Original-Research: Rosenbauer International AG (Von Nuways AG)
|
Original-Research: Rosenbauer International AG - from NuWays AG
09.01.2025 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Classification of NuWays AG to Rosenbauer International AG
| Company Name: |
Rosenbauer International AG |
| ISIN: |
AT0000922554 |
|
| Reason for the research: |
Update |
| Recommendation: |
BUY |
| from: |
09.01.2025 |
| Target price: |
EUR 50.00 |
| Target price on sight of: |
12 months |
| Last rating change: |
|
| Analyst: |
Christian Sandherr |
Outlook into FY25e: another strong year ahead for Rosenbauer
Topic: With a record high order backlog and restored supply chains, Rosenbauer should deliver another
strong year after an already solid FY24e.
Already in 9M'24, Rosenbauer increased its sales by 20% yoy to € 841m continuing its turnaround after
the challenging FY22. We expect the growth story to continue for Q4'24e and FY25e due to multifactorial
reasons. (1) The demand for firefighting trucks and equipment is unbrokenly high with € 1.23bn
order intake in 9M'24 (+20% yoy; book-to-bill 1.47x) and a record high in order backlog of € 2.20bn. (2)
The chassis supply chain crisis in FY21&22 has successively eased throughout FY23 and FY24. At the
time, chassis availability is not a major concern. (3) Significant price increases are still in the order book
as the average price per fire truck in order intake during 9M'24 increased by 14.6% yoy to € 571t.
Hence, we not only expect Rosenbauer to reach the FY24e top-line guidance, which was raised in
November to over € 1.20bn (eNuW: € 1.25bn) but also to achieve high single-digit sales growth for
FY25e (eNuW: € 1.36bn). Additionally, we expect to see a further improvement in EBIT margin next year
to 5.6% (vs. eNuW 5.0% in FY24e; 3.5% in FY23; -1.1% in FY22), mainly thanks to price increases but
also due to the margin attractive Equipment segment. Thus, EBIT should increase disproportionately by
21% yoy to € 76.5m.
Capital increase and debt refinancing: Announced in the company news from 9th December, Rosenbauer
has obtained essential regulatory approvals such as in the EU and the US, but not all approvals in
all further relevant jurisdictions. The missing approvals are expected to be obtained by the end
of Q1'25e. With Robau as a new strong investor, Rosenbauer will raise its equity ratio to a healthy level
and satisfy its covenants. In addition, Rosenbauer has agreed on a refinancing of € 330m with its major
lenders (company news 19th Dec.) with a term until December 2027 and extension options for additional
two more years.
We reiterate our BUY rating with an unchanged PT of € 50, based on DCF.
You can download the research here:
For additional information visit our website:
Contact for questions:
NuWays AG - Equity Research
Web:
Email: ...
LinkedIn:
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
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.
++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at
|
MENAFN09012025004691010666ID1109071626
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.