Rosenbauer confirmed at HOLD, TP EUR 42.5 - Headwinds to stay strong in FY 22, RBIe below guidance
We believe that Rosenbauers FY 22 guidance of revenues > EUR 1 bn and a stable operating margin could pan out too optimisticWe project a further 50 bps margin contraction to 3.1% amid stable sales. Chassis supplies in Europe are a particular area of concern
In response to the severe problems with missing materials/parts Rosenbauer announced the introduction of short-time work at the production facilities in Leonding
On June 20, Rosenbauer will host its CMD where management will present details on the Rosenbauer City 2030 strategy. By 2030 the top line should roughly double to EUR 2 bn and the EBIT margin should reach 7%
Rosenbauer International is a holding company. Co. through its subsidiaries is engaged in the manufacture, sale and distribution of mobile fire protection and civil defense solutions. Co. maintains five business segments: vehicles, aerials, fire and safety equipment, service and spare parts/others, fire fighting components. Co.'s product portfolio includes a range of municipal fire fighting vehicles and aerials built to both European and the United States standards, series of aircraft rescue and fire fighting vehicles, industrial fire fighting vehicles, fire and safety components and equipment. Co. provides services and spare parts, instruction and training programs for its products.
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