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 83.00 to EUR 86.00.
Knaus Tabbert management raised 2023 guidance based on improved production planning and visibility owing to the bolstered supply chains. Material procurement costs are also now expected to be significantly lower than in previous planning. The new guidance calls for revenue of €1.35bn to €1.45bn (old: ?strong Y/Y topline growth?) and an AEBITDA margin of 8.5% to 9.0% (old: 7.5% to 8.5%). We have bumped up 2023 FBe to the midpoints of the new guide, while strong H1 results put the upper end well within reach. Our recalibrated DCF model now points to an €86 TP (old: €83). We are Buy-rated on KTA.