Knaus Tabbert AG: First Berlin Equity Research Reiterates Buy Rating

First Berlin Equity Research GmbH has released an update on Knaus Tabbert AG, maintaining a BUY recommendation with a target price of €69. Analyst Ellis Acklin's report is based on the six-month performance of the company, which was close to expectations but below last year's figures that saw record sales.

The second quarter results reflect the transition to the 2025 model year. Earnings metrics remained strong, highlighted by a 9.7% EBITDA margin for the period from January to June. Free cash flow also saw a significant increase due to lower investments in working capital and capital expenditures.

Market signals remain positive, countering the idea that the rise in RV lifestyle popularity was solely due to the Covid-19 pandemic. Knaus Tabbert's shares fell after the company lowered its 2024 forecast on July 17, now trading at a 2025 EV/EBITDA multiple of 4.5x. Analysts expect the company to return to growth in 2025.