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Original-Research: Rosenbauer International AG - von NuWays AG

Einstufung von NuWays AG zu Rosenbauer International AG

Unternehmen: Rosenbauer International AG

ISIN: AT0000922554

Anlass der Studie: 5-pager

Empfehlung: BUY

seit: 12.01.2024

Kursziel: EUR 54.00

Kursziel auf Sicht von: 12 Monaten

Letzte Ratingänderung:

Analyst: Christian Sandherr

Rosenbauer is back on track with a record high in order intake

Caused by supply chain issues and raw material price inflation,

Rosenbauer's operating result turned negative during FY'22. However,

Rosenbauer successfully managed the operating turnaround and delivers

positive results again since Q2 2023. Thanks to Rosenbauer having done its

homework and structural trends kicking in, we expect this turnaround to

continue in 2024.

Until 2025e, Rosenbauer should be able to grow sales by 6.9% p.a. (2022-25e

CAGR) to EUR 1.2bn with EBIT margins north of 5% (eNuW 2025: 5.4%) thanks to:

Supply chain improvements: During FY'22 chassis lead times of OEMs

deteriorated significantly. Although lead times are still not back at

pre-crisis levels, the situation is noticeable better than in FY'22. For

example, the average MAN chassis lead time decreased from over 18 months in

FY'22 to 10-12 months in FY'23. However there is no further material

improvement of delivery times expected at MAN and Daimler in 2024, while

Volvo and Scania should approach pre-crisis levels.

Significant price increases: Rosenbauer raised its vehicle prices

substantially during FY'23, to account for a higher cost base. The average

price per fire truck in 9M 2023 increased by 9.8% yoy and the average price

per vehicle body increased by 22.7% yoy. Old unprofitable customer

contracts not reflecting the higher cost base are successively leaving the

order book and giving room for a further margin improvement.

Structural growth drivers: Global warming for instance causes a severe rise

in natural disasters such as wildfires, storms, and floods which elevates

the demand for firefighting equipment and trucks. Another growth driver is

the electrification of firefighting trucks, supporting the demand for

Rosenbauer's high margin electric models RT (Revolutionary Technology) and

the PANTHER electric.

As the supply chain situation further improves and with a record high in

order backlog (9M 2023: EUR 1758m) in the hand, shares look poised for a

re-rating. Furthermore, Rosenbauer is currently examining the issuance of a

hybrid bond to strengthen its balance sheet. A successful issuance could

work as a catalyst, bringing the shares back to its intrinsic value. Hence,

we reiterate our BUY rating with an unchanged EUR 54.00 PT based on DCF.

-continued-

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/28647.pdf

Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden

www.nuways-ag.com/research.

Kontakt für Rückfragen

Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden

www.nuways-ag.com/research.

Kontakt für Rückfragen

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.

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-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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