Original-Research: Rosenbauer International AG (von NuWays AG): BUY

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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: Q3 Review
Empfehlung: BUY
seit: 15.11.2023
Kursziel: EUR 54,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr

Solid Q3 carried by improving supply chains; chg. est.

Topic: Rosenbauer reported solid Q3 figures, thanks to a structurally
growing demand for fire trucks as well as an improved supply chain
situation.

Q3 sales grew by 15.3% yoy to EUR 238.6m (eNuW: EUR 240m) due to a strong order
backlog (EUR 1.69bn at the end of H1 2023), price increases and a better
availability of chassis. Indeed, the customer demand has not really been an
issue throughout FY'22, rather the lack of enough chassis to satisfy the
demand and unfavorable contracts, which haven't reflected the increased
cost base of raw materials. Furthermore, Rosenbauer put more emphasis on
choosing high margin customer contracts to raise profitability.

The EBIT margin increased significantly by 8.6pp yoy to 4.4% (eNuW: 5.3%),
resulting in an EBIT of EUR 10.4m (Q3 2022: EUR -8.7m). In addition to an
average price increase per vehicle of 12.1% yoy in the first nine months,
Rosenbauer also benefited from lower steel, aluminum, and energy prices.
The chassis manufacturer have for the most part not passed on the lower
cost base. However, the company was able to profit in the production of
their electric fleet, in which Rosenbauer produces the chassis by
themselves.

Climate change and a growing need for electrified vehicles in cities keep
the demand high. Q3 order intake stood at EUR 362m (+48.2% yoy), implying a
book-to-bill ratio of 1.5x. Coupled with the strong demand during the past
quarters, the group's order backlog grew to EUR 1.76bn (+29.2% yoy). Chassis
lead times and the reliability of delivery times at OEMs have been
improving. However, lead times for chassis and some other components are
expected to remain high, which results in a naturally higher order backlog.

Rosenbauer reiterated its recently raised guidance for FY'23. Management
expects sales of c. EUR 1.1bn and an EBIT margin of 3.5% (eNuW: EUR 1.09bn and
3.5% margin). Considering the significant price increases and an
uninterrupted high demand, the company should be able to reach its targets.

At the end of Q3, Rosenbauer's equity ratio stood at only 14.3% (-1.5pp
yoy), while debt covenants stand at 20% (due date: end of FY'23).
Positively, management is already in advanced discussions with banks to
resolve this issue by issuing a hybrid bond. Once the problem is solved, it
could work as a catalyst and one should re-focus on the promising mid-term
prospects. Reiterate BUY with an unchanged EUR 54 PT based on DCF.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28289.pdf
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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Quelle: dpa-AFX