Rheinmetall AG : Exports and ammunition are the levers to beat 2025 targets
>2025 targets broadly in line with expectations but a bit light on FCF - At its CMD, Rheinmetall set 2025 targets (excluding the consolidation of Expal) 3.7% above the Visible Alpha consensus taking the average of the sales range between € 10bn and € 11bn and that for the operating margin of 13% (15% in defence). The volume effect provided by Expal in ammunition should clearly provide support in this division. Conversely, cash generation is disappointing with a conver...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.
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