Knaus Tabbert appears to be rated moderately

D.he caravan and mobile home manufacturer Knaus Tabbert has set the price range for its planned IPO at 58 to 74 euros per share. In total, the offer, which began on Monday and is due to end on Tuesday of the coming week, consists of 4.945 million shares; the first trading day is targeted for September 23. After the IPO, the free float should be around 48 percent.

Knaus Tabbert, which has its sales markets mainly in Germany and Hungary, had sales of around 780 million euros last year, around 7 percent more than in 2018 and almost a third more than 2017. 2018 was the best year in the company’s history it at the time. The acquisition of additional shares in subsidiaries also contributed to this.

In the first six months of the current year, on the other hand, sales fell by around 9 percent to almost 360 million euros compared to the same period of the previous year due to corona, although sales prices were able to be increased. Nevertheless, the operating result fell by almost 19 percent to 23.4 million euros. This had increased in each of the previous years. It rose significantly more in 2019 than in 2018, when the increase was only 1 percent.

Suitable for the time

The company has chosen a good time to go public. Because despite the decline in sales and profits in the first half of the year, the industry is more likely to benefit from the corona pandemic, since camping holidays are considered trendy. It is not yet clear how sustainable the trend is, but Knaus Tabbert should benefit from it first.

Based on the issue range, the market capitalization is between 600 and 770 million euros. With annual sales in 2019 at around the upper end of this range, Kanus Tabbert does not seem to be highly valued at first.

Based on the profits of 2019, the price-earnings ratio is between 19 and 25. This could be even higher for 2020, but this should not be overestimated due to the extraordinary circumstances, the year 2021 will be decisive, which is a bit of uncertainty in the actual evaluation.

At just 350,000 shares, the share of the capital increase in the IPO is rather small compared to 3.95 million shares held by the existing shareholders. In the middle of the price range, Knaus Tabbert would thus receive almost 22 million euros, which are to be invested in expanding production in Hungary, among other things.

Selling shareholders are primarily the two Dutch financial investors Willem Paulus de Pundert and Klaas Meertens through their respective private equity companies, whose stakes are to fall from around 58 and 39 percent to around 30 and 20 percent. together, however, de Pundert and Mertens will retain the majority in Knaus Tabbert.

Knaus Tabbert intends to distribute around half of the annual surplus as dividends from 2021, it said. Based on the 2019 figures, this would correspond to an issue dividend yield of 2 to 2.5 percent, although this could also be higher depending on the 2021 financial year.


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