Market cap €101MNext earnings 2025-08-08Updated Oct 22, 2026
Our verdict
Trades 43% below our fair value
Price
€9.70
Model fair valueConfidence: low
about €17.00
Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Analyst consensus.
ACCE opinionKnaus Tabbert AG (KTA.DE)
Fair value
Not available
ACCE price target
€11.60
Rating
Not rated
Horizon
12 months
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Price used: €9.70 at the close on 23 Oct 2026, 17:30 CEST.
Models: Analyst consensus.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
26
out of 100
1-year return
-37.6%
Dividend yield
0.00%
Knaus Tabbert AG in four questions
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Overview
ACCE thesis
Knaus Tabbert makes caravans and motorhomes under the Knaus, Tabbert and Weinsberg brands, selling mainly into European leisure-vehicle dealer networks. The case for a closer look rests on what the market is pricing: at a forward P/E of 6.2 and a 5.3% operating margin, the stock trades at a steep discount despite a 27.8% gross margin that points to brand strength in a cyclical category. Revenue fell 7.7% and ROE is negative at -20.8%, so the thesis depends on whether the downturn in dealer restocking and consumer demand has bottomed and whether margins hold as volumes recover. With a market capitalisation of roughly 100M EUR and no index membership, the name sits in the coverage gap where a concentrated book can afford to spend time on balance-sheet detail, order intake and dealer inventory before deciding whether the discount is earned.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Earnings and revenue falling
Revenue is down 7.7% year on year and earnings down 42.8%, while net margin sits at -2.2% and ROE at -20.8%. The business is shrinking and loss-making at the net level.
high
Leverage heavy against equity
Debt/Equity of 4.15 leaves little equity cushion. With a market cap of about EUR 102M, a further downturn in recreational vehicle demand would hit the equity layer hard.
moderate
Concentrated insider ownership
Insiders hold 65.9% of the shares, leaving a small free float of 11.3% institutional and limited liquidity. Price moves can be sharp on thin trading.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target is EUR 17.00, implying a gap of +73.3% from the current share price.
Free cash flow over the last twelve months was EUR 45M, and the free cash flow yield stands at 44.5%.
Revenue grew at an average of +4.8% per year over five years, showing longer-term growth before the recent drop.
Why it could disappoint
Revenue fell -7.7% year over year in the latest interim report, reversing the longer-term growth trend.
The latest quarterly earnings per share missed expectations by -245.6%, coming in at -1.42 against -0.41 expected.
Debt to equity sits at 4.15, and return on equity is -20.8%, so shareholders' capital is being eroded.
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Valuation
INVESTOR
Where KTA.DE's valuation models land
Price
€9.70
Model fair valueConfidence: low
about €17.00
Model
Fair value
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Analyst consensus
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