First Berlin Equity Research Reaffirms Buy Rating for Knaus Tabbert AG

First Berlin Equity Research has released a research update on Knaus Tabbert AG, maintaining a "Buy" recommendation with a target price set at €22. The report highlights a strong Q2 performance, with Adjusted EBITDA (AEBITDA) reaching €20.4 million and a margin of 8.0%, surpassing the previous estimate of €13.1 million. This exceeds expectations due to cautious initial assumptions about the impact of cost structure improvements.

Despite these results, the management has adjusted the upper limit of their AEBITDA margin forecast for 2026 from 7% to a range of 5% to 6%. This change reflects decreasing demand from end-customers, cautious ordering from dealers, and careful production planning for the second half of the year. Accordingly, First Berlin has revised its own 2026 AEBITDA margin estimate to 5.0%, aligning it with the company's guidance. The price target remains €22, with a significant upside of 81%.