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.
We are Buy-rated on Knaus Tabbert with an €86 TP. In our view, the company has found its operational sweet spot after supply-chain disruptions followed by a period of growth supercharged by the pandemic. We expect good business momentum to continue this year (FBe: topline +7% Y/Y). While growth is tailing off compared to the pandemic boom, we still see headroom for revenue and margin expansion, thanks to price increase and production mix effects. Recent industry data from the CIVD (Caravanning Industry Association) and a trade fair underpin our optimism that RV demand is not falling off a cliff but merely normalising, and that there is upside yet to be corralled by Knaus.