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 50.00 to EUR 32.00.

Abstract
Knaus Tabbert announced its third profit warning since 17 July saying it will shutter production at its factories in Jandelsbrunn and Nagyoroszi, Hungary, from 18 November 2024 until YE24. The RV maker again cited the need to help dealers cull their inventories and reduce its own stocks. Revenue is now expected to land “significantly lower than the €1.3bn communicated on 22 October 2024.” Not much has gone right for KTA in H2?three profit warnings in less than four months and the sudden departure of CEO, Wolfgang Speck. Assuming the company succeeds in reducing working capital and net debt levels, the company will start 2025 with a healthier capital structure. But fundamentals alone won’t be enough to win back shaken investors until the ship is clearly righted. We still think that near-term tumult will ease and keep our Buy rating with a €32 TP (old: €50), which takes a longer-term fundamental view.