Original-Research: Rosenbauer International AG (von NuWays AG): BUY
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Original-Research: Rosenbauer International AG - from NuWays AG
13.04.2026 / 09:00 CET/CEST
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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
Target price: EUR 61
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Rosenbauer to continue efforts to increase efficiency, chg.
On Friday, Rosenbauer published its best annual result in company history.
Profitability increased on strengthened balance sheet metrics. In detail:
Rosenbauer continued to strengthen its bottom line with Q4 EBIT having
improved 44% yoy to EUR 51.1m, ahead of expectations (eNuW: EUR 46.6m). This
increase was driven by ongoing efficiency measures and a conscious
management decision to prioritize higher margins (+3.1 pp yoy) over sales,
shifting some delivery dates into Q1. Hence, Q4 sales rose only by 2.6% yoy
to EUR 478.3m. While this shift had been announced in Q3, it turned out larger
than expected, leading the company to miss our revenue expectations (eNuW: EUR
500.9m).
Profitability strengthened in FY 2025. Revenue grew by 9.4% yoy to EUR 1.43bn
on account of an improved product mix, raised importance of component sales
and customer service as well as stronger after-sales activities. While the
final result came in slightly below the guidance of EUR 1.45bn, the decision
prioritize margins over sales in Q4 makes up for this, in our view. With
this but also increased efficiencies from optimized internal processes
during the year, the FY EBIT-margin improved by 0.9pp to 5.9%, despite a
negative contribution of EUR 13.8m from the PFP segment (of which EUR 4.1m
constituted a goodwill impairment).
Net profit soared by 82.2% yoy to EUR 54.3m, due to higher profitability,
lower financing costs associated with the refinancing of its debt and lower
taxes, largely based on one-offs (tax losses carried forward).
Strengthened balance sheet. The equity ratio increased from 16.6% to 27.8%
through a capital increase of EUR 119m, higher profitability as well as
working capital releases. Hence, ND/EBITDA notably decreased from 4x to a
solid 2x. With this, financing costs are to decrease by additional 75bps.
Looking to FY26e, we slightly lower our revenue growth expectation of 12.3%
to EUR 1.61m (eNuW) reflecting the company's proven preference for margin
improvements over stronger revenue growth. The ambition to increase its
share of vehicles in the product mix and additional international expansion
ahead remain intact as growth drivers. The EBIT margin is expected to
improve to 6.7% (eNuW) leading to EBIT of EUR 107.5m, based on further
efficiency gains from process reviews and the roll-out of a new ERP system,
while accounting for potential cargo cost increases incurred in Q1 in the
Middle East. We hence regard management's sales guidance of EUR 1.6bn as
realistic while the margin guidance of >6% seems rather conservative, in our
view.
At the end of last year, the backlog reach new highs (FY25 book-to-bill at
1.1x) despite weaker intake from the Americas in light on uncertainties.
Nevertheless, visibility reaches well into 2027. If profitability continues
to improve as planned, the company could consider resuming regular dividend
payments by FY27, in our view.
Maintaining BUY at an unchanged PT of EUR 61, based on based on a blended FCFY
framework FY26/27e.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6705ef0645454352919f464de38f9505
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2306824 13.04.2026 CET/CEST
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