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Knaus Tabbert AG
ISIN: DE000A2YN504
WKN: A2YN50
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Knaus Tabbert AG · ISIN: DE000A2YN504 · EQS - Analysts (106 News)
Country: Germany · Primary market: Germany · EQS NID: 21239
08 November 2024 11:06AM

Kaufen


Original-Research: Knaus Tabbert AG - from First Berlin Equity Research GmbH

08.11.2024 / 11:05 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of First Berlin Equity Research GmbH to Knaus Tabbert AG

Company Name: Knaus Tabbert AG
ISIN: DE000A2YN504
 
Reason for the research: Neunmonatsbericht
Recommendation: Kaufen
from: 08.11.2024
Target price: €50
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 senkt das Kursziel von EUR 54,00 auf EUR 50,00.

Zusammenfassung:
Der Neunmonatsbericht lag nahe an unseren Schätzungen, die wir aufgrund der Gewinnwarnung im Oktober gesenkt hatten. Sowohl die Umsatzerlöse als auch die Gewinne gingen im Jahresvergleich deutlich zurück, da die Produktion gedrosselt wurde, um den Händlern beim Abbau der teuren Lagerbestände zu helfen und auch das eigene Working Capital zu reduzieren. Diese Maßnahmen, zu denen auch Preisnachlässe auf ältere Modelle gehören, könnten sich nun bis Anfang 2025 hinziehen. Marktspätindikatoren wie die Wohnmobilzulassungen sind in diesem Jahr weiterhin stark, aber enttäuschte Anleger haben zugesehen, wie rund 46% des KTA-Marktwerts seit Juli, als das Unternehmen zunächst die Herausforderungen für die Händler bekannt gab und die Prognosen senkte, verschwunden sind. Wir glauben nicht, dass das Geschäftsmodell kaputt ist, aber das neue Management wird die Aufgabe haben, die Glaubwürdigkeit am Kapitalmarkt wiederherzustellen und sicherzustellen, dass das Unternehmen seine Stärken wieder nutzt, um seinen Wachstumspfad wieder aufzunehmen. Ein aktualisiertes DCF-Modell ergibt ein Kursziel von €50 (zuvor: €54), und wir behalten unsere Kaufempfehlung 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 54.00 to EUR 50.00.

Abstract:
Nine-month reporting was close to recently reduced FBe on the back of the October profit warning. Both the topline and earnings took a sizable Y/Y hit owing to a production slowdown aimed to help dealers manage expensive inventories and also to reduce KTA's own working capital. These measures, including discounts on older models, may now spill into early 2025. Lagging market indicators, such as RV registrations, have remained strong this year, but dispirited investors have watched some 46% of KTA market value vanish since July, when the company initially revealed dealer challenges and cut guidance. We do not think the business model is broken, but incoming management will be tasked with reburnishing capital market credibility and ensuring the company again leverages its strengths to resume its growth path. An updated DCF model points to a €50 TP (old: €54), 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/31239.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


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


2026081  08.11.2024 CET/CEST

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