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 22.00 price target.

Abstract
Q1 reporting featured a solid uptick in profitability with the adjusted EBITDA margin rising to 6.3% and thus landing comfortably within the 5.0% to 7.0% guided range for 2026. After spending much of last year repairing the balance sheet and cleaning up the channels, the task for 2026 is to restore earnings power. The March quarter looks like a credible first step in that direction. Improved profitability again translated into robust cash generation and helped KTA trim net debt to €284m. While the start to the year was encouraging, we are sticking with our conservative earnings forecasts for now. We remain Buy-rated on KTA with a €22 TP (upside: 80%).