Kaufen
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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 29,00 auf EUR 27,00. Zusammenfassung: Wie erwartet waren die Zahlen für Q2 rückläufig J/J, obwohl die Rentabilität einen sequenziellen Anstieg verzeichnete, da die Produktion in diesem Zeitraum wieder vollständig aufgenommen wurde. Eine dreimonatige Unterbrechung wirkte sich bis in den Januar hinein aus und beeinträchtigte die Ergebnisse des ersten Quartals. Darüber hinaus gewann die im ersten Quartal begonnene strategische Umstrukturierung im zweiten Quartal an Fahrt, was zu einem freien Cashflow von €56 Mio. für diesen Zeitraum führte. Das Management bestätigte die Umsatzprognose von rund €1 Mrd. für 2025, senkte jedoch das AEBITDA-Margenziel auf den unteren Bereich der bisherigen Spanne und strebt nun 5,0% bis 5,5% an (bisher: 5,0% bis 6,5%). Die Branche konzentriert sich nun auf den bevorstehenden Caravan Salon im September, um den allgemeinen Puls der Branche zu fühlen und ein besseres Bild von der Nachfrage zu erhalten, nachdem sie die letzten Quartale damit verbracht hat, sich an ein normalisiertes Marktumfeld anzupassen. Wir bekräftigen unsere Kaufempfehlung, senken jedoch das Kursziel auf €27 (vorher: €29), nachdem wir die Entwicklungen des zweiten Quartals in unsere Schätzung einbezogen haben (Aufwärtspotenzial: 103%). 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 29.00 to EUR 27.00. Abstract: As expected, Q2 numbers were down YoY, although profitability showed a sequential uptick with production fully back online for the period. Plus, the initial progress in the strategic overhaul seen in Q1 picked up steam in the June quarter leading to FCF generation of €56m for the period. Management confirmed the ~€1bn topline guide for 2025 but narrowed AEBITDA margin target to the lower end of the previous range now calling for 5.0% to 5.5% (old: 5.0% to 6.5%). The industry is now focused on the upcoming Caravan Salon in September to take the general pulse of the sector and get a better read on demand after having spent the past quarters adjusting to a normalised market environment. We stick to our Buy rating but lower the TP to €27 (old: €29) after factoring Q2 developments into FBe (upside: 103%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: KTA_GR-2025-08-12_EN 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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2182934 12.08.2025 CET/CEST
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