Knaus Tabbert AG: Rating Reaffirmed Despite Target Price Adjustment

First Berlin Equity Research has affirmed its "BUY" recommendation for Knaus Tabbert AG, despite lowering the target price from EUR 29.00 to EUR 27.00. The reassessment follows the release of Knaus Tabbert's Q2 financial results, which showed a decline in year-on-year figures but an improvement in profitability due to the resumption of full production. The strategic reorganization launched in Q1 gained momentum in Q2, resulting in a free cash flow of €56 million.

Management maintains its revenue forecast of approximately €1 billion for 2025, but has revised the AEBITDA margin target to a narrower range of 5.0% to 5.5%, from the previous 5.0% to 6.5%. As the market stabilizes, the Caravan Salon in September is anticipated to provide key insights into market demand and industry trends. The revised target price reflects an upside of 103%.