BUY
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: € 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 € 238.6m (eNuW: € 240m) due to a strong order backlog (€ 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 € 10.4m (Q3 2022: € -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 € 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 € 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. € 1.1bn and an EBIT margin of 3.5% (eNuW: € 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 € 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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