Rheinmetall

Rheinmetall is a holding company. Through its subsidiaries, Co. operates in two sectors: defence and automotive. Co.'s defence sector is comprised of three divisions: combat systems, engaging in armored tracked vehicles and NBC protection systems; electronic solutions, engaging in air defence systems and soldier systems; and wheeled vehicles, engaging in wheeled logistics vehicles and wheeled tactical vehicles. Co.'s automotive sector is comprised of three division: mechatronics, engaging in cutting emissions and air management systems; hardparts, engaging in pistons and plain bearings and bushes; and motorservice, which includes aftermarket activities for replacement parts business.
  • TickerRHM
  • ISINDE0007030009
  • SectorAerospace & Defense
  • CountryGermany
Harald Eggeling

Rheinmetall AG : Upbeat defence op. earnings in Q2 2020 and expecting an industrial solution; we upgrade to Buy

>Final Q2 2020 in line with consensus-beating preliminaries - Yesterday, Rheinmetall reported final Q2 2020 results in line with prelims as of 27 July. Note that prelim. Q2 2020 group op. earnings of € 36m (2.9% margin) came in markedly ahead of our estimate (-€ 20m, -1.7% margin) on upbeat defence sales growth feeding into op. earnings and more effective cost-cutting limiting operating losses in automotive. Final Q2 2020 group sales are at € 1,239m (-16% y-o-y) and ...

RHEINMETALL increases its risk exposure and slightly lowers to Neutral

RHEINMETALL (DE), a company active in the Auto Parts industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 4 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date July 31, 2020, the closing price was EUR 80.00 and its expected value was estimated at EUR 77.60.

Harald Eggeling

Rheinmetall AG : Q2 2020 preview: defence offers some resilience, new target price of €85. Neutral rating maintained

>Q2 2020e group op. earnings set to be negative as automotive takes toll - Rheinmetall will release its Q3 2020 results on 6 August. We estimate Q2 2020e group sales of € 1,138m (-23% y-o-y), in a context characterized by weak LV production especially in Europe and North America, with some mitigating effects from defence sales growth (+9% y-o-y est.). For Q2 2020e group op. earnings, we estimate -€ 20m, with pronounced op. earnings losses in automotive more than offs...

Harald Eggeling

Rheinmetall AG : Q1 2020 results beat consensus, but Q2 2020 trading statement disappoints. Downgrade to Neutral, target price maintained

>Q1 2020 operating earnings above consensus on strong defence growth - Rheinmetall’s Q1 2020 results, reported last Friday, reflect resilient defence operations, as expected. Q1 2020 group sales came in at € 1,358m (+1% y-o-y) in line with our estimate (€ 1,350m) and slightly ahead of the consensus (€1,327m). Q1 2020 group operating earnings were € 34m (2.5% margin, -150bp y-o-y) slightly short of our estimate (€ 38m, 2.8% margin) and ahead of the consensus (€ 30m, 2...

Harald Eggeling

Rheinmetall AG : Q1 2020e likely to reflect the resilience of defence operations

>We expect attractive defence sales and earnings momentum in Q1 2020e - Rheinmetall is to report Q1 2020 results on 8 May. We expect Q1 2020e group sales to increase slightly y-o-y to € 1,350m (+1% y-o-y) on the back of upbeat sales growth in defence (+11%e y-o-y) offsetting the COVID-19 related sales decline in automotive (-9%e y-o-y). Our Q1 2020e group op. earnings estimate implies a 31% y-o-y decline to € 38m (2.8% margin, -130bp y-o-y) as attractive op. earnings...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global equities nearing potential resistance Helped by support from global central banks and improving trade headlines, critical support levels have held for major global indexes and therefore our outlook remains constructive. At the same time, just because these indexes are not breaking down does not mean they are headed higher. Rather, we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical resistance... see charts below and page 2. With global equity markets generally moving sideways, we want to stick with ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunities in Europe, Japan As markets pull back amid the tariff saga we continue to believe this is an attractive time to add exposure. This view is supported by the technicals with all major global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) pulling back to their respective 200-day moving averages... see charts below. • Actionable Sectors: Services and Consumer Staples in Europe and Japan. We often view the Services Sector as a defensive way to invest in Technology. We also highlight several Consumer Staples stocks within Europe (the STOXX 600 Food & Beverage index remains leadersh...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to cyclicals Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We recommend taking advantage of recent weakness -- where applicable -- by adding exposure to cyclical Sectors. • Actionable Sectors: Consumer Discretionary and Manufacturing. Today's recommendations focus on autos, auto parts, and machinery which span the Discretionary and Manufacturing Sectors. We initially recommended adding exposure to autos and auto parts in our 3/14/19 Int'l Compass, and we view the recent mild pullb...

Harald Eggeling

Rheinmetall AG : Upbeat defence op. earnings in Q2 2020 and expecting an industrial solution; we upgrade to Buy

>Final Q2 2020 in line with consensus-beating preliminaries - Yesterday, Rheinmetall reported final Q2 2020 results in line with prelims as of 27 July. Note that prelim. Q2 2020 group op. earnings of € 36m (2.9% margin) came in markedly ahead of our estimate (-€ 20m, -1.7% margin) on upbeat defence sales growth feeding into op. earnings and more effective cost-cutting limiting operating losses in automotive. Final Q2 2020 group sales are at € 1,239m (-16% y-o-y) and ...

Harald Eggeling

Rheinmetall AG : Q2 2020 preview: defence offers some resilience, new target price of €85. Neutral rating maintained

>Q2 2020e group op. earnings set to be negative as automotive takes toll - Rheinmetall will release its Q3 2020 results on 6 August. We estimate Q2 2020e group sales of € 1,138m (-23% y-o-y), in a context characterized by weak LV production especially in Europe and North America, with some mitigating effects from defence sales growth (+9% y-o-y est.). For Q2 2020e group op. earnings, we estimate -€ 20m, with pronounced op. earnings losses in automotive more than offs...

Harald Eggeling

Rheinmetall AG : Q1 2020 results beat consensus, but Q2 2020 trading statement disappoints. Downgrade to Neutral, target price maintained

>Q1 2020 operating earnings above consensus on strong defence growth - Rheinmetall’s Q1 2020 results, reported last Friday, reflect resilient defence operations, as expected. Q1 2020 group sales came in at € 1,358m (+1% y-o-y) in line with our estimate (€ 1,350m) and slightly ahead of the consensus (€1,327m). Q1 2020 group operating earnings were € 34m (2.5% margin, -150bp y-o-y) slightly short of our estimate (€ 38m, 2.8% margin) and ahead of the consensus (€ 30m, 2...

Harald Eggeling

Rheinmetall AG : Q1 2020e likely to reflect the resilience of defence operations

>We expect attractive defence sales and earnings momentum in Q1 2020e - Rheinmetall is to report Q1 2020 results on 8 May. We expect Q1 2020e group sales to increase slightly y-o-y to € 1,350m (+1% y-o-y) on the back of upbeat sales growth in defence (+11%e y-o-y) offsetting the COVID-19 related sales decline in automotive (-9%e y-o-y). Our Q1 2020e group op. earnings estimate implies a 31% y-o-y decline to € 38m (2.8% margin, -130bp y-o-y) as attractive op. earnings...

Rheinmetall Ag: 1 director bought

A director at Rheinmetall Ag bought 1,000 shares at 59.431EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Rheinmetall AG: Update Following Rating Upgrade to Baa3

The Credit Opinion lists key factors behind the rating upgrade to Baa3 and discusses recent operating performance and Moody's expectations for the next 12-18 months.

Rheinmetall AG - December 2017 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Moody's upgrades Rheinmetall to Baa3; outlook stable

Moody's Investors Service, (Moody's) has today upgraded the rating of German integrated technology group Rheinmetall AG (Rheinmetall), a leading European player in defence equipment and a Tier 1 automotive supplier, assigning a long-term issuer rating of Baa3. The outlook on the rating is stable...

Rheinmetall AG - September 2017 (LTM): Peer Snapshot

Peer Snapshot:  Rheinmetall AG - September 2017 (LTM) 18 December 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Dec-15 FYE Dec-16 LTM Jun-17

Rheinmetall AG: Profitable, sustainable growth in automotive, defence key to return to investment grade

CORPORATES ISSUER IN-DEPTH 31 August 2017 RATINGS Rheinmetall AG Domicile Düsseldorf, Germany Corporate Family Rating Ba1 Outlook Positive Source: Moody's Investors Service KEY METRICS: Rheinmetall AG 2015 2016 LTM H1-17 Revenue, EUR m 5,183 5,602

Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2019

Following our ODDO BHF Nextcap Forum, 44 French and German companies met close to 100 investors in Paris. In the complex small caps market (outflows, limited liquidity, persistently high valuations) and in a more uncertain macroeconomic environment, selectivity is paramount and a number of opportunities are taking shape. We compile 35 feedback articles in the present document, which give rise to six target price revisions: i/ three upward (Esker, ECA, Groupe Gorge), and ii/ three down...

Antoine Boivin-Champeaux ...
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2019

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Antoine Boivin-Champeaux ...
  • Florent Laroche-Joubert
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2019

A l’issue de notre conférence ODDO BHF Nextcap, 44 sociétés françaises et allemandes ont rencontré près de 100 investisseurs à Paris. Dans un marché des Small caps complexe (décollecte, liquidité limitée, valorisations encore élevées) et dans un environnement macroéconomique plus incertain, la sélectivité est primordiale et quelques opportunités se dessinent. Nous compilons dans ce document 35 feedbacks, qui donnent lieu à 6 révisions d’objectifs de cours : i/ 3 à la hausse (Esker, EC...

Antoine Boivin-Champeaux ...
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/06/2019

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Antoine Boivin-Champeaux ...
  • Charles Lepetitpas
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 21/05/2019

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RHEINMETALL increases its risk exposure and slightly lowers to Neutral

RHEINMETALL (DE), a company active in the Auto Parts industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 4 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date July 31, 2020, the closing price was EUR 80.00 and its expected value was estimated at EUR 77.60.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Rheinmetall - AGM 28 May 2019

General: Supervisory Board Chair Ulrich Grillo is a member of the Presidency of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Rheinmetall was established in 1889 as Rheinische Metallwaaren- und Maschinenfabrik Aktiengesellschaft. Today, Rheinmetall AG is an international Group providing technologies in the mobility and security segments. The Group´s operating activities are split into the two corporate sectors, Rheinmetall Automotive and Rheinmetall Defence. In financial year 2018, its 24,949-strong staff generated sales of EUR 6.1bn. As of 31 ...

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