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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:

Empfehlung: BUY

seit: 01.02.2024

Kursziel: 54.00

Kursziel auf Sicht von: 12 Monate

Letzte Ratingänderung:

Analyst: Christian Sandherr

Topic: Oshkosh, Rosenbauer's largest competitor in North America, published

its FY23 numbers on

Tuesday, providing a positive cross read. Here are the key takeaways:

The conglomerate Oshkosh Corporation is the dominant player for

firefighting trucks in North America,

followed by REV Group and Rosenbauer. Oshkosh reported strong FY23 revenues

for its firefighting segment

coupled with a significant margin increase. Revenues rose 9.3% yoy to $

1.2bn, while order intake

grew to $ 4.6bn, indicating a continued strong demand in the firefighting

business. The operating margin

improved due to an enhanced supply chain and substantial price increases.

Rosenbauer's competitors were in a similarly difficult situation during

FY22 and the first quarter of FY23,

struggling with substantially longer chassis lead times and raw material

cost inflation. However, as other

firetruck manufacturers start to get back to a more normal environment, it

gives us confidence for the

upcoming Q4 numbers. Rosenbauer already showed a successive improvement in

its profitability during

FY23. The EBIT margin in Q1 came in at -2.6% and climbed to 2.1% in Q2 and

4.4% in Q3. With Q4

being usually the strongest quarter, responsible for c. one third of total

sales and the restructuring program

kicking in, we expect the operating margin further to improve in Q4 FY23e

(eNuW: 6.8%).

In August 2022, Rosenbauer launched its new efficiency program "Refocus,

Restart", which is based on

four different pillars and is increasingly bearing fruit. The first pillar

is price negotiations with customers

on existing frame orders and is responsible for c. EUR 4-5m out of the EUR 31m

savings target. Furthermore,

Rosenbauer is simplifying its products without sacrificing the quality with

the purpose of reducing

production costs. This pillar takes the longest time to materialize and

should show its full effect in

FY24. The third important lever is to increase production efficiency, which

is clearly possible due to

the improved supply chains since last year. The last endeavor is the price

negotiation with suppliers.

Compared to FY22, raw material prices came down substantially, for example

Rosenbauer experienced

a price reduction of c. 27% for aluminum sheets within FY23.

We expect Rosenbauer to continue its turnaround in FY24e with a 4.9%

increase in sales and EBIT margins

of 4.5% (+1.0 pp). As the supply chain situation further improves and with

a record high in order

backlog, shares look poised for a re-rating. Reiterate BUY with an

unchanged EUR 54.00 PT based on DCF.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/28791.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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