Rosenbauer confirmed at HOLD, TP EUR 54.5 - Model update: Minor adjustments to FY 21e, case unchanged
In the aftermath of the downward revision of the FY 21 EBIT margin guidance to 4.5-4.8% from ~5% amid an intact stable revenue target we have trimmed our earnings forecasts accordinglySupply chain disruptions in combination with cost inflation left a perceptible mark on the ytd financials and are likely to persist we think at least into early next year
Against the backdrop of the comfortable booking situation the management envisages further top-line growth in FY 22
Our overall perception of the investment case remains unchanged and thus we maintain the HOLD recommendation and the target price of EUR 54.5
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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