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: Dreimonatsbericht
Recommendation: Kaufen
from: 10.05.2024
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:
Knaus Tabbert hat das Jahr mit einem soliden Q1-Bericht begonnen. Nach dem
Blockbuster-Wachstum von 37% im Jahr 2023 sollte der Q1-Bericht die
Befürchtungen zerstreuen, dass das Wachstum in diesem Jahr verschwinden
wird. Der Umsatz im ersten Quartal stieg im Jahresvergleich um 2%, trotz
des hohen Ergebnisses, das im letzten Jahr während eines Produktionsschubs
durch eine Flut von Fahrgestellauslieferungen erzielt wurde. Das Management
sprach auch den normalisierten Auftragsbestand an, der sich zum Ende des
ersten Quartals auf €621 Mio. belief. Wir gehen davon aus, dass dieser KPI
einen Boden gebildet hat, da Aufträge für das Modelljahr 2025 den
Auftragsbestand in den kommenden Monaten wieder auffüllen dürften. Die
Erträge waren im Zeitraum von Januar bis März ein Highlight, angeführt von
einer zweistelligen AEBITDA-Marge von 10,3%. Alles in allem gibt es viel
Positives über das erste Quartal zu berichten, vor allem, da die Nachfrage
nach dem Caravaning-Lifestyle weiterhin nach oben tendiert. Wir stufen KTA
weiterhin mit einer Kaufempfehlung bei einem Kursziel von €86 ein.
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:
Knaus Tabbert kicked off the year with a solid Q1 report. After the
blockbuster 37% growth booked in 2023, the Q1 report should allay concerns
that growth will vanish this year. The Q1 topline grew 2% Y/Y despite the
hard comp set last year during a production surge with the flood of chassis
deliveries. Management also addressed the normalised order book that stood
at €621m at the end of Q1. We think this KPI has troughed with 2025 model
year orders expected to replenish the order backlog in the coming months.
Earnings were a highlight during the January-to-March period led by a
double digit AEBITDA margin of 10.3%. All in all there is plenty to like
about Q1 numbers, especially with demand for the caravanning lifestyle
still trending upwards. We maintain 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/29689.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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