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 86.00 price target.
Q3 reporting was in line with our forecasts and beat prior year comps by a wide margin. As expected, profitability in the July-to-September period took a seasonal Q/Q dip, but this is a normal earnings cadence for the RV maker. Q3 encompasses costs for the Caravan Salon and other trade shows, while the high number of summertime worker holidays cut into Q3 production times. The order backlog remained high Q/Q at €1.2bn buoyed by the surging popularity of the caravanning lifestyle, and management confirmed full-year guidance setting up a strong sequential pick-up in Q4 sales and earnings. We remain Buy-rated on KTA with an €86 target price.