Rosenbauer is emancipating itself from an operational and financial turnaround story to an earnings and margin growth centric case, in our view. After the completion of the capital increase, we expect the management around new CEO Robert Ottel to focus on realising the self-help potential in terms of operations and working capital efficiency. Against this backdrop, we forecast a return to value-creating territory. A record order backlog and a compelling end-market outlook combined with streamlin...
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