. KTA wird die Produktion weiter drosseln, um seinen Händlernetz zu unterstützen, das immer noch Schwierigkeiten hat, seine Lagerbestände zu finanzieren. Der Umsatz wird nun voraussichtlich €1,3 Mrd. erreichen (zuvor: €1,3 Mrd. bis €1,4 Mrd.), und die EBITDA-Marge wird 'deutlich unter der aktualisierten Prognose vom 17. Juli (7% bis 8%) liegen'. Das Unternehmen bekräftigte außerdem sein Engagement, die eigenen Lagerbestände abzubauen, und erwartet, dass die Freisetzung von Working Capital in diesem Jahr zu einem guten Cashflow führen wird. Die Anleger reagierten auf die Nachricht mit umfangreichen Verkäufen, und wir gehen davon aus, dass das Unternehmen eine Zeit lang auf der Prognosen-Strafbank verbringen muss, während es seine Glaubwürdigkeit wiederherstellt. Wir haben unsere Prognose gesenkt, um sie an die aktualisierte Guidance anzupassen, und gehen nun davon aus, dass die EBITDA-Marge 2024 bei 5,5% liegen wird (zuvor: 7,5%). Ein aktualisiertes DCF-Modell ergibt ein Kursziel von €54 (vorher: €69), und wir behalten unsere Kaufempfehlung für KTA bei. First Berlin Equity Research has published a research update on Knaus Tabbert AG (ISIN: DE000A2YN504). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 69.00 to EUR 54.00. Abstract: An eventful week continued at Knaus Tabbert yesterday with news that CEO, Mr Wolfgang Speck, is stepping down from the management board on 31 October for 'personal reasons'. This comes on the heels of the latest profit warning-the second downward adjustment in H2/24. KTA will continue to throttle down production to help its dealer network that is still struggling to finance its inventories. Sales are now expected to reach €1.3bn (old: €1.3bn to €1.4bn), and the EBITDA margin will 'be significantly below the updated 17 July forecast (7% to 8%)'. The company also reiterated its commitment to whittle down its own stock levels and expects working capital release to drive good cash flows this year. Investors hit the bid on the news, and we reckon KTA will have to spend time in the forecasting sin bin, while it rebuilds its guidance credibility. We have lowered FBe to match the updated topline guide and now look for the 2024 EBITDA margin to land near 5.5% (old: 7.5%). An updated DCF model points to a €54 TP (old: €69), and we maintain our Buy rating. 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/31143.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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2018237 29.10.2024 CET/CEST
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