Sebastian Wolf made his first official public appearance at our Baader Investment Conference after becoming Rosenbauer’s CFO on 11 September 2017. We got the impression that there will be major structural shake-ups after the company changed top management except for the CEO, who probably was the initiator of the changes.

Business outlook:

The company reiterated its 2017E guidance, which predicts a slight increase in consolidated revenues, while the (reported) EBIT margin will not experience a major pick-up in the second half of the year, i.e. remain at about a 3% level for the full year. However, the CFO reiterated the medium-term 2020E EUR 1bn sales and 7-8% EBIT margin targets.

Points of interest:
The CFO’s first and most imminent targets are 1) improve internal transparency (also regarding supply chain and production), 2) tackle cost issues and 3) develop a new strategy for the ERP system, while the old system seems to have become obsolete. Improving the supply chain (thereby improve NWC) will be the CTO’s main short-term task.