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.

Abstract
Knaus Tabbert kicked off the year with a solid Q1 report. After the blockbuster 37% growth booked in 2023, the Q1 report should allay concerns that growth will vanish this year. The Q1 topline grew 2% Y/Y despite the hard comp set last year during a production surge with the flood of chassis deliveries. Management also addressed the normalised order book that stood at €621m at the end of Q1. We think this KPI has troughed with 2025 model year orders expected to replenish the order backlog in the coming months. Earnings were a highlight during the January-to-March period led by a double digit AEBITDA margin of 10.3%. All in all there is plenty to like about Q1 numbers, especially with demand for the caravanning lifestyle still trending upwards. We maintain our Buy rating and €86 TP.