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Original-Research: Rosenbauer International AG - from NuWays AG
17.02.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of NuWays AG to Rosenbauer International AG
Company Name: Rosenbauer International AG
ISIN: AT0000922554
Reason for the research: Update
Recommendation: BUY
from: 17.02.2025
Target price: EUR 55.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Strong prelim. FY24 numbers and FY25e outlook; chg. est. & PT
Topic: Rosenbauer released strong preliminary Q4 figures with sales above
and EBIT in line with our estimates.
Even more importantly, the company announced a promising FY25e guidance
pushing the stock
up 9.5% last Friday on Vienna Stock Exchange.
Preliminary FY24 sales rose by 23% yoy to EUR 1,307m (eNuW: EUR 1,251m; guidance
EUR 1,200m) and
Q4'24 came in at EUR 466m (eNuW: EUR 410m) up 27% yoy. Alongside strong price
increases (eNuW: c. 10%
yoy in FY avg. price per fire truck) the topline was also driven by a 10%
growth in vehicle deliveries for
FY24.
As in the previous quarters, demand for Rosenbauer's firefighting
technologies remained strong. Q4'24
order intake increased by 11.4% to EUR 472m leading to a new record high in
order backlog of EUR 2.28bn
(vs. EUR 1.79bn in FY23).
Preliminary FY24 EBIT rose by 74% to EUR 65.2m (eNuW: EUR 63.2m) with a solid
1.5pp margin improvement
to 5.0% (eNuW: 5.0%) in line with the company's guidance. The seasonal
strong Q4'24 EBIT came
in at EUR 35.8m (eNuW: EUR 33.7m) up 36% yoy with a 7.7% margin (+0.5pp yoy).
Further, despite the strong sales growth, Rosenbauer successfully reduced
its trade working capital from
EUR 457m in FY23 (43% of sales) to EUR 424m due to lower inventories (eNuW: EUR
580m) and higher customer
prepayments.
Strong FY25e outlook: Management expects sales of around EUR 1.50bn (eNuW new:
EUR 1.52bn) with an
EBIT margin north of 6% (eNuW: EUR 6.2%). In our view, price increases should
be a significant contributor
in FY25e for Rosenbauer's sales and EBIT growth. Remind you, there are still
notable price increases
embedded in the order book, as the average price per fire truck in order
intake during 9M'24 increased
by 14.6% yoy to EUR 571k (9M'23 +12.1% yoy) to cover the material price
inflation (e.g. chassis prices increased
c. 20% since 2021 to c. EUR 100-120t). With still elevated lead-times of two
years in the US and 1.5
years for municipal trucks in Europe, we expect to see tailwind from price
increases not only for FY25e
but also in FY26e.
We reiterate our BUY rating with a new PT of EUR 55 (old EUR 50), based on DCF.
You can download the research here: http://www.more-ir.de/d/31783.pdf
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
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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2086891 17.02.2025 CET/CEST
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