First Berlin Equity Research has published a research update on Knaus Tabbert AG (ISIN: DE000A2YN504). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 86.00 to EUR 69.00.

Abstract
KTA lowered its 2024 EBITDA margin guide by 100 basis points to 7% – 8% (old: 8% – 9%). Revenue is now expected to range from €1.3bn to €1.4bn (old: €1.4bn to €1.55bn). As we recently noted, dealerships have been struggling with higher interest rates and need to reduce their inventories to help offset the higher financing costs. Knaus now plans to slow down production to allow dealers time to whittle down their stocks. The company also reemphasised that customer demand remains good evidenced by the 12.7% rise in registrations across its Knaus, Weinsberg, and Morelo brands. Meanwhile, order intake momentum has also been solid since the 2025 model year was unveiled, and the backlog should be around €0.6bn with Q2 reporting. We have lowered FBe to the mid-points of the updated guidance. Our TP is now €69 (old: €86). We stick to our Buy rating.