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 54.00 to EUR 50.00.

Abstract
Nine-month reporting was close to recently reduced FBe on the back of the October profit warning. Both the topline and earnings took a sizable Y/Y hit owing to a production slowdown aimed to help dealers manage expensive inventories and also to reduce KTA’s own working capital. These measures, including discounts on older models, may now spill into early 2025. Lagging market indicators, such as RV registrations, have remained strong this year, but dispirited investors have watched some 46% of KTA market value vanish since July, when the company initially revealed dealer challenges and cut guidance. We do not think the business model is broken, but incoming management will be tasked with reburnishing capital market credibility and ensuring the company again leverages its strengths to resume its growth path. An updated DCF model points to a €50 TP (old: €54), and we maintain our Buy rating.