First Berlin Equity Research Updates Knaus Tabbert AG Rating

First Berlin Equity Research has released a new assessment of Knaus Tabbert AG, maintaining a "Buy" recommendation but lowering the target price from €27 to €24. The adjustment follows an earnings guidance revision by Knaus Tabbert for 2025, despite the company remaining on track to achieve revenue projections of approximately €1 billion.

Earnings have experienced volatility due to the combination of newly produced recreational vehicles, clearance of old inventory, and vehicles repurchased from insolvent dealers. Industry-wide excess inventory necessitates ongoing price discounts.

The revised earnings forecast predicts an AEBITDA margin of 3.2%-4.2%, down from the previous 5.0%-5.5%. The report also adjusts 2025 forecasts and lowers 2026 earnings targets until inventory issues are resolved. A discounted cash flow model indicates a fair value of €24.