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Knaus Tabbert AG
ISIN: DE000A2YN504
WKN: A2YN50
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Knaus Tabbert AG · ISIN: DE000A2YN504 · EQS - Analysts (114 News)
Country: Germany · Primary market: Germany · EQS NID: 21351
18 November 2024 03:26PM

Kaufen


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

18.11.2024 / 15:25 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: Gewinnwarnung
Recommendation: Kaufen
from: 18.11.2024
Target price: €32
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 50,00 auf EUR 32,00.

Zusammenfassung:
Knaus Tabbert gab ihre dritte Gewinnwarnung seit dem 17. Juli bekannt und kündigte an, die Produktion in ihren Werken in Jandelsbrunn und Nagyoroszi, Ungarn, vom 18. November 2024 bis zum Ende des Jahres einzustellen. Der Wohnmobilhersteller gab erneut an, den Händlern beim Abbau ihrer Lagerbestände helfen und seine eigenen Bestände reduzieren zu wollen. Der Umsatz soll nun 'deutlich unter den am 22. Oktober 2024 kommunizierten €1,3 Mrd. liegen.' Im zweiten Halbjahr ist für KTA nicht viel gut gelaufen - drei Gewinnwarnungen in weniger als vier Monaten und der plötzliche Abgang von CEO Wolfgang Speck. Wenn es dem Unternehmen gelingt, das Umlaufvermögen und die Nettoverschuldung zu reduzieren, wird es 2025 mit einer gesünderen Kapitalstruktur starten. Aber die Fundamentaldaten allein werden nicht ausreichen, um die erschütterten Anleger zurückzugewinnen, solange das Schiff nicht eindeutig aufgerichtet ist. Wir sind nach wie vor der Meinung, dass sich die kurzfristigen Turbulenzen abschwächen werden, und behalten unsere Kaufempfehlung mit einem Kursziel von €32 (vorher: €50) bei, das eine längerfristige fundamentale Sichtweise berücksichtigt.

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 50.00 to EUR 32.00.

Abstract:
Knaus Tabbert announced its third profit warning since 17 July saying it will shutter production at its factories in Jandelsbrunn and Nagyoroszi, Hungary, from 18 November 2024 until YE24. The RV maker again cited the need to help dealers cull their inventories and reduce its own stocks. Revenue is now expected to land 'significantly lower than the €1.3bn communicated on 22 October 2024.' Not much has gone right for KTA in H2-three profit warnings in less than four months and the sudden departure of CEO, Wolfgang Speck. Assuming the company succeeds in reducing working capital and net debt levels, the company will start 2025 with a healthier capital structure. But fundamentals alone won't be enough to win back shaken investors until the ship is clearly righted. We still think that near-term tumult will ease and keep our Buy rating with a €32 TP (old: €50), which takes a longer-term fundamental view.

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/31351.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


2032455  18.11.2024 CET/CEST

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