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 71.00 price target.
Q1 reporting confirmed preliminary KPIs. Headline figures were well ahead of the street and FBe, thanks to a much improved production mix that now leans heavily into motorised vehicles (53% of Q1 total). Strong market share gains in Germany and the EU are keeping the order books full (backlog: €1.2bn), and dealers will soon be taking orders for 2024 models. The 8.9% EBITDA margin in Q1 also topped the upper end of confirmed 2023 guidance (7.5% to 8.5%) and supports FBe of 8.4%. Knaus Tabbert has now delivered strong back-to-back quarters demonstrating the operating potential of the business. We remain Buy-rated on KTA with a €71 target price.