Märkte & Kurse

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Original-Research: Rosenbauer International AG - from NuWays AG

12.08.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group AG.
The issuer is solely responsible for the content of this research. The
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invitation to conclude certain stock exchange transactions.

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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
     from:                       12.08.2024
     Target price:               EUR 50.00
     Last rating change:
     Analyst:                    Christian Sandherr

Strong Q2 numbers above estimates; chg. est.

Topic: Rosenbauer released its Q2 numbers last Friday with sales and EBIT
above our estimates. Further, Robau Beteiligungsverwaltung intends to buy
additional shares next to the capital increase to achieve a controlling
stake of 50.1% (company news August 5 th).

Q2 sales increased 15% yoy to EUR 309m (eNuW: EUR 297m), driven by price
increases and improved supply chains. Price increases were a major driver of
revenue growth and should continue to do so in the coming quarters as the
average price in the order intake in H1'24 increased over 12% (as stated in
the CC). EBIT came in at EUR 14.1m (eNuW: EUR 11.5m), a 151% increase yoy and
with a substantial margin improvement of 2.5pp yoy to 4.6% despite negative
one-time effects of EUR 1.2m in Q2. These one-offs related to the departure of
an Executive Board member and the implementation of the banking agreement
should come down in H2'24 to c. EUR 1m (as stated in the CC).

Order intake continued to be strong and came in at EUR 382m, 2.8% higher than
last year, leading to another record high in order backlog of EUR 2.02bn (+20%
yoy). As a result of the strong demand and the challenging supply chain
situation in recent years, the order backlog was already at an elevated
level. Rosenbauer intends now to reduce the book-to-bill ratio to a level of
1x (1.24x in Q2'24) to decrease lead times and with that the implied risk in
the order book of increases on the cost side like in FY21 & FY22.

Capital increase: Robau intends to buy additional shares next to the capital
increase to achieve a controlling stake of 50.1%. Regulatory approvals for
the 50% capital increase and execution are expected to be obtained in Q4'24.
Following approval of the takeover, it is planned to appoint Stefan Pierer
and Mark Mateschitz (among others), the controlling stakeholder of Robau, as
new members of the Supervisory Board.

FY guidance confirmed. Management confirmed its FY guidance of EUR 1.2bn in
sales and an EBIT margin of 5% under the assumption that supply chains
remain stable. Taking the already strong H1'24, the well filled order
backlog as well as further tailwind from price increases into account, the
guidance looks plausible in our view (eNuW: Sales EUR 1.22bn; EBIT margin
5.1%).

Reiterate BUY with an unchanged EUR 50.00 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/30429.pdf
For additional information visit our website: www.nuways-ag.com/research

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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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1965381 12.08.2024 CET/CEST

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