Rosenbauer confirmed at HOLD, TP EUR 50 - Cutting estimates and TP ahead of prelim. results on Feb 18
We have cut our earnings forecasts and trim the target price to EUR 50 from EUR 54.5 while confirming the HOLD recommendationWe expect Rosenbauer to deliver on the reduced FY 21e guidance of revenues of slightly less than EUR 1 bn and an EBIT margin of 3.5%
However, as FY 22e shapes up in a similarly challenging way, we have become clearly more cautious about the earnings/profitability outlook
Due to cost escalation and supply chain challenges as well as the time lag until more pronounced price hikes should provide margin relief we have cut FY 22e EBIT by 22% to EUR 43 mn
We are almost 30% below consensus which appears overly optimistic
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.
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.
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