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 69.00 price target.

Abstract
Six month reporting was close to FBe but below last year’s figures that saw the company report back-to-back record sales. The Q2 topline also showed the effects of the changeover to the 2025 model year. Earnings KPIs remained good highlighted by the 9.7% EBITDA margin for the January-to-June period, while FCF had a strong uptick on lower WC cash consumption and CapEx. Meanwhile, market signals remain buoyant giving the lie to the narrative that the surge the RV lifestyle was only a covid-driven phenomenon. KTA shares tumbled on the lowered 2024 guide on 17 July and are now trading at 4.5x 2025 EV/EBITDA. We expect Knaus to resume its growth path in 2025 and stick to our Buy rating with a €69 TP.