NuWays AG Reiterates Buy Rating for Rosenbauer International AG Amid Strong Q1 Performance

NuWays AG has released updated research on Rosenbauer International AG, reaffirming a "Buy" recommendation with a target price of EUR 50.00. The analysis highlights Rosenbauer's strong first-quarter results and a record order backlog, underscoring a successful operational turnaround.

Q1 sales rose by 17.7% year-on-year to EUR 226 million, exceeding estimates of EUR 215 million. Growth was driven by a robust order backlog of EUR 1.79 billion and an 8% average price increase per fire truck. Notable regional growth occurred in Europe (+67%) and the Americas (+6%), offsetting declines in the Asia-Pacific and Middle East & Africa regions.

EBIT improved by EUR 5.2 million to EUR 0.3 million, despite a negative one-off effect of EUR 2.3 million. The company witnessed a record Q1 order intake of EUR 362 million, leading to an order backlog of EUR 1.94 billion. Rosenbauer's management reiterated FY24 guidance, expecting sales of EUR 1.2 billion and an EBIT margin of 5%.

NuWays AG's forecast remains slightly more conservative but anticipates sequential improvements throughout FY24, driven by price increases, better supply chain conditions, and internal efficiency measures.