Financials Knaus Tabbert AG

Equities

KTA

DE000A2YN504

Recreational Products

Market Closed - Xetra Other stock markets 11:36:12 2024-05-09 am EDT			5-day change	1st Jan Change
46.35 ^EUR	+0.98%		+7.54%	-1.38%

May. 08	KNAUS TABBERT : Solid Q1 results with higher-than-expected profitability driven by a strong product mix
Mar. 29	KNAUS TABBERT : Knaus Tabbert delivers record FY23 results with a solid dividend hike

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	657.9	573.9	332.1	487.7	476.3	-	-
Enterprise Value (EV) ¹	703.6	659.6	511.6	487.7	669.3	663.7	631.6
P/E ratio	-	22.1 x	11.2 x	8.09 x	6.78 x	5.31 x	4.54 x
Yield	2.37%	2.71%	4.69%	-	7.59%	9.59%	11.3%
Capitalization / Revenue	0.83 x	0.67 x	0.32 x	0.34 x	0.32 x	0.29 x	0.26 x
EV / Revenue	0.89 x	0.76 x	0.49 x	0.34 x	0.45 x	0.4 x	0.35 x
EV / EBITDA	10.4 x	11.1 x	7.38 x	3.94 x	5.1 x	4.17 x	3.5 x
EV / FCF	12.4 x	-47 x	-7.32 x	-	8.84 x	9.6 x	6.86 x
FCF Yield	8.08%	-2.13%	-13.7%	-	11.3%	10.4%	14.6%
Price to Book	1.96 x	4.29 x	2.26 x	-	2.01 x	1.61 x	1.33 x
Nbr of stocks (in thousands)	10,377	10,377	10,377	10,377	10,377	-	-
Reference price ²	63.40	55.30	32.00	47.00	45.90	45.90	45.90
Announcement Date	3/31/21	3/30/22	3/31/23	3/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	794.6	862.6	1,050	1,441	1,492	1,647	1,799
EBITDA ¹	67.7	59.44	69.33	123.8	131.2	159	180.2
EBIT ¹	46.6	38.4	45.5	95.4	100	125.2	141.9
Operating Margin	5.86%	4.45%	4.34%	6.62%	6.71%	7.6%	7.88%
Earnings before Tax (EBT) ¹	44.08	36.97	41.78	85.76	96.2	107.3	121.5
Net income ¹	31.33	25.9	29.62	60.32	69.35	88.14	102.2
Net margin	3.94%	3%	2.82%	4.19%	4.65%	5.35%	5.68%
EPS ²	-	2.500	2.850	5.810	6.774	8.652	10.10
Free Cash Flow ¹	56.83	-14.03	-69.89	-	75.74	69.16	92.1
FCF margin	7.15%	-1.63%	-6.66%	-	5.08%	4.2%	5.12%
FCF Conversion (EBITDA)	83.94%	-	-	-	57.75%	43.5%	51.1%
FCF Conversion (Net income)	181.4%	-	-	-	109.22%	78.46%	90.08%
Dividend per Share ²	1.500	1.500	1.500	-	3.486	4.402	5.205
Announcement Date	3/31/21	3/30/22	3/31/23	3/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3	2023 Q1	2023 Q2	2023 Q3	2024 Q1
Net sales ¹	-	246.6	-	385.7	-	376.7
EBITDA ¹	-	-	-	37	-	38.8
EBIT ¹	-	-	-	-	-	30.7
Operating Margin	-	-	-	-	-	8.15%
Earnings before Tax (EBT)	-	-	-	-	9.52	-
Net income	8.287	-	17	-	6.804	-
Net margin	-	-	-	-	-	-
EPS	0.8000	-	1.570	-	-	1.770
Dividend per Share	-	-	-	-	-	-
Announcement Date	8/11/22	11/10/22	5/10/23	8/10/23	11/9/23	5/8/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	45.7	85.7	179	-	193	187	155
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6747 x	1.442 x	2.589 x	-	1.472 x	1.179 x	0.8615 x
Free Cash Flow ¹	56.8	-14	-69.9	-	75.7	69.2	92.1
ROE (net income / shareholders' equity)	-	20.1%	21.1%	-	37.8%	33.1%	32.2%
ROA (Net income/ Total Assets)	-	-	6.57%	-	14%	16.1%	16.7%
Assets ¹	-	-	451	-	495.4	547.5	612.2
Book Value Per Share ²	32.40	12.90	14.20	-	22.80	28.50	34.40
Cash Flow per Share ²	-	-	-	-	10.70	14.90	16.70
Capex ¹	14.2	41.2	62.9	-	51.6	52.6	55.3
Capex / Sales	1.79%	4.78%	5.99%	-	3.46%	3.19%	3.07%
Announcement Date	3/31/21	3/30/22	3/31/23	3/28/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Knaus Tabbert AG

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

45.9 EUR

Average target price

68.67 EUR

Spread / Average Target

+49.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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