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 29.00 price target.

Abstract
Knaus Tabbert shares have been on a losing streak since the middle of July having shed some 60% in value in the wake of three profit warnings and internal upheaval. The run of bad news then climaxed with the firing of two C-level execs accused of trousering supplier kickbacks. Now long-time anchor shareholder and previous company saviour, Wim de Pundert, has taken over CEO duties to stabilise and reposition the RV maker. Negative headlines shook investor confidence, while trade and financing partners also needed reassuring. Mr de Pundert now heads the revamped executive board, and we think he is the right man for the job, since his team masterminded the last major restructuring in 2009. KTA recently struck an agreement with its lender consortium and announced a series of initiatives to address the trouble and start to re-establish credibility. The RV maker is not out of the woods yet but we see value in KTA, while unconvinced investors grapple with the odds of a successful turnaround. A number of industry checks underpin our optimism, and we stick to our Buy rating. Our €29 TP equates to 127% upside.