NuWays AG Affirms 'Buy' Rating on Rosenbauer International AG

NuWays AG has updated its investment recommendation for Rosenbauer International AG, maintaining a 'Buy' rating with a target price of EUR 50. The decision follows Rosenbauer's strong third-quarter results, which exceeded analyst expectations. The company reported a 28.6% year-over-year increase in Q3 sales, reaching €307 million due to significant vehicle deliveries, price hikes, and improved supply chains.

Remarkably, vehicle revenues surged by 38.4%, recording €234 million. The EBIT also experienced a notable rise, growing by 43.6% to €15 million, with an operating margin of 4.9%. The robust order intake of €489 million has led to a record order backlog of €2.2 billion.

Rosenbauer aims to adjust its book-to-bill ratio to 1.0x to shorten lead times, following a peak of 1.60x in Q3 2024. The company has revised its full-year 2024 guidance, projecting sales above €1.2 billion and an EBIT margin of 5%, with Q4 expected to significantly contribute to these figures.