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 75.00 to EUR 83.00.
We are raising 2023 FBe ahead of Q2 reporting slated for 10 August. Our summer field trip to Jandelsbrunn for KTA’s Capital Markets Day and recent market data underpin our confidence that the earnings cadence will remain strong throughout the year after the big Q1. The production mix is well balanced with motorhomes (Q1: 53% of total units) now that tricky supply chain issues have been tamed. Meanwhile, June vehicle registration data continue to confirm that KTA is gaining market share. Our upgraded numbers now also align with the company’s mid-term revenue target calling for a 2027 topline of €2bn and point to a new TP of €83 (old: €75). We remain Buy-rated on KTA.