Rosenbauer International AG (from NuWays AG): BUY

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Original research: Rosenbauer International AG – from NuWays AG

12.08.2024 / 09:01 Central European Time/Central European Time

Dissemination of a survey, broadcast by EQS News – a service of EQS

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the results of this research do not constitute investment advice or a

invitation to conduct certain stock exchange transactions.

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Classification of NuWays AG to Rosenbauer International AG

Company name: Rosenbauer International AG

ISIN code: AT0000922554

Reason for the investigation: Update

Recommendation: BUY

from: 12.08.2024

Target price: EUR 50.00

Last review change:

Analyst: Christian Sandherr

Strong Q2 numbers above estimates; revised estimate

Subject: Rosenbauer published its second quarter figures last Friday, including sales and EBIT

above our estimates. Furthermore, Robau Beteiligungsverwaltung plans to buy

additional shares in addition to the capital increase to achieve a controlling interest

interest of 50.1% (company news August 5).

Second quarter revenues increased 15% year-on-year to EUR 309 million (eNuW: EUR 297 million), driven by price increases.

increases and improved supply chains. Price increases were a major driver of

revenue growth and will continue to do so in the coming quarters as the

The average price in order intake in H1’24 increased by more than 12% (as stated in

the CC). EBIT amounted to EUR 14.1 million (eNuW: EUR 11.5 million), an increase of 151% year-on-year and

with a substantial margin improvement of 2.5 pp year-on-year to 4.6% despite negative

one-off effects of EUR 1.2 million in Q2. These one-off effects were related to the departure of

a member of the Board of Directors and the implementation of the banking agreement

should decrease to around EUR 1 million in the second half of 2024 (as stated in the CC).

Order intake remained strong at EUR 382 million, 2.8% higher than

last year, leading to a new record high in the order book of EUR 2.02 billion (%

Due to strong demand and challenging supply chain

situation in recent years the order portfolio was already at a high level

level. Rosenbauer now plans to reduce the book-to-bill ratio to a level of

1x (1.24x in Q2’24) to reduce lead times and thus implicit risk in

the order book of increases on the cost side as in FY21 and FY22.

Capital increase: Robau plans to purchase additional shares in addition to the capital

increase to reach a controlling interest of 50.1%. Regulatory approvals for

The 50% capital increase and its implementation are expected to be obtained in the fourth quarter of 2024.

After approval of the takeover, the intention is to appoint Stefan Pierer

and Mark Mateschitz (among others), Robau’s controlling shareholder, as

new members of the Supervisory Board.

FY guidance confirmed. Management confirmed its FY guidance of EUR 1.2 billion in

turnover and an EBIT margin of 5%, assuming supply chains

remain stable. Taking the already strong H1’24, the well-filled order

taking into account the backlog and further tailwind from price increases,

the forecast seems plausible to us (eNuW: turnover EUR 1.22 billion; EBIT margin

5.1%).

Repeat BUY with an unchanged EUR 50.00 PT based on DCF.

You can download the study here: http://www.more-ir.de/d/30429.pdf

For more information, please visit our website: www.nuways-ag.com/research

Contact us for questions:

NuWays AG – Equity Research

Website: www.nuways-ag.com

Email address: [email protected]

LinkedIn: https://www.linkedin.com/company/nuwaysag

Address: Mittelweg 16-17, 20148 Hamburg, Germany

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This notification is not an anlageberatung or aufforderung zum Abschluss

best listed companies.

Possible consequences for conflict of interest according to § 85 WpHG in the case of above

Analyze analyses that occur in the full analysis.

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1965381 12.08.2024 Central European Time/Central European Time

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