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

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Original-Research: Rosenbauer International AG - from NuWays AG

15.05.2025 / 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: 15.05.2025

Target price: EUR 55.00

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Solid start into the year // record high order backlog

Topic: Rosenbauer released solid Q1 figures with sales in line and EBIT

above our estimates. The demand for firefighting vehicles is unbroken,

supported by several structural trends leading to a strong order intake and

a new record high in order backlog.

Q1 sales grew by 16.8% yoy to EUR 264m (eNuW: EUR 265m) thanks to the company's

strong order backlog of EUR 2.28bn at the end of FY24, improved supply chains

and an average price increase of 15% yoy per fire truck delivered in Q1.

Sales in the vehicle's product segment increased by 25.5% yoy to EUR 198m and

compensated for a weaker Preventive Fire Protection segment (-65% yoy to EUR

3.6m).

EBIT improved by EUR 8.7m yoy to EUR 9.0m (eNuW: EUR 7.9m) with a solid margin of

3.4% (.3pp yoy) for the seasonal softer Q1. The positive EBIT development

was backed by a further stabilization of supply chains, but also noticeable

price increases as well as operating leverage.

Unbroken strong demand. Q1 order intake stood at EUR 359m (-1% yoy), implying

a book-to-bill ratio of 1.4x and leading to a new record high in order

backlog of EUR 2.34bn (% yoy).

Strong operating cashflow: Trade working capital decreased 8.2% yoy to EUR

465m 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 31.0% (vs. 38.8% in Q1'24) and is

expected to fall below 30% during the year. Overall, operating cashflow rose

to EUR -6.8m from EUR -58.4m in Q1'24.

Limited impact from US tariffs: As over 90% of the trucks delivered in the

US are produced domestically, the impact from potential US tariffs should be

limited in our view. Around EUR 80m (eNuW) of the order backlog is

attributable to Cananda and produced in the US. However, at the time there

are no tariffs on firetrucks imported from the US to Canada. The most likely

impact should be from higher aluminum and steel prices in the US.

FY guidance reiterated. For FY25e, management expects sales of EUR 1.5bn and

an EBIT margin of above 6%. The outlook looks plausible in our view (eNuW:

Sales EUR 1.52bn, EBIT margin 6.2%), supported by a strong order backlog and

tailwind from price increases as well as internal efficiency measures.

Reiterate BUY with an unchanged EUR 55.00 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/32612.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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2138020 15.05.2025 CET/CEST

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