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

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Original-Research: Rosenbauer International AG - from NuWays AG

14.04.2025 / 09:00 CET/CEST

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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: 14.04.2025

Target price: EUR 55.00

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Turnaround achieved // strong final FY24 results; chg. est.

Topic: Rosenbauer released strong final FY24 results in line with

preliminary numbers. Not only sales and EBIT reached new record highs, but

also free cashflow rose significantly due to improved working capital

management.

To recap: FY24 sales climbed 22.7% yoy to EUR 1,306m thanks to a 10% increase

in the number of vehicles and a 15% yoy increase of average price per fire

truck. Q4 sales rose 27% yoy to EUR 465m, accounting for 36% of fiscal year

sales. In contrast to FY23 and FY22, supply chains returned to normality and

did not materially affect the operating business. Order intake increased 18%

yoy due to a continued strong demand for Rosenbauer's firefighting solutions

and led to a strong order backlog of EUR 2,280m (EUR 1,788m in FY23).

FY24 EBIT increased disproportionately by 73% to EUR 65m, with a 1.5ppts yoy

margin improvement to 5.0%, despite EUR 4.8m one-time costs, mainly from the

implementation of the banking agreement. Q4'24 EBIT rose by 35% yoy to EUR 36m

(7.6% margin). Major contributors to the profitability improvement were

price increases during FY22 and FY23 as a response to material cost

inflation.

Strong FCFF supported by WC reduction: Trade working capital decreased 10%

yoy to EUR 425m despite a significant top-line increase, thanks to

Rosenbauer's "offerto- cash" WC efficiency program and restored supply

chains. The trade working capital/ revenue ratio decreased to 32.5% (vs.

44.4% in FY23) and is expected to fall below 30% in FY25e as mentioned in

the CC. Overall, FCFF rose to EUR 47m from EUR -112m in FY23.

Moderate impact from US Tariffs: Although nearly all trucks delivered to US

customer are produced by Rosenbauer in the US, production costs could still

be impacted by tariffs on steel and aluminum, which is often imported from

Canada. On the other hand, fire truck exports from production facilities in

the US to Canada could be affected as well (c. EUR 70m of backlog).

Rosenbauer achieved its turnaround and with a record high in order backlog

the company is well equipped for future growth. Not only do we expect to see

top- and bottom-line to develop nicely in FY25e (eNuW FY25e sales % yoy,

EBIT % yoy), but also cashflows should improve thanks to Rosenbauer's

"offerto- cash" program. Reiterate BUY with a price target of EUR 55, based on

DCF.

You can download the research here: http://www.more-ir.de/d/32236.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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2116710 14.04.2025 CET/CEST

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