Knaus Tabbert AG's Price Target Revised to €69 by First Berlin Equity Research

First Berlin Equity Research GmbH has issued a research update on Knaus Tabbert AG, maintaining a "Buy" recommendation but lowering the target price from €86 to €69. Analyst Ellis Acklin noted the revision in expectations for the EBITDA margin from 8%-9% to 7%-8% and a decrease in revenue projections to €1.3bn-€1.4bn from the previous €1.4bn-€1.55bn.

The adjustments come as RV dealerships face higher interest rates and adjust inventories to manage increased financing costs. Knaus Tabbert plans to slow production to help dealers reduce stocks. Despite these challenges, customer demand remains strong, with a 12.7% increase in registrations for its brands Knaus, Weinsberg, and Morelo. The company also reported solid order intake for the 2025 model year and expects a backlog of around €0.6bn.

The research update reflects these factors and resulted in the new target price and reaffirmed "Buy" rating.