^ Original-Research: Rosenbauer International AG - from NuWays AG

12.08.2024 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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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: 12.08.2024 Target price: EUR 50.00 Last rating change: Analyst: Christian Sandherr

Strong Q2 numbers above estimates; chg. est.

Topic: Rosenbauer released its Q2 numbers last Friday with sales and EBIT above our estimates. Further, Robau Beteiligungsverwaltung intends to buy additional shares next to the capital increase to achieve a controlling stake of 50.1% (company news August 5 th).

Q2 sales increased 15% yoy to EUR 309m (eNuW: EUR 297m), driven by price increases and improved supply chains. Price increases were a major driver of revenue growth and should continue to do so in the coming quarters as the average price in the order intake in H1'24 increased over 12% (as stated in the CC). EBIT came in at EUR 14.1m (eNuW: EUR 11.5m), a 151% increase yoy and with a substantial margin improvement of 2.5pp yoy to 4.6% despite negative one-time effects of EUR 1.2m in Q2. These one-offs related to the departure of an Executive Board member and the implementation of the banking agreement should come down in H2'24 to c. EUR 1m (as stated in the CC).

Order intake continued to be strong and came in at EUR 382m, 2.8% higher than last year, leading to another record high in order backlog of EUR 2.02bn (+20% yoy). As a result of the strong demand and the challenging supply chain situation in recent years, the order backlog was already at an elevated level. Rosenbauer intends now to reduce the book-to-bill ratio to a level of 1x (1.24x in Q2'24) to decrease lead times and with that the implied risk in the order book of increases on the cost side like in FY21 & FY22.

Capital increase: Robau intends to buy additional shares next to the capital increase to achieve a controlling stake of 50.1%. Regulatory approvals for the 50% capital increase and execution are expected to be obtained in Q4'24. Following approval of the takeover, it is planned to appoint Stefan Pierer and Mark Mateschitz (among others), the controlling stakeholder of Robau, as new members of the Supervisory Board.

FY guidance confirmed. Management confirmed its FY guidance of EUR 1.2bn in sales and an EBIT margin of 5% under the assumption that supply chains remain stable. Taking the already strong H1'24, the well filled order backlog as well as further tailwind from price increases into account, the guidance looks plausible in our view (eNuW: Sales EUR 1.22bn; EBIT margin 5.1%).

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

You can download the research here: http://www.more-ir.de/d/30429.pdf For additional information visit our website: www.nuways-ag.com/research

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 ++++++++++ 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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1965381 12.08.2024 CET/CEST

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Quelle: dpa-Afx