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 32.00 to EUR 29.00.

Abstract
After several months of minimal communication with the capital markets, Knaus Tabbert yesterday published 2024 preliminary KPIs and a separate press release outlining the progress of its strategic realignment. This included initial 2025 guidance calling for a ~€1bn topline coupled with an EBITDA margin in the range of 5% to 6.5%. The management board has been overhauled and production was fired up again at the end of January after being shuttered in Q4 to help clear up excess inventory in the markets. We have aligned our forecasts with the 2025 guide. After a tumultuous period, Wednesday’s news is encouraging and should allay the markets’ worst fears over solvency and profitability. We remain Buy-rated on KTA with a €29 TP (old: €32).