Knaus Tabbert (XTRA:KTA) - Share price, News & Analysis

Q: What is the Fair Price of KTA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

KTA (€30.2) is trading below our estimate of [[fair value]] (€103.7)

KTA fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	5/6
Past Performance	0/6
Financial Health	3/6
Dividends	2/6

KTA Stock Overview

Knaus Tabbert AG, together with its subsidiaries, manufactures and sells leisure vehicles in Europe.

Rewards

Trading at 70.9% below our estimate of its fair value

Earnings are forecast to grow 38.18% per year

Risk Analysis

Debt is not well covered by operating cash flow

Dividend of 4.97% is not well covered by earnings or forecast to be in the next 3 years

High level of non-cash earnings

Profit margins (1.9%) are lower than last year (4.3%)

Knaus Tabbert Competitors

HWA

XTRA:H9W

€45.8m

Porsche Automobil Holding

DB:PAH3

€22.2b

EDAG Engineering Group

XTRA:ED4

€286.3m

Novem Group

DB:NVM

€365.8m

Price History & Performance

Summary of all time highs, changes and price drops for Knaus Tabbert
Historical stock prices
Current Share Price	€30.20
52 Week High	€69.70
52 Week Low	€23.10
Beta	0
1 Month Change	10.62%
3 Month Change	-17.94%
1 Year Change	-53.47%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-44.59%

Shareholder Returns

	KTA	DE Auto	DE Market
7D	2.7%	3.1%	1.4%
1Y	-53.5%	-20.7%	-19.6%

Return vs Industry: KTA underperformed the German Auto industry which returned -23% over the past year.

Return vs Market: KTA underperformed the German Market which returned -20% over the past year.

Price Volatility

Is KTA's price volatile compared to industry and market?
KTA volatility
KTA Average Weekly Movement	6.8%
Auto Industry Average Movement	5.3%
Market Average Movement	5.7%
10% most volatile stocks in DE Market	10.7%
10% least volatile stocks in DE Market	2.8%

Stable Share Price: KTA is not significantly more volatile than the rest of German stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: KTA's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1912	3,737	Wolfgang Speck	https://www.knaustabbert.de

Knaus Tabbert AG, together with its subsidiaries, manufactures and sells leisure vehicles in Europe. It operates through Premium and Luxury segments. The company offers motorhomes, caravans, and camper vans under the KNAUS, TABBERT, WEINSBERG, T@B, and MORELO brands.

Knaus Tabbert Fundamentals Summary

How do Knaus Tabbert's earnings and revenue compare to its market cap?
KTA fundamental statistics
Market Cap	€313.39m
Earnings (TTM)	€16.00m
Revenue (TTM)	€851.61m

19.6x

P/E Ratio

0.4x

P/S Ratio

Is KTA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
KTA income statement (TTM)
Revenue	€851.61m
Cost of Revenue	€597.04m
Gross Profit	€254.58m
Other Expenses	€238.57m
Earnings	€16.00m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 10, 2022

Earnings per share (EPS)	1.54
Gross Margin	29.89%
Net Profit Margin	1.88%
Debt/Equity Ratio	72.8%

How did KTA perform over the long term?

See historical performance and comparison

Dividends

5.0%

Current Dividend Yield

96%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is KTA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KTA?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for KTA. This is calculated by dividing KTA's market cap by their current preferred multiple.
What is KTA's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€313.39m

KTA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.5x
Enterprise Value/EBITDA	8.6x
PEG Ratio	0.5x

Price to Earnings Ratio vs Peers

How does KTA's PE Ratio compare to its peers?

KTA PE Ratio vs Peers

The above table shows the PE ratio for KTA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	24.8x
H9W HWA	73.9x	n/a	€45.8m
PAH3 Porsche Automobil Holding	4x	0.2%	€22.2b
ED4 EDAG Engineering Group	13.1x	15.4%	€286.3m
NVM Novem Group	8.3x	21.4%	€365.8m
KTA Knaus Tabbert	19.6x	38.2%	€313.4m

Price-To-Earnings vs Peers: KTA is good value based on its Price-To-Earnings Ratio (19.6x) compared to the peer average (24.8x).

Price to Earnings Ratio vs Industry

How does KTA's PE Ratio compare vs other companies in the Global Auto Industry?

Price-To-Earnings vs Industry: KTA is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the German Auto industry average (5x)

Price to Earnings Ratio vs Fair Ratio

What is KTA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

KTA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	19.6x
Fair PE Ratio	15.3x

Price-To-Earnings vs Fair Ratio: KTA is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the estimated Fair Price-To-Earnings Ratio (15.3x).

Share Price vs Fair Value

What is the Fair Price of KTA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KTA (€30.2) is trading below our estimate of fair value (€103.7)

Significantly Below Fair Value: KTA is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is Knaus Tabbert forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

38.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: KTA's forecast earnings growth (38.2% per year) is above the savings rate (-0.01%).

Earnings vs Market: KTA's earnings (38.2% per year) are forecast to grow faster than the German market (7.9% per year).

High Growth Earnings: KTA's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: KTA's revenue (12.1% per year) is forecast to grow faster than the German market (4.6% per year).

High Growth Revenue: KTA's revenue (12.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: KTA's Return on Equity is forecast to be high in 3 years time (29.5%)

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Past Performance

How has Knaus Tabbert performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-2.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: KTA has a high level of non-cash earnings.

Growing Profit Margin: KTA's current net profit margins (1.9%) are lower than last year (4.3%).

Past Earnings Growth Analysis

Earnings Trend: KTA's earnings have declined by 2.7% per year over the past 5 years.

Accelerating Growth: KTA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: KTA had negative earnings growth (-54.3%) over the past year, making it difficult to compare to the Auto industry average (-3.4%).

Return on Equity

High ROE: KTA's Return on Equity (11.4%) is considered low.

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Financial Health

How is Knaus Tabbert's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: KTA's short term assets (€230.0M) exceed its short term liabilities (€228.2M).

Long Term Liabilities: KTA's short term assets (€230.0M) exceed its long term liabilities (€40.9M).

Debt to Equity History and Analysis

Debt Level: KTA's net debt to equity ratio (60.3%) is considered high.

Reducing Debt: Insufficient data to determine if KTA's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: KTA's debt is not well covered by operating cash flow (16.8%).

Interest Coverage: KTA's interest payments on its debt are well covered by EBIT (17.5x coverage).

Balance Sheet

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Dividend

What is Knaus Tabbert current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

4.97%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: KTA's dividend (4.97%) is higher than the bottom 25% of dividend payers in the German market (1.46%).

High Dividend: KTA's dividend (4.97%) is in the top 25% of dividend payers in the German market (4.4%)

Stability and Growth of Payments

Stable Dividend: Too early to tell whether KTA's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if KTA's dividend payments are increasing as they only just started paying a dividend.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (96.4%), KTA's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: KTA is paying a dividend but the company has no free cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

CEO

Wolfgang Speck

no data

Tenure

Mr. Speck Wolfgang serves as the Managing Director of HTP Automotive. Since 2013 He is a Managing Director of Knaus Tabbert. He is an Interim Managing Director of GEIGER and REUM.Mr. Wolfgang is a Managem...

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/08 00:00
End of Day Share Price	2022/08/08 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31