Knaus Tabbert AG: Q3 Results and Future Outlook

First Berlin Equity Research recently updated its report on Knaus Tabbert AG, maintaining a BUY rating while lowering the target price from €20.00 to €17.50. Analyst Ellis Acklin highlighted that despite a weak RV market in Germany, the company's Q3 revenue increased by 1.8% year-over-year to €193 million. The AEBITDA stood at €4.5 million with a margin of 2.3%, slightly surpassing expectations.

Despite seasonal challenges, internal strategies have effectively countered declining demand. Over the first nine months, the AEBITDA margin reached 5.8%, aided by improved material efficiency and reduced operating costs. Refinancing remains a priority, met with a more cautious approach due to recent risk disclosures. Adjustments for 2027 reflect ongoing market weaknesses. The recalibrated DCF model supports the new price target, reinforcing the BUY recommendation with a noted 108% potential upside.