First Berlin Equity Research has published a research update on Knaus Tabbert AG (ISIN: DE000A2YN504). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 27.00 to EUR 24.00.

Abstract
Knaus Tabbert has lowered earnings guidance for 2025. While revenues have remained on pace to hit the ~€1bn topline guide, earnings have been more volatile, due to the blend of vehicles sold YTD. Sales have comprised a mix of newly produced RVs, old inventory being cleared from the books, and vehicles bought back from insolvent dealers. Excess inventory in the distribution channels remains an industry wide issue that still requires discounts. The dialled down earnings guidance now calls for an AEBITDA margin of 3.2% to 4.2% (old: 5.0% to 5.5%). We have adjusted 2025 FBe to the low end of guidance and also reduced our 2026 earnings targets pending clear signs that inventory issues are in the rear view mirror. Our updated DCF model points to fair value of €24 (old: €27). We remain Buy-rated on KTA (upside: 52%).