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 was again down YoY, although profitability showed a sequential uptick with production fully back online for the period. A three month stoppage spilled over into January and hurt Q1 performance. 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%).