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Original-Research: Rosenbauer International AG - from NuWays AG
09.01.2025 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
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: 09.01.2025
Target price: EUR 50.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Outlook into FY25e: another strong year ahead for Rosenbauer
Topic: With a record high order backlog and restored supply chains,
Rosenbauer should deliver another strong year after an already solid FY24e.
Already in 9M'24, Rosenbauer increased its sales by 20% yoy to EUR 841m
continuing its turnaround after the challenging FY22. We expect the growth
story to continue for Q4'24e and FY25e due to multifactorial reasons. (1)
The demand for firefighting trucks and equipment is unbrokenly high with EUR
1.23bn order intake in 9M'24 (+20% yoy; book-to-bill 1.47x) and a record
high in order backlog of EUR 2.20bn. (2) The chassis supply chain crisis in
FY21&22 has successively eased throughout FY23 and FY24. At the time,
chassis availability is not a major concern. (3) Significant price increases
are still in the order book as the average price per fire truck in order
intake during 9M'24 increased by 14.6% yoy to EUR 571t.
Hence, we not only expect Rosenbauer to reach the FY24e top-line guidance,
which was raised in November to over EUR 1.20bn (eNuW: EUR 1.25bn) but also to
achieve high single-digit sales growth for FY25e (eNuW: EUR 1.36bn).
Additionally, we expect to see a further improvement in EBIT margin next
year to 5.6% (vs. eNuW 5.0% in FY24e; 3.5% in FY23; -1.1% in FY22), mainly
thanks to price increases but also due to the margin attractive Equipment
segment. Thus, EBIT should increase disproportionately by 21% yoy to EUR
76.5m.
Capital increase and debt refinancing: Announced in the company news from
9th December, Rosenbauer has obtained essential regulatory approvals such as
in the EU and the US, but not all approvals in all further relevant
jurisdictions. The missing approvals are expected to be obtained by the end
of Q1'25e. With Robau as a new strong investor, Rosenbauer will raise its
equity ratio to a healthy level and satisfy its covenants. In addition,
Rosenbauer has agreed on a refinancing of EUR 330m with its major lenders
(company news 19th Dec.) with a term until December 2027 and extension
options for additional two more years.
We reiterate our BUY rating with an unchanged PT of EUR 50, based on DCF.
You can download the research here: http://www.more-ir.de/d/31605.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
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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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2064079 09.01.2025 CET/CEST
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