Original-Research: Knaus Tabbert AG (von First Berlin Equity Research GmbH): 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
-------------------transmitted by 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.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 728,01 | 780,39 | 794,59 | 862,62 | 1.049,52 | 1.441,02 | 1.300,00 | |
| EBITDA1,2 | 56,71 | 64,27 | 66,01 | 59,44 | 69,33 | 123,76 | 47,00 | |
| EBITDA-Margin3 | 7,79 | 8,24 | 8,31 | 6,89 | 6,61 | 8,59 | 3,62 | |
| EBIT1,4 | 43,22 | 45,87 | 46,56 | 38,39 | 45,47 | 95,41 | 16,00 | |
| EBIT-Margin5 | 5,94 | 5,88 | 5,86 | 4,45 | 4,33 | 6,62 | 1,23 | |
| Net Profit (Loss)1 | 28,62 | 31,17 | 31,33 | 25,90 | 29,62 | 60,32 | 7,00 | |
| Net-Margin6 | 3,93 | 3,99 | 3,94 | 3,00 | 2,82 | 4,19 | 0,54 | |
| Cashflow1,7 | 28,59 | 44,12 | 71,03 | 27,20 | 2,80 | 32,10 | 49,00 | |
| Earnings per share8 | 2,77 | 3,00 | 3,02 | 2,50 | 2,85 | 5,81 | -2,00 | |
| Dividend per share8 | 1,50 | 3,00 | 1,50 | 1,50 | 1,50 | 2,90 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: KPMG
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Knaus Tabbert | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2YN50 | DE000A2YN504 | AG | 125,56 Mio € | 23.09.2020 | Halten | 8FWMPMMR+73 |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 26,89 | 15,61 | 1,72 | 5,20 | 0,77 | 3,91 | 0,09 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 1,50 | 2,90 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.06.2024 | 08.05.2024 | 08.08.2024 | 07.11.2024 | 28.03.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -40,99% | -63,13% | -74,26% | -72,87% | -79,14% |
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