Märkte & Kurse

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Original-Research: Rosenbauer International AG - from NuWays AG

14.04.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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:                        14.04.2025
     Target price:                EUR 55.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

Turnaround achieved // strong final FY24 results; chg. est.

Topic: Rosenbauer released strong final FY24 results in line with
preliminary numbers. Not only sales and EBIT reached new record highs, but
also free cashflow rose significantly due to improved working capital
management.

To recap: FY24 sales climbed 22.7% yoy to EUR 1,306m thanks to a 10% increase
in the number of vehicles and a 15% yoy increase of average price per fire
truck. Q4 sales rose 27% yoy to EUR 465m, accounting for 36% of fiscal year
sales. In contrast to FY23 and FY22, supply chains returned to normality and
did not materially affect the operating business. Order intake increased 18%
yoy due to a continued strong demand for Rosenbauer's firefighting solutions
and led to a strong order backlog of EUR 2,280m (EUR 1,788m in FY23).

FY24 EBIT increased disproportionately by 73% to EUR 65m, with a 1.5ppts yoy
margin improvement to 5.0%, despite EUR 4.8m one-time costs, mainly from the
implementation of the banking agreement. Q4'24 EBIT rose by 35% yoy to EUR 36m
(7.6% margin). Major contributors to the profitability improvement were
price increases during FY22 and FY23 as a response to material cost
inflation.

Strong FCFF supported by WC reduction: Trade working capital decreased 10%
yoy to EUR 425m despite a significant top-line increase, thanks to
Rosenbauer's "offerto- cash" WC efficiency program and restored supply
chains. The trade working capital/ revenue ratio decreased to 32.5% (vs.
44.4% in FY23) and is expected to fall below 30% in FY25e as mentioned in
the CC. Overall, FCFF rose to EUR 47m from EUR -112m in FY23.

Moderate impact from US Tariffs: Although nearly all trucks delivered to US
customer are produced by Rosenbauer in the US, production costs could still
be impacted by tariffs on steel and aluminum, which is often imported from
Canada. On the other hand, fire truck exports from production facilities in
the US to Canada could be affected as well (c. EUR 70m of backlog).

Rosenbauer achieved its turnaround and with a record high in order backlog
the company is well equipped for future growth. Not only do we expect to see
top- and bottom-line to develop nicely in FY25e (eNuW FY25e sales +17% yoy,
EBIT +45% yoy), but also cashflows should improve thanks to Rosenbauer's
"offerto- cash" program. Reiterate BUY with a price target of EUR 55, based on
DCF.

You can download the research here: http://www.more-ir.de/d/32236.pdf
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
++++++++++
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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2116710 14.04.2025 CET/CEST

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