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Original-Research: Rosenbauer International AG - from NuWays AG

Classification of NuWays AG to Rosenbauer International AG

Company Name: Rosenbauer International AG
ISIN: AT0000922554

Reason for the research: Update
Recommendation: BUY
from: 07.03.2024
Target price: 54.00
Target price on sight of: 12 Monaten
Last rating change: 
Analyst: Christian Sandherr

Shaping the future of firefighting
 
Topic: Rosenbauer offers a broad range of groundbreaking products and is
actively shaping the firefighting market of tomorrow to make the future
world of firefighting safer, climate-friendly and more efficient. These
technologies range from electric vehicles to drones and satellite images.
 
Digital solutions make daily tasks easier. With the RDS Connected Command
software, firefighters can access operationally relevant information such
as maps, alarm data and potential hazardous chemicals on their mobile phone
or tablet computers. Further, Rosenbauer has been cooperating with the
German aerotech start-up OroraTech since the start of 2022 to detect
wildfires early using satellite systems. The aim of the strategic
partnership is to provide current and historical satellite data to
emergency services on the ground via the RDS Connected Command software.
Digital Solutions are part of Rosenbauer's Customer Service segment, which
has been in FY23e responsible for c. 10% of total revenue (eNuW). Going
forward, we expect this business unit to grow by 7.0% in FY24e (eNuW).
 
The future is electric. Rosenbauer is clearly a pioneer in the
electrification of firefighting with its electric models RT (Revolutionary
Technology) and the PANTHER electric. As more cities start to forbid
vehicles with combustion engines, the demand for electric alternatives will
rise in the firefighting market. In Amsterdam, for instance, no trucks,
buses, and taxis with combustion engines are allowed into the municipal
area from 2025. Rosenbauer estimates the share of its electric vehicle
sales to reach 50% by 2030. The increasing importance of electric vehicles
does not only benefit Rosenbauer's sales, but also supports profitability,
as the company can achieve higher margins with its electric vehicles. This
is possible because Rosenbauer builds the chassis for electric vehicles on
its own and is at the same time in the position to charge higher prices.
 
While those trends should have a positive impact on the P&L during the
mid-term, further, the EUR 1.79bn preliminary FY23 order backlog (FY22: EUR
1.47bn) should fuel revenue growth in FY24e as the supply chain situation
keeps improving (eNuW: + 8.6% yoy in sales). Chassis lead times for MAN,
Daimler and Volvo decreased significantly compared to FY22 and the average
price per ordered fire truck increased 12.1% yoy during the first 9M of
FY23. Hence, we expect to see an improving top- and bottomline with an
increasing EBIT margin for FY24e (eNuW: 4.6%, +1.1pp yoy). We reiterate our
BUY rating with an unchanged EUR 54.00 PT based on DCF.

You can download the research here:
http://www.more-ir.de/d/29085.pdf
For additional information visit our website
www.nuways-ag.com/research.

Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.

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