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 71.00 price target.

Knaus Tabbert published preliminary Q1/23 results, which were well ahead of expectations. Revenue for the period topped €368m vs FBe of €292m (street: €305m) and €222m (+66%) in the prior year period. EBITDA of €32.7m also beat the street (€27m; +21%). The company points to its improved chassis supply chain that paved the way for a shift in the production mix towards higher margin motorhomes. The 8.9% EBITDA margin in Q1 also topped the upper end of confirmed 2023 guidance (7.5% to 8.5%) and supports our full year target of 8.4%. Knaus Tabbert has now delivered strong back-to-back quarters demonstrating the operating potential of the business. We remain Buy-rated on KTA with a €71 target price.