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 77.00 price target.
Third quarter reporting was close to our targets, and earnings were well above the prior year comps, which were heavily burdened by motorised chassis supply bottlenecks and production downtimes. The order backlog climbed to €1.6bn (H1: €1.4bn), thanks to order intake of some 8.4k units in Q3. The production mix, which still included a low ~35% motorised vehicle component, is expected to flip in Q4 to >60% motorhomes / camper vans and thus spur a strong uptick in revenue and earnings. Management confirmed 2022 guidance (>€1bn turnover; >6% EBITDA margin), and we remain Buy-rated on Knaus Tabbert with a €77 target price.