Original-Research: Rosenbauer International AG (von NuWays AG): 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:
Empfehlung: BUY
seit: 01.02.2024
Kursziel: 54.00
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung:
Analyst: Christian Sandherr

Topic: Oshkosh, Rosenbauer’s largest competitor in North America, published its FY23 numbers on
Tuesday, providing a positive cross read. Here are the key takeaways:

The conglomerate Oshkosh Corporation is the dominant player for firefighting trucks in North America,
followed by REV Group and Rosenbauer. Oshkosh reported strong FY23 revenues for its firefighting segment
coupled with a significant margin increase. Revenues rose 9.3% yoy to $ 1.2bn, while order intake
grew to $ 4.6bn, indicating a continued strong demand in the firefighting business. The operating margin
improved due to an enhanced supply chain and substantial price increases.

Rosenbauer’s competitors were in a similarly difficult situation during FY22 and the first quarter of FY23,
struggling with substantially longer chassis lead times and raw material cost inflation. However, as other
firetruck manufacturers start to get back to a more normal environment, it gives us confidence for the
upcoming Q4 numbers. Rosenbauer already showed a successive improvement in its profitability during
FY23. The EBIT margin in Q1 came in at -2.6% and climbed to 2.1% in Q2 and 4.4% in Q3. With Q4
being usually the strongest quarter, responsible for c. one third of total sales and the restructuring program
kicking in, we expect the operating margin further to improve in Q4 FY23e (eNuW: 6.8%).

In August 2022, Rosenbauer launched its new efficiency program “Refocus, Restart”, which is based on
four different pillars and is increasingly bearing fruit. The first pillar is price negotiations with customers
on existing frame orders and is responsible for c. € 4-5m out of the € 31m savings target. Furthermore,
Rosenbauer is simplifying its products without sacrificing the quality with the purpose of reducing
production costs. This pillar takes the longest time to materialize and should show its full effect in
FY24. The third important lever is to increase production efficiency, which is clearly possible due to
the improved supply chains since last year. The last endeavor is the price negotiation with suppliers.
Compared to FY22, raw material prices came down substantially, for example Rosenbauer experienced
a price reduction of c. 27% for aluminum sheets within FY23.

We expect Rosenbauer to continue its turnaround in FY24e with a 4.9% increase in sales and EBIT margins
of 4.5% (+1.0 pp). As the supply chain situation further improves and with a record high in order
backlog, shares look poised for a re-rating. Reiterate BUY with an unchanged € 54.00 PT based on DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28791.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research.

Kontakt für Rückfragen
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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