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 22.00 price target.

Abstract
Q2 reporting featured a solid profitability beat with AEBITDA reaching €20.4m and the margin hitting 8.0%. Much of the upside to FBe (€13.1m) reflected our cautious assumptions on the pace at which cost-structure improvements would sift through to earnings. Management narrowed the top end of the AEBITDA 2026 margin guide that now ranges 5% to 6% (old: 5% to 7%) citing flagging end-customer demand, cautious dealer ordering and prudent H2 production planning. We have upped our 2026 AEBITDA margin estimate to 5.0% (old: 4.5%), which now matches the low end of guidance. Our recalibrated DCF model continues to point to a €22 TP, and we remain Buy-rated on KTA (81% upside).