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 77.00 price target.
Preliminary revenue for 2022 reached €1.05bn, was in line with sales guidance (>€1bn), and matched FBe (€1.04bn). The figure means that Q4 revenue growth clearly outpaced the prior quarters in 9M/22 and is an encouraging sign that chassis supply chain bottlenecks are clearing. We expect the pickup in turnover to also have supported higher margins in the October-to-December quarter propelling the adj. EBITDA (AEBITDA) margin towards guidance of >6%. The uptick in performance should likewise help restore investor confidence that was shaken by supply chain issues that hampered production for over a year. We maintain our Buy rating and €77 target price.