First Berlin Equity Research Maintains Buy Rating on Knaus Tabbert AG

First Berlin Equity Research has reiterated its BUY rating on Knaus Tabbert AG (ISIN: DE000A2YN504), confirming a price target of €86. Analyst Ellis Acklin highlighted the positive performance of the RV manufacturer following a surge in production that resulted in a 37% increase in revenue and a 76% boost in EBITDA for the year 2023. These figures closely match both the firm’s and market consensus estimates.

The company reported a strong order backlog that accounted for 66% of its 2023 sales, indicating a stable demand. With a focus on improving cash flows, Knaus Tabbert plans to optimize its balance sheet post-production surge. The introduction of a new brand later this year is expected to further solidify its position in the market.

In recognition of the robust financial results, management proposes to increase the dividend to €2.9, up from €1.5 in 2022. Despite a forecast of more moderate revenue growth in 2024, Acklin maintains a positive outlook for the company, citing several drivers for optimism in the short to medium term.