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 € 1,307m (eNuW: € 1,251m; guidance € 1,200m) and
Q4’24 came in at € 466m (eNuW: € 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 € 472m leading to a new record high in order backlog of € 2.28bn
(vs. € 1.79bn in FY23).

Preliminary FY24 EBIT rose by 74% to € 65.2m (eNuW: € 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 € 35.8m (eNuW: € 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
€ 457m in FY23 (43% of sales) to € 424m due to lower inventories (eNuW: € 580m) and higher customer
prepayments.

Strong FY25e outlook: Management expects sales of around € 1.50bn (eNuW new: € 1.52bn) with an
EBIT margin north of 6% (eNuW: € 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 € 571k (9M’23 +12.1% yoy) to cover the material price inflation (e.g. chassis prices increased
c. 20% since 2021 to c. € 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 € 55 (old € 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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