First Berlin Equity Research has published a research update on Knaus Tabbert AG (ISIN: DE000A2YN504). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 71.00 to EUR 75.00.
Knaus Tabbert hosted its Capital Markets Day in Bavaria that included: (1) a tour of its Jandelsbrunn production halls; (2) dinner with top brass and other senior team members; and (3) a detailed presentation outlining its ?One Step Ahead? strategy. The latter highlighted a number of EV initiatives (ePower Drive), plus new caravan and motorhome models under development. Management also unveiled mid-term financial targets, underpinned by a 16% to 18% topline CAGR for 2023 to 2027, and are aiming to double sales to €2bn by YE27 with an EBITDA margin topping 10%. These are consistent with our positive outlook for KTA, and we also expect recent good business momentum to continue throughout 2023. Our TP moves to €75 (old: €71) on upticks to mid-term FBe. We remain Buy-rated on KTA.