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 83.00 price target.
We attended the Caravan Salon 2023 in Düsseldorf to get a first-hand look at the latest RVs, take the pulse of the industry, and meet with KTA brass. Despite economic headwinds, attendance was high and trending towards a quarter million (2022: 220k; +14%). The crowd continued to be multi-generational, suggesting that the caravanning lifestyle is broadly based. Once again Knaus Tabbert took centre stage in the exhibition halls with its unrivalled variety of motorhomes, camper vans, and towed caravans for all ages and budgets. Talks with management were decidedly upbeat as KTA aims to build upon good operational momentum, while working towards its mid-term goals and preparing for long-term industry challenges. We are Buy-rated on KTA with a €83 TP.