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 86.00 price target.

Preliminary revenue for 2023 reached €1.44bn, was in line with the upper end of sales guidance (€1.35bn to €1.45bn), and matched FBe (€1.44bn). The topline grew some 37% Y/Y and eclipsed German sector growth (+8.8%) by a wide margin. KTA will report earnings on 31 March, and we expect the company to also hit its 2023 EBITDA margin guide (8.5% to 9.0%). As recently noted, the caravanning industry is expected to normalise in 2024 after the pandemic boom, but we see ample scope for KTA to grow revenue and expand margins through 2025, albeit at a more modest pace than last year. We stick to our Buy rating and €86 TP.