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 83.00 price target.
Q2 reporting again featured a record topline and headline figures ahead of street forecasts and FBe. KTA’s multi-brand chassis strategy continues to pay off with a high ratio of motor vehicles continuing to roll off the production lines (H1: 57%). Strong market share gains published by market watcher CIVD are keeping the order books full (backlog: €1.2bn). The Q2 9.6% EBITDA margin firmly beat of the upper end of 2023 guidance (7.5% to 8.5%), but KTA brass are sticking to their outlook to stay conservative, while also noting that H2/23 will encompass costs for the upcoming Caravan Salon as well as a higher number of holidays. Nevertheless, we regard the upper end of the guide (8.5%) rather as the floor. We remain Buy-rated on KTA with a €83 target price.