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 87.00 price target.
First quarter reporting was close to our targets and, as expected, below the prior year figures, due to ongoing supply bottlenecks of motorised chassis. The order backlog remained high at €1.3bn, thanks to order intake of some 6k units in Q1. The production mix still favours caravans to mitigate the chassis bottlenecks, which led to the lower Y/Y profitability, and management still see supply roadblocks clearing in H2. An improving supplier mix and expected higher chassis delivery volumes from Mercedes and MAN underpin this optimism. We maintain our Buy rating and €87 target price.