Knaus Tabbert initiated with BUY, TP EUR 37.5 - The route is the goal - RV there yet?
We initiate coverage of Knaus Tabbert, one of Europes largest producers of leisure vehicles, with a BUY rating and a target price of EUR 37.5Reflecting the confidence in the compelling growth prospects of the European caravanning sector, a doubling of the production capacity to an annual output to ca. 50k units until 2025 is currently ongoing
Supply chain problems have put a brake on Knaus Tabberts growth ambitions in the current year. In order to alleviate the tense chassis procurement situation, the management has tapped additional OEMs. Against the backdrop of an eased procurement situation, a pronounced production uptick in H2 is baked in the FY 22 financial targets
For FY 22e our forecasts are basically aligned with the guidance of turnover of more than EUR 1 bn and an adjusted EBITDA margin of >6%. Considering the healthy order book, the more diversified chassis supplier base and further price hikes in the making there is reason to believe in a growth trajectory in FY 23-24e
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.