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 24.00 to EUR 22.00.

Abstract
Q4 reporting reflected a business still working through the after effects of a difficult market, but Knaus Tabbert’s initial 2026 guidance was somewhat stronger than we had expected. Management are guiding for revenue of ~€950m and an AEBITDA margin of 5.0% to 7.0%; the latter a clear step-up vs the 2025 comp (2.7%). Messaging during the earnings call implies that 2026 will be a year of earnings recovery driven chiefly by internal measures rather than a broad upturn in a stable end-market. There are a number of swing factors that will influence 2026 performance, including dealer health and supply chains, but a visible improvement in profitability this year looks particularly important ahead of refinancing work looming in 2027. Our updated DCF points to a €22 TP (old: €24). We maintain our Buy rating (upside: 82%).