Knaus Tabbert AG Maintains 'Buy' Rating Despite Challenges

First Berlin Equity Research GmbH has released its latest update on Knaus Tabbert AG. Analyst Ellis Acklin reaffirms a 'Buy' recommendation with a price target of €24.00, suggesting a potential 69% upside. Knaus Tabbert anticipates a revenue of around €1 billion for 2025, although adjusted EBITDA is expected at the lower spectrum of the 3.2% to 4.2% range.

The recent quarter's results slightly missed expectations. Notably, a new bottleneck in chassis delivery has necessitated adjustments in production plans, potentially affecting the onset of 2026. Nevertheless, this is viewed as a temporary rather than structural issue. While order backlog and working capital have shown quarter-on-quarter improvements, overall performance in a challenging environment remains unsatisfactory.

Despite being in a better position compared to last year during peak turmoil, current conditions are unlikely to alleviate persistent investor concerns.