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: Update
Empfehlung: BUY
seit: 19.02.2024
Kursziel: 54.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Strong order momentum to fuel 2024e growth; chg. est.
Topic: Rosenbauer released solid FY23 preliminary figures, with sales
slightly below and profitability in line with the company's guidance, which
has been increased in October. More importantly, the all-time high in order
backlog coupled with unbroken order momentum looks set to pave the way for
strong sales and EBIT growth in FY24e.
Preliminary Q4 sales grew 8.9% yoy to EUR 365m (eNuW: EUR 383m), largely
carried by substantial price increases, and structural growth drivers.
Preliminary FY23 sales came in at EUR 1.06bn (eNuW: EUR 1.08bn), a 9.5% rise
yoy. EBIT in Q4 stood at EUR 26.2m (eNuW: EUR 26.2m), up from EUR 21.3m yoy with
a 0.9pp margin improvement due to better supply chains and lower material
prices. FY EBIT came in at EUR 37.4m (eNuW: EUR 37.3m), implying a 3.5% margin,
up 4.6pp yoy and in line with the guidance.
Preliminary order intake continued to be strong during FY23 thanks to
structural growth drivers. FY23 order intake came in at EUR 1.45bn, leading
to a record-high order backlog of EUR 1.79bn. Growth drivers like 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. In addition, the ongoing electrification of
firefighting trucks is supporting the demand for Rosenbauer's high margin
electric models RT (Revolutionary Technology) and PANTHER electric.
Management anticipates revenues of EUR 1.20bn in FY24e (eNuW: EUR 1.16bn), with
EBIT margins of 5.0% (eNuW: 4.6%). With an order backlog of 1.7x FY23
revenue and gradually decreasing chassis lead times, we expect Rosenbauer
to deliver another year of high single-digit revenue growth together with
improving profitability.
Equity ratio issue to be resolved soon. At the end of Q3 FY23, Rosenbauer's
equity ratio stood at only 14.3% (-1.5pp yoy), while debt covenants are at
20%. Positively, management intends to strengthen its balance sheet during
FY24e via a capital increase (company news 12.02.2024). Once the problem is
solved, it could work as a catalyst, allowing investors to re-focus on the
promising mid-term prospects.
We reiterate our BUY rating with an unchanged EUR 54.00 PT on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28915.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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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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