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 24.00 price target.

Abstract
Q3 reporting slightly undershot FBe. KTA still expects a 2025 topline of ~€1bn, but now sees AEBITDA at the low end of the 3.2% to 4.2% guided range. A newly emerged chassis delivery bottleneck prompted another production planning adjustment for the remainder of the year, and this could potentially also hamper the start of 2026. However, this issue is considered more transitory than structural. Both the order book and WC improved QoQ; yet overall performance remains unsatisfactory in a still hard environment. KTA is arguably in better shape than a year ago, when turmoil peaked, but recent developments are unlikely to dispel entrenched investor ennui. Our rating remains Buy with an unchanged €24 TP (upside 69%).