Original-Research: Rosenbauer International AG (von NuWays AG): BUY

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Original-Research: Rosenbauer International AG - from NuWays AG

17.02.2025 / 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: 17.02.2025

Target price: EUR 55.00

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Strong prelim. FY24 numbers and FY25e outlook; chg. est. & PT

Topic: Rosenbauer released strong preliminary Q4 figures with sales above

and EBIT in line with our estimates.

Even more importantly, the company announced a promising FY25e guidance

pushing the stock

up 9.5% last Friday on Vienna Stock Exchange.

Preliminary FY24 sales rose by 23% yoy to EUR 1,307m (eNuW: EUR 1,251m; guidance

EUR 1,200m) and

Q4'24 came in at EUR 466m (eNuW: EUR 410m) up 27% yoy. Alongside strong price

increases (eNuW: c. 10%

yoy in FY avg. price per fire truck) the topline was also driven by a 10%

growth in vehicle deliveries for

FY24.

As in the previous quarters, demand for Rosenbauer's firefighting

technologies remained strong. Q4'24

order intake increased by 11.4% to EUR 472m leading to a new record high in

order backlog of EUR 2.28bn

(vs. EUR 1.79bn in FY23).

Preliminary FY24 EBIT rose by 74% to EUR 65.2m (eNuW: EUR 63.2m) with a solid

1.5pp margin improvement

to 5.0% (eNuW: 5.0%) in line with the company's guidance. The seasonal

strong Q4'24 EBIT came

in at EUR 35.8m (eNuW: EUR 33.7m) up 36% yoy with a 7.7% margin (+0.5pp yoy).

Further, despite the strong sales growth, Rosenbauer successfully reduced

its trade working capital from

EUR 457m in FY23 (43% of sales) to EUR 424m due to lower inventories (eNuW: EUR

580m) and higher customer

prepayments.

Strong FY25e outlook: Management expects sales of around EUR 1.50bn (eNuW new:

EUR 1.52bn) with an

EBIT margin north of 6% (eNuW: EUR 6.2%). In our view, price increases should

be a significant contributor

in FY25e for Rosenbauer's sales and EBIT growth. Remind you, there are still

notable price increases

embedded in the order book, as the average price per fire truck in order

intake during 9M'24 increased

by 14.6% yoy to EUR 571k (9M'23 +12.1% yoy) to cover the material price

inflation (e.g. chassis prices increased

c. 20% since 2021 to c. EUR 100-120t). With still elevated lead-times of two

years in the US and 1.5

years for municipal trucks in Europe, we expect to see tailwind from price

increases not only for FY25e

but also in FY26e.

We reiterate our BUY rating with a new PT of EUR 55 (old EUR 50), based on DCF.

You can download the research here: http://www.more-ir.de/d/31783.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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2086891 17.02.2025 CET/CEST

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