Rheinmetall AG : Neutral vs Outperform – Excellent commercial momentum and leverage effect better reflected in the current valuation
>Neutral vs Outperform – target price raised to € 520 - Following the sharp upward revision to our estimates (20.9% in 2024 including the catch-up of € 420m in missing sales in 2023, 23% in 2025 and 33.9% in 2026), we are raising our target price to € 520 (based on an average of the DCF and SOTP for 2026). However, after growth of 63% YTD vs +27% for our Europe Defence index, the stock’s upside now looks more limited to us. The consensus has now factored in a sharp ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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